Covina , Sept. 11, 2023 (GLOBE NEWSWIRE) -- The demand for Surgical Equipment Market accounted for US$ 13.1 billion in 2020 and is estimated to be US$ 31.98 billion by 2030 and is anticipated to register a CAGR of 9.4% .This is according to the most recent research report.
Introduction:
The surgical equipment allows to open the soft tissue, dissect and isolate the lesion, and for removing abnormal structures. Surgical Equipment are made of cobalt chrome, stainless steel or titanium.
Growing prevalence of chronic diseases such as cardiovascular disease, cancer, kidney disease has given rise in demand for market growth. Growing number of accidental injuries and chronic diseases has given rise in surgical operations. Further, growing prevalence of female reproductive organ disorders and cesarian surgeries has fruitful the demand for Surgical Equipment Market growth over the forecast period.
Key Highlights:
- In June 2022, Xenco Medical expanded its ASC portfolio of surgical device with FDA (Food and Drug Administration) clearance and launched new multilevel “CerviKit”. New launched CerviKit build on company’s existing portfolio of instrument and disposable spinal implant platform and added to its single-use lumbar surgical devices.
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Key Findings of Surgical Equipment Market Study:
- Growth in Minimally Invasive Surgery: Minimally invasive surgical techniques continue to gain popularity due to their benefits such as smaller incisions, faster recovery times, and reduced post-operative pain. This has driven the demand for specialized minimally invasive surgical equipment and tools.
- Technological Advancements: Ongoing advancements in surgical technology, including robotic-assisted surgery, augmented reality, and 3D printing, are enhancing the precision and efficiency of surgical procedures. These innovations often come with a higher price point but can improve patient outcomes.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020 – 2030 |
| Accounted in 2020 | US$ 13.1 billion |
| Estimated to be in 2030 | US$ 31.98 billion |
| CAGR | 9.4% |
| Market representation | Revenue in USD Billion & CAGR from 2020 to 2030 |
| Market Segmentation | By Product - Mechanical Cutters, Dilators, Retractors, Surgical Suction, Surgical Visualization, Electrosurgical Devices and other By Application – Orthodontists, Neurosurgeon, Urologists, Obstetrics, Gynaecologists, Orthopedic and other |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Surgical Equipment Market: Key Drivers
The surgical equipment market is influenced by several key drivers that shape its growth and evolution. These drivers include:
- Increasing Surgical Procedures: The growing global population, aging demographics, and the prevalence of chronic diseases have led to an increase in surgical procedures. As more surgeries are performed, there is a higher demand for surgical equipment and instruments.
- Rising Healthcare Expenditure: Increased healthcare spending, especially in emerging markets, drives the demand for high-quality surgical equipment. As countries invest more in healthcare infrastructure and facilities, the surgical equipment market expands.
Analyst View:
Presence of major players and new product launch with FDA (Food and Drug Administration) approval has driven market growth. Advancement in technology has allowed manufacturers to develop advanced surgical equipment which in turn, boost the demand for target market growth. Further, rising geriatric population and need for minimally invasive surgeries has powered the demand for Surgical Equipment Market growth.
Regional Growth Dynamics:
Certainly, here are the growth dynamics of the surgical equipment market summarized in bullet points:
- Patient Preferences: Patients increasingly prefer minimally invasive procedures with shorter recovery times, influencing equipment demand.
- Regulatory Changes: Stringent regulations and standards impact equipment adoption and manufacturing.
- Emerging Markets: Expanding healthcare access, rising incomes, and improving infrastructure in emerging economies offer growth opportunities.
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Some of the key players in the surgical equipment market are:
- Aspen Surgical Products Inc.
- Micron Biomedical
- Stryker Corporation
- Abbott Laboratories
- Medtronic plc.
- Olympus Corporation
- Smith & Nephew plc.
- Becton Dickinson and Company
- B. Braun Melsungen Ag
- Boston Scientific Corporation
- Cadence
- Alcon Laboratories
- Ethicon Inc.
- Johnson & Johnson
Conclusion:
The surgical equipment market is driven by advancements in technology, rising surgical procedures, and changing patient preferences. Regulatory factors, cost-effectiveness, global health challenges, and personalized medicine also shape the market. Adapting to these dynamics is crucial for industry success.
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