The global surgical equipment market size was valued at USD 9.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2028. Large unmet surgical needs, growing healthcare costs, rising geriatric population, and increasing surgical volume are the key factor projected to drive the market growth during the forecast period.
The surgical equipment market is exhibiting steady growth, especially backed by higher inclination towards minimally-invasive procedures. Coupled with this, rising incidence of chronic ailments and cases of accidents have been creating growth prospects for the market.
Surgical equipment sterilization has become important now more than ever due to the coronavirus (COVID-19) outbreak. Medical facilities are under scrutiny for sterilization of surgical equipment to prevent the spread of COVID-19. As COVID-19 continues to dominate major countries such as the U.S., India, Russia, and Brazil, medical facilities are under immense pressure of containing the spread of the coronavirus via infected surgical instruments. Hence, companies in the surgical equipment market are also adopting precautionary measures to efficiently sterilize and clean the instruments before they reach medical facilities.
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The demand for single-handed surgical suturing devices is growing in the healthcare landscape. Mellon Medical- a Dutch medtech company has announced the launch of Switch®- a single patient use precision suturing device, which is being used for abdominal wall closure and facilitates the small bites technique. Companies in the surgical equipment market are setting their collaboration wheels in motion by entering into strategic agreements to create enough availability of single-handed surgical suturing devices in various healthcare facilities.
Key Player Mentioned:
Micron Biomedical, Inc.
Aspen Surgical Products, Inc.
Alcon Laboratories, Inc.
Companies are also focusing on other strategic initiatives, such as new product development, mergers, acquisitions, joint ventures, partnerships, and geographical expansions. For instance, in November 2020, Aspen Surgical acquired Protek Medical Products, Inc. with an intent to strengthen its distribution network and R&D capability
Product Segment Analysis:
Surgical Sutures & Staplers
Handheld Surgical Devices
Application Segment Analysis:
Plastic & Reconstructive Surgery
Obstetrics & Gynecology
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Regional Segment Analysis:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
By product, the handheld surgical instruments account for the largest market share, owing to the rise in number of surgeries performed globally and its frequent use in all types of surgeries. However, the global market for manual handheld surgical instruments is expected to decline during the forecast period due to shift in customer preferences from traditional (invasive) to minimally invasive surgeries. Electrosurgical devices segment is the fastest growing segment due to high demand for minimally invasive surgeries and advancement in technology.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global surgical equipment market report on the basis of product, application, and region
Good Reasons to Buy a Global Surgical Equipment Market Report:
- Offers detailed market breakdown and data triangulation that will help guide the market trends.
- The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.
- Provides a detail analysis about the Covid-19 impact on the market and how it will help boost the market in the near future.
- Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.
- Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.