Surgical Equipment Market Size Worth $24.5 Billion By 2028 | CAGR: 9.8%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 4, 2021 /PRNewswire/ -- The global surgical equipment market size is anticipated to reach USD 24.5 billion by 2028 registering a CAGR of 9.8%, according to a new report by Grand View Research, Inc. Developing surgical care infrastructure, the advent of minimally invasive surgical techniques, and increasing cases of cesarean deliveries are the factors contributing significantly to the growth of this market. An increasing number of hospital visits for surgeries, such as hip and knee replacement, hernia repair, gall bladder removal, and other urology ailments, is also anticipated to propel the market growth during the forecast period.

Key suggestions from the report:

• The surgical sutures & staplers product segment held the largest market share in 2020 and will expand further at a steady CAGR from 2021 to 2028
• This growth is attributed to technological advancements, such as drug-eluting sutures and absorbable staples
• The electrosurgical devices segment is anticipated to register the fastest CAGR of 11.2% during the forecast period
• The obstetrics & gynecology application segment accounted for the largest revenue share in 2020
• However, plastic & reconstructive is estimated to be the fastest-growing application segment at a CAGR of 11.0% over the forecast period
• North America was the leading regional market in 2020 as the U.S. is one of the major suppliers of surgical equipment globally
• The Asia Pacific is expected to be the fastest-growing regional market over the forecast period due to high unmet surgical needs in emerging economies.

Read 130 page research report with ToC on "Surgical Equipment Market Size, Share & Trends Analysis Report By Product (Surgical Sutures & Staplers, Electrosurgical Devices), By Application (Plastic & Reconstructive Surgery, Cardiovascular), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/surgical-equipment-market

According to the National Joint Registry report published in 2018, the number of knee replacement procedures performed in the U.K. reached 102,177 in 2017 from 81,590 in 2014. Lump-sum payment pertaining to specialty surgical services paired with out-of-pocket-based healthcare in many middle-income countries is expected to restrain the market growth during the forecast period. According to the global surgery 2030 report, each year over 33 million individuals have to face catastrophic expenditure. In addition, due to the limitation of resources, such as personal protective equipment, surgical staff, OR rooms, inpatient beds, and blood products, the surgery appointment for many non-emergent patients was postponed during the pandemic.

This has negatively impacted the sales of surgical equipment in 2020. According to the Healthcare Financial Management Association report, in the U.S. the cancellation and rescheduling rate of elective surgeries in the period of April-July 2020 was approximately 50%. However, currently, with several countries lifting bans on elective surgeries and clinics resuming their surgical services, the demand for surgical equipment, especially single-use devices, is expected to rise driving the market growth.

Grand View Research has segmented the global surgical equipment market on the basis of product, application, and region:

• Surgical Equipment Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
• Surgical Sutures & Staplers
• Handheld Surgical Devices
• Forceps & Spatulas
• Retractors
• Dilators
• Graspers
• Auxiliary Instruments
• Cutter Instruments
• Others
• Electrosurgical Devices
• Surgical Equipment Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
• Neurosurgery
• Plastic & Reconstructive Surgery
• Wound Closure
• Obstetrics & Gynecology
• Cardiovascular
• Orthopedic
• Others
• Surgical Equipment Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa

List of Key Players of Surgical Equipment Market

• Smith & Nephew plc
• Zimmer Biomet Holdings, Inc.
• B.Braun Melsungen AG
• Medtronic PLC
• Stryker Corporation
• Ethicon, Inc.
• Aspen Surgical Products, Inc.
• Alcon Laboratories, Inc.

Find more research reports on Medical Devices Industry, by Grand View Research:

• Europe Surgical Equipment Market – The Europe surgical equipment market size valued at USD 3.5 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2019 to 2026.
• Wound Closure Devices Market – The global wound closure devices market size was valued at USD 13.23 billion in 2018 and is expected to exhibit a CAGR of 7.1% over the forecast period.
• Hand-Held Surgical Instruments Market – The global hand-held surgical instruments market size was valued at USD 3.82 billion in 2017 and is expected to exhibit a CAGR of 7.1% over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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