Surgical Equipment Market is predicted to thrive at a CAGR of 5.8% and valued at over USD 58.85 billion 2021-2030

At an estimated value of over USD 31.65 billion in 2019, the Global Surgical Equipment Market is predicted to thrive at a CAGR of 5.8% and valued at over USD 58.85 billion over the forecast year 2020-2030.

Surgical Equipment are specially designed tools that help health care specialists to carry out specific actions during an operation. Such equipment enables healthcare professionals access the internal human organs and modify biological tissues. Various types of surgical equipment include hand instruments, electrosurgical devices, and closure devices. Such equipment are used in various surgeries, such as hip & knee replacement, cesarean deliveries, gall bladder removal, hernia repair, and urology ailments.

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Competitive Landscape

Lucrative growth opportunities make the surgical equipment market highly competitive. Some of the major players in the market are Medtronic Plc., Johnsons & Johnsons, Peters Surgical SASU, Smith & Nephew PLC, Conmed Corporation, Novartis International AG, Boston Scientific Corporation, Enthral Medical GMBH, B. Braun Melsungen AG, Cousin-Biotech, Fuhrmann GMBH, Integral Lifesciences Holdings Corporation, KLS martin Group and many more. A number of developmental strategies have been adopted by companies in the past few years. For instance, in September 2019, Medtronic Plc. launched robot-assisted surgery system. This system is more cost-effective and flexible than systems presently available in the market. Also, in December 2019, Johnson & Johnson acquired Verb Surgical Inc. The acquisition combines Verb Surgical's data science and robotics capabilities with Johnson & Johnson's health care leadership.

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Market Segmentations and Scope of the Study:

The global surgical equipment market share is segmented on the basis of product, category, application, and geography. On the basis of product, the market is segmented into surgical sutures & staplers, electrosurgical devices, handheld surgical instruments, and others. According to the category, the market is categorized into reusable surgical equipment and disposable surgical equipment. As per the application, the market is segmented into neurosurgery, plastic & reconstructive surgeries, urology, obstetrics & gynecology, wound closure, thoracic surgery, microvascular, cardiovascular, orthopedic surgery, ophthalmic application, laparoscopy, veterinary application, dental application, and others. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.

Geographical Analysis

In terms of geography, North America held major share of the market in 2019. This is attributed to factors such as emergence of new technologies, promising regulatory framework, mounting ageing population, and high disposable income of the consumers. However, Asia-pacific is expected to grow rapidly with increasing market size due to the surge in demands for enhanced surgical procedures and healthcare services; and significant expenditures on the improvement of healthcare infrastructure in the region.

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