The global surgical equipment market is nowadays one of the most important and fastest growing sectors in the global healthcare industry. Even in the face of major healthcare industry challenges looming in 2018, the substantial growth and the development of the worldwide surgical equipment market are fueled by the growing demand for medical surgery procedures globally. Meanwhile, leading surgical instrument companies and medical instrument manufacturers around the world are also investing heavily in R&D products, which further facilitates the technological advancements in the global surgical equipment market.
Grow your network: Connect with medical equipment manufacturers
Find new business partners: Connect with global medical device companies
Surgical instruments refer to medical devices or equipment used to cut, coagulate, desiccate, and fulgurate the body tissues during surgical procedures. A surgical instrument is a specially designed medical tool or performing specific actions of carrying out desired effects during a surgery or operation, such as modifying the biological tissue or to provide access for viewing it.
According to a recent report from Grand View Research, the global surgical equipment market was valued at USD$ 10.5 billion in 2016 and is anticipated to reach a value of USD$ 20.3 billion by 2025, representing an impressive CAGR of over 11% during the forecast period. Technological advancements with the introduction of electrosurgical instruments have led to the growth of the surgical equipment market. This is mainly due to the fact that there is a growing trend towards minimally invasive surgeries, such as electrosurgery.
The growth in the surgical equipment market is mainly driven by factors such as the rising demand for surgical tools due to a rising number of surgical procedures dealing with increasing incidences of various chronic disease and growth of the aging population. Moreover, increasing healthcare expenditure, increasing demand for plastic and reconstructive surgery and the rising demand for technologically advanced minimally invasive surgical procedures are further expected to give a boost to the market growth in the future.
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Currently, Surgical sutures and staplers held the largest share in the global surgical instrument market. This is mainly due to the fact that these instruments are most commonly used for wound closure. On the other hand, staplers are anticipated to be an emerging segment owing to rapid wound healing technique and reduction in the risk of infection in comparison to sutures. However, the electrosurgical instrument market is expected to witness the biggest growth rate in 2018 and going forward, due to its high demand in the field of minimally invasive surgeries. Electrosurgeries help in minimizing blood loss through tissue cauterization
When It comes to regional markets, North America dominated the global surgical equipment market followed by Europe and Asia-Pacific. The growth in North America and Europe was primarily driven by the advent of new technologies, growing aging population, favorable regulatory framework, and high disposable income of consumers. However, Asia-pacific is expected to experience stronger growth, due to their rising unmet healthcare needs, improving healthcare infrastructure in the region, and the increase and prevalence of chronic diseases that require surgical procedures.
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