New York, United States , Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Surgical Equipment Market Size to grow from USD 8,435.2 million in 2021 to USD 14,867.6 million by 2030, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. The purpose of surgical equipment is to facilitate the performance of surgical procedures. Electrosurgical devices, hand tools, and closure devices are all types of equipment that fall under this category. During electrosurgical operations, such as tissue ablation, disposable electrosurgical devices, and electrosurgical accessories are utilized. Growing awareness among medical professionals about the advantages of surgical equipment would further generate maximum chances for the expansion of the business. Asia- Pacific is expected to grow the fastest during the forecast period followed by North America and Europe.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an essential role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Obstetrics and Gynaecology segment to account for the largest market size during the forecast period
Based on the application, the surgical equipment market is categorized into Neurosurgery, Plastic and Reconstructive Surgeries, Wound Closure, Urology, Obstetrics and Gynaecology, Thoracic Surgery, Microvascular Surgery, Cardiovascular Surgery, Orthopaedic Surgery, Laparoscopy, and Others. Obstetrics and Gynaecology accounts for the largest market size during the forecast period. This is due to the sudden rise in the prevalence of female reproductive organ disorders, which has resulted in an increase in the number of gynecological surgeries. Additionally, the growing number of childbirths across the globe contributed to this segment's revenue share.
The Electrosurgical Devices segment to hold a higher CAGR during the forecast period
Based on product, the surgical equipment market is categorized into Surgical Sutures and Staplers, Handheld Surgical Devices, and Electrosurgical Devices. The Electrosurgical Devices segment to hold higher CAGR during the forecast period. It is anticipated that the sector that deals in electrosurgical devices would have a considerable market share by product. There has been an increase in the number of surgical operations that utilize electrosurgical devices. These have been the primary contributors to the expansion of this market sector. Incising tissue, destroying tissue by desiccation, and controlling bleeding by producing blood coagulation are all procedures that can be accomplished with electrosurgical devices. Cholecystectomy operations are the most common ones in which electrosurgical devices are utilized.
Browse key industry insights spread across 200 pages with 156 market data tables and figures & charts from the report "Global Surgical Equipment Market Size, Share, and COVID-19 Impact Analysis By Product (Surgical Sutures and Staplers, Handheld Surgical Devices, Electrosurgical Devices), By End User (Hospitals, Ambulatory Surgical Centers, and Others), By Category (Reusable Surgical Equipment and Disposable Surgical Equipment), By Application (Neurosurgery, Plastic and Reconstructive Surgeries, Wound Closure, Urology, Obstetrics and Gynaecology, Thoracic Surgery, Microvascular Surgery, Cardiovascular Surgery, Orthopaedic Surgery, Laparoscopy, and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2030.” in detail along with the table of contents.
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The Hospitals segment is to hold a higher CAGR during the forecast period.
Based on the end user, the surgical equipment market is categorized as Hospitals, Ambulatory Surgical Centers, and Others. The Hospitals segment is to hold a higher CAGR during the forecast period. Hospitals are the major place where surgeries are performed. This segment is anticipated to dominate the market due to the continuous growth in surgeries with rising diseases worldwide.
Asia-Pacific to hold a higher CAGR during the forecast period.
The surgical equipment market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2021. The expansion of the market in the region is being fueled by several factors, including high healthcare expenditures, the existence of well-established hospitals, and the presence of major players operating in the United States. In addition, developments in technology and an increase in the demand for operations that are minimally invasive are anticipated to be the primary drivers of the regional market over the course of the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global surgical equipment market include B. Braun Melsungen Ag, Smith & Nephew plc, Zimmer Biomet Holdings Inc., Stryker Corporation, Alcon Laboratories Inc., Aspen Surgical Products, Inc., Medtronic Inc., Ethicon Inc., Becton, Dickinson and Company
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