Global surgical equipment market expected to generate revenue of around USD 17.25 billion by end of 2024, growing at a CAGR of around 7.05% between 2018 and 2024. The rising need for surgeries to treat various chronic and cardiovascular disorders in both the developing and developed countries is expected to increase the demand for the surgical equipment market globally.
The report covers forecast and analysis for the surgical equipment market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the surgical equipment market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the surgical equipment market on a global level.
In order to give the users of this report a comprehensive view of the surgical equipment market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the product, application, category, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on the global and regional basis.
The study provides a decisive view of the surgical equipment market by segmenting the market based on product, application, category, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa with its further divided into major countries.
Some of the leading players in surgical equipment market include Smith & Nephew Plc, KLS Martin Group, Zimmer Holdings, Inc., Johnson & Johnson, Stryker Corporation, Medtronic Plc, Olympus Corporation, Karl Storz GmbH & Co. Kg, B. Braun Melsungen AG, Conmed Corporation, and others.
This report segments the global surgical equipment market as follows:
Global Surgical Equipment Market: Product Segment Analysis
Global Surgical Equipment Market: Application Segment Analysis
Global Surgical Equipment Market: Category Segment Analysis
Global Surgical Equipment Market: Regional Segment Analysis
The surgical equipment and devices industry in the healthcare sector includes companies that develop and manufacture surgical devices and products. Surgical equipment is used for various surgical procedures like plastic surgery, neurosurgery, laparoscopic surgeries, urology, cardiovascular surgeries, and others. The rise in the prevalence of chronic disorders among geriatric population and increase in demand for laparoscopic surgeries acts as one of the major drivers of the global surgical equipment market.
The escalating demand for minimally invasive surgeries is likely to trigger the market growth for surgical equipment especially the equipment associated with electro-surgeries. Due to certain advantages like minimal blood loss, precise incision, lesser side effects, reduced post-surgery complications, short duration of hospital stay, faster recovery span, and huge demand across all medical specialties towards minimally invasive procedures is likely to propel market growth. Some of the other factors driving the market include the continuous rise in a number of surgical procedures and advancement in technology in terms of new product development. However, according to one of the clauses stated by the U.S. Patient Protection and Affordable Care Act (PPACA) reveals that an excise tax of 2.3% on medical equipment will impose an additional burden on medical device manufacturers which can serve as a restraint to the growth of overall surgical equipment market. Also, the highly competitive environment in terms of price war and uncertainty in reimbursements policies will further restrict the market growth.
The market for surgical equipment market is segmented based on product type, application type, and by category. Based on product type, the market is segmented into surgical sutures and stapler, electrosurgical devices, and handheld surgical devices. The handheld surgical devices market is further sub-segmented into forceps and spatulas, auxiliary instruments, retractors, graspers, dilators, cutter instruments, and others. Based on applications, the surgical equipment market is segmented into neurosurgery, plastic and reconstructive surgery, obstetrics and gynecology, wound closure, cardiovascular, orthopedic, and others. Based on the category, the market is categorized into reusable surgical equipment and disposable surgical equipment.
North America holds the largest share of the market for surgical equipment followed by Europe and the Asia Pacific. The growth in North America and the European region is mainly driven by growing aging population, the advent of new technologies, advanced and well-developed healthcare infrastructure, high per capita income, and a favorable regulatory framework. The market for surgical equipment in the Asia Pacific is also expected to witness considerable growth rate due to rising need to fulfill unmet healthcare needs, advancing medical tourism industry, rising prevalence of chronic diseases which require surgical intervention and improving healthcare infrastructure in this region.
Some of the leading players in surgical equipment market include Smith & Nephew Plc, KLS Martin Group, Zimmer Holdings, Inc., Johnson & Johnson, Stryker Corporation, Medtronic Plc, Olympus Corporation, Karl Storz GmbH & Co. Kg, B. Braun Melsungen AG, Conmed Corporation, and others. Zimmer Biomet acquired Medtech in 2016 as this company specializes in the manufacture of robotics for spine and neurological surgeries with an aim to enter the surgical robotics market.
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