Surgical Equipment Market Size, Share & Trends Analysis Report By Product (Surgical Sutures & Staplers, Handheld Surgical Devices, Electrosurgical Devices, Others), By Applications (Neurosurgery, Plastic & Reconstructive Surgery, Wound Closure, Obstetrics & Gynecology, Cardiovascular, Orthopedic, Others), By Usage (Reusable, Disposable), By End User (Hospitals, Ambulatory Surgical Centers (ASCs), Clinics, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global surgical equipment market size was valued at USD 24.77 billion in 2023. It is expected to reach USD 55.19 billion in 2032, growing at a CAGR of 9.31% over the forecast period (2024-32). Surgeons' preference for specialized surgical instruments, including laparoscopic instruments, electrosurgical devices, endoscopes, and surgical lasers, supports market growth. Specialty instruments cater to diverse surgical specialties, such as orthopedics, neurology, cardiovascular, and ophthalmology.

Surgical equipment consists of items that have been developed via extensive research and development to assist medical professionals in the performance of particular procedures during surgical procedures. With this kind of equipment, medical personnel is given the ability to access and manipulate interior human organs and biological tissues. Hand instruments, electrosurgical devices, and closure devices are all examples of the many different types of surgical equipment. These types of devices are utilized in a wide variety of surgical procedures, including replacement of the hip or knee, delivery by cesarean section, removal of the gall bladder, hernia repair, and treatment of urological conditions.

There has been an increase in the use of robotic surgery and an increase in the elderly population, both of which are susceptible to ocular, stomach, and intestine problems. Surgeons can employ robot-assisted surgery to perform minimally invasive procedures with increased control, access, and precision. Rather, surgical equipment R&D is expected to provide new opportunities over the projection period.

Market Dynamics

Global surgical equipment market drivers

Chronic illness incidence is on the rise, as is the number of elderly people

Increasing chronic illness incidence, an ageing global population, and an increase in road traffic accidents are all driving the global market for surgical instruments and equipment. 703 million people aged 65 and older are estimated to have been living in the world in 2019. A growing number of procedures have been performed on this group because to the increased frequency of chronic disorders like cancer, arthritis, and cardiovascular disease. According to the American Association of Retired Persons, older patients account for more than 40% of inpatient procedures and 33% of outpatient surgeries. As a result, the ageing population and the rise in the incidence of chronic diseases will fuel the market's expansion over the next several years.

As people become more knowledgeable about minimally invasive procedures, the worldwide surgical equipment market share is expected to rise at an even faster pace. Patients are becoming more aware of the financial benefits of early surgical intervention, which is a major reason for the increased demand for procedures among them.

Increasing government spending is expected to stimulate the market

Growing government investments in healthcare infrastructure and regulations that encourage foreign direct investment (FDI) in emerging countries are encouraging the expansion of surgical equipment. The increased incidence of injuries, such as sports injuries, road accidents, and heart procedures, is driving the demand for surgical equipment. In 2019, the World Health Organization estimates that cardiovascular illnesses were responsible for 32% of all global fatalities. Since cardiovascular disease occurrences are on the rise, the global surgical equipment market growth. China's athletes are more likely to be injured than their American counterparts according to the Orthopedic Journal of Sports Medicine. As a result, the need for surgical equipment is increasing as a result of an increasing number of sports injuries.

Surgery equipment developments and more industry investments are also projected to give growth prospects in the near future. Healthcare providers are increasingly looking to purchase cutting-edge surgical equipment.

Global surgical equipment market restraints

The growth is hampered by the contamination of the surgical instrument

The contamination of surgical instruments is a major drawback or challenge for the surgical tool market. Having a modest number of bacteria on surgical tools can result in a high rate of infectious disease. In addition, when the lockdowns were put in place, there were no running automobiles on the road, which cut both the number of accidents and the rate of surgery, while also causing disruptions in the supply chain.

There is just one thing that could stop the market's growth: surgical instrument infection. Without sterilization, the surgical instruments are most likely to become infected. An infection at the surgical site can result from such exposure. The selling of counterfeit surgical instruments is the second hindrance to the surgical equipment market growth.

Global surgical equipment market opportunites

Increasing need for surgical staples and sutures in a variety of surgical procedures

The growing need for surgical sutures and staples creates significant revenue opportunities for medical technology and original equipment manufacturers (OEMs) in the worldwide surgical equipment industry. To sell their products, leading corporations use a competitive pricing approach coupled with cutting-edge technology. There is a growing trend among healthcare facilities, notably hospitals, to use handheld tools. As a result, the surgical equipment industry has seen a significant revenue increase from the development of new retractors and dilators.

Moreover, the global market is likely to benefit greatly from the development of better imaging goods for surgical opportunities. During the annual meeting of the American Society of Cataract and Refractive Surgery, to be held virtually on May 16 and 17, in May 2020, Ocutrx Vision Technologies, LLC, a developer of augmented-extended reality glasses for surgical procedures, announced the unveiling of Ocutrx OR-Bot Surgery Visualization Theatre.

Regional Analysis

The global surgical equipment market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In 2021, North America maintained the greatest revenue share, which was greater than 35.0 percent. The expansion of the market in the region is being fuelled in part by a number of factors, including high healthcare expenditures, the existence of well-established hospitals, and the presence of large firms operating in the United States. In addition, developments in technology and an increase in the desire for operations that are minimally invasive are expected to be the primary drivers of the regional market throughout the course of the projected period.

Over the course of the projected period, it is anticipated that the Asia Pacific will become the regional market with the highest rate of growth. It is anticipated that rising levels of disposable income in countries such as India and China would contribute to the expansion of the plastic and reconstructive procedures segment, which will, in turn, contribute to the growth of the regional market. It is anticipated that the increasing proportion of elderly residents in the area would result in an increase in the total number of orthopedic and cardiovascular procedures performed.

In spite of the fact that the COVID-19 pandemic had a considerable negative impact on the economies of Asian countries in 2020 and the first half of 2021, the market had already begun to recover by the time the pandemic was in its second year. The pandemic has resulted in the presence of enormous backlogs as well as the postponement of certain treatments. As a consequence, there has been an ever-increasing need for surgical equipment in this region.

Segmental Analysis

The global surgical equipment market size is divided into different segments according to the Product, Application, end user and Region (Geography).

By Product, the global surgical equipment market is segmented into Surgical Sutures & Staplers, Handheld Surgical Devices, and Electrosurgical Devices. More than 42% of market revenue in 2021 was generated by the Surgical Sutures and Staplers category. In part, this can be due to the growing use of sutures and staples in wound closure operations, which has increased their acceptance rate. The advantages of staplers over sutures should propel the Staplers market to new heights. There's a low chance of infection, as well as quick healing of wounds. The market for surgical sutures and staplers, handheld surgical equipment, and electrosurgical devices are categorized according to product type.

However, the expansion of the suture market will be fueled by technical improvements and government efforts over the forecast period. NICE has issued new medical technology guidance recommending that plus sutures produced by Ethicon, Inc., be used in operations within the National Health Service in June 2021, according to a press release from Ethicon. Sutures are the only sutures that offer antibacterial protection, so this is a necessary precaution to prevent surgical site infections from growing. During the projection period, electrosurgical instruments are expected to be the fastest-growing segment. As the need for these tools grows in minimally invasive surgery, this has happened. Advanced electrosurgical devices are being developed by companies like Medtronic.

By the year 2021, the handheld surgical devices segment was predicted to have a considerable revenue share and increase at a healthy rate. Aside from forceps and spatulas and other commonly used auxiliary instruments, the portable surgical device market also includes retractors, dilators, graspers, and cutting instruments. Disposable devices are becoming increasingly popular in this market because of the cost savings and less danger of cross-contamination they provide.

By Application, the global surgical equipment market is segmented into Neurosurgery, Plastic & Reconstructive Surgery, Wound Closure, Obstetrics & Gynecology, Cardiovascular, Orthopedic, and Others. In the year 2021, the other sectors accounted for almost 30% of total income. The obstetrics and gynecology segment accounted for the second-largest revenue share in 2021 due to a growth in the number of childbirths worldwide and an increase in the prevalence of female reproductive organ illnesses. The CDC predicts that in the United States, 1,148,692 cesarian operations will be conducted in 2020. Neurosurgery, plastic and reconstructive surgery wound closure, obstetrics and gynaecology, and cardiovascular and orthopaedic surgery are only a few of the surgical specialities that fall under the broad category of "surgery" in the market.

This market's fastest growth is expected to be in plastic and reconstructive surgery. The expansion of the market is predicted to be fueled by factors such as rising disposable income, technology advancements, and a growing desire to enhance a home's aesthetic appeal. There has been a considerable increase in the number of people pursuing employment in the entertainment sector, which demands them to pay more attention to their looks.

By end user, the global surgical equipment market is segmented into hospitals, ambulatory surgical centers (ASCs), clinics, and others.

The hospitals segment dominates the surgical equipment market by end user due to the extensive range of surgeries performed in these settings and the substantial investments they make in advanced surgical technologies. Compared to other end users, hospitals perform a greater number of intricate and varied surgical procedures, which calls for a wide range of surgical instruments. Hospitals are also able to incorporate and integrate the newest surgical advances to enhance patient outcomes and operational efficiency since they have greater funding and more resilient infrastructure.

By Region, the global surgical equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America had a revenue share of more than 37%. High healthcare costs and the existence of well-known hospitals and large competitors in the United States all contribute to the market's expansion. 

Over the next few years, the Asia Pacific region is expected to grow at the quickest rate of any area. Plastic and reconstructive surgery procedures are likely to see an increase in demand due to rising disposable incomes in nations like India and China. 

Recent Developments

• May 2024 - Crothall Healthcare (Crothall), a leading provider of sterile processing and support services, and Ascendco Health (Ascendco), a leading innovator in health technology, announced a groundbreaking partnership that will usher in a new era for instrument tracking and overall sterile processing quality within healthcare facilities across the nation. This partnership has the potential to significantly elevate standards within the field of sterile processing.
• March 2024 - At Indraprastha Apollo Hospital in New Delhi, Apollo Hospitals introduced ZAP-X, a gyroscopic radiosurgery platform for the treatment of brain tumors. The US-based medical equipment manufacturer Zap Surgical is set to launch the platform in India. Apollo stated in an official statement that "ZAP-X will offer patients a non-invasive, pain-free alternative to traditional surgical interventions for brain tumors, with sessions lasting just 30 minutes and without the necessity of anesthesia."