Surgical Equipment Market to Reach $59 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research

The global surgical equipment market is expanding rapidly due to a rise in the number of surgical procedures, a rise in demand for minimally invasive surgeries, and a rise in prevalence of chronic disease

PORTLAND, Ore., Oct. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Surgical Equipment Market by Product (Surgical Sutures and Staplers, Handheld Surgical Equipment, Electrosurgical Devices, and Other Surgical Equipment), Category, (Reusable Surgical Equipment and Disposable Surgical Equipment), and Application, (Neurosurgery, Plastic and Reconstructive Surgeries, Wound Closure, Urology, Obstetrics and Gynecology, Thoracic Surgery, Microvascular, Cardiovascular, Orthopedic Surgery, Laparoscopy, Ophthalmic Application, Veterinary Application, Dental Application, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global surgical equipment industry generated $35.6 billion in 2022, and is anticipated to generate $59 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.  

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Surgical equipment refers to handheld tools or implements employed by healthcare professionals to carry out surgical procedures. Within an operating suite, one can find a wide array of instruments, including but not limited to scalpels, forceps, scissors, retractors, and clamps, which are extensively used. Certain surgical procedures demand a more specialized set of instruments. For instance, orthopedic surgery often utilizes bone saws, files, drills, and mallets. Surgical instruments are typically constructed from materials such as carbon steel, stainless steel, aluminum, or titanium, and are available in various sizes to accommodate different surgical needs. 

Prime determinants of growth  

Rise in number of surgical procedures, rise in demand for minimally invasive surgeries, and rise in prevalence of chronic diseases drive the growth of the global surgical equipment market. However, increased risk of infections is expected to restrict the market growth. Moreover, the rise in technological advancements in surgical equipment and growth opportunities in emerging markets presents new opportunities in the coming years. 

Report coverage & details: 

Economic Downturn Analysis: Impact of Recession in 2023 on the Surgical Equipment Market

• During a recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patient ability to access and afford surgical equipment products, potentially leading to decreased demand for these products. This leads to reduced demand for elective surgeries and non-urgent medical procedures, affecting the market for surgical equipment. 
• However, hospitals that invest in advanced technologies such as surgical equipment focus on cost efficiency and innovation in surgical equipment which is expected to drive the market growth. 

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The disposable surgical equipment segment to maintain its leadership status throughout the forecast period 

Based on category, the disposable surgical equipment segment held the largest market share in 2022, accounting for more than two-thirds of the global surgical equipment market and is estimated to maintain its leadership status throughout the forecast period. The same segment would showcase the fastest CAGR of 5.4% from 2023 to 2032. This is attributed to the increasingly emphasizing infection control and patient safety, which has led to a surge in the adoption of disposable surgical equipment. 

The handheld surgical equipment segment to maintain its leadership status throughout the forecast period 

Based on product, handheld surgical equipment the segment held the largest market share in 2022, more than one third of the global surgical equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of the handheld surgical instrument as they provide versatility, precision, ease of use in various surgical procedures, and continuous advancements in design and materials. However, the electrosurgical devices segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032, owing to surge in demand for minimally invasive surgeries and rise in technological advancements in electrosurgery. 

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North America to maintain its dominance by 2032 

Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-fifths of the global surgical equipment market revenue and is likely to dominate the market during the forecast period. Well-developed healthcare infrastructure and rise in prevalence of chronic diseases promoted the growth of the surgical equipment market in North America. 

However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.1% from 2023 to 2032. High prevalence of geriatric population suffering chronic diseases, surge in prevalence of chronic diseases, rise in research and development activities, and surge in healthcare expenditure in the Asia-Pacific region, is expected to drive the growth of the surgical equipment market. 

Leading Market Players:

• B. Braun SE 
• Boston Scientific Corporation 
• ConMed Corporation 
• Johnson & Johnson 
• KLS Martin Group 
• Medtronic PLC 
• Fuhrmann GmbH 
• Entrhal Medical GmbH 
• Cousin Surgery LLC 
• Integra Life Sciences Holdings Corporation 

The report provides a detailed analysis of these key players in the global surgical equipment market. These players have adopted strategies such as product launch and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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