Surgical equipment comprises electrosurgical and endomechanical devices that are used for minimally-invasive surgeries as well as open or invasive surgeries. Some of the common endomechanical surgical devices are staplers, litigation kits, trocars, and forceps. Electrosurgical devices, on the other hand, use high frequency electrical current to desiccate, cut, or coagulate tissues. In the coming years the market will witness greater demand as minimally-invasive procedures become more widespread.
Also, with expansion of the healthcare sector, demand for advanced technologies and surgical equipment is forecast to surge. With governments across high potential markets working to make healthcare more affordable and accessible, prospects for growth of the surgical equipment market are expected to get stronger. Further, rising incidence of chronic ailments and increasing cases of accidents, worldwide, will make advanced surgical equipment highly important for administration of required care and treatment.
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All in all, the global surgical equipment market is poised to expand at a CAGR of around 4%, and reach a valuation of close to US$ 15 Bn by the end of 2030.
Key Takeaways from Surgical Equipment Market Report
- The surgical equipment market has a fragmented vendor landscape. Low- and middle-scale companies are competing against established players.
- Sales scope for the market is forecast to surge with increasing penetration of robotics surgery. Rising investments towards advanced procedures in hospitals and healthcare centers will drive growth.
- Among the end users, hospitals are expected to account for a leading share in the surgical equipment market.
- Regionally, North America is expected to hold dominance. Europe will emerge as the second-leading market for surgical equipment.
“With increasing number of players focusing on research & development, launch of novel technologies is on the cards. This will also help the market recover its pace of growth once the COVID-19 crisis passes,” says a Fact.MR analyst.
Risk of Exposure to COVID-19 Threatens Growth
Surgical equipment are at high risk of getting infected. It has therefore become increasingly crucial for hospitals and other healthcare facilities using these instruments to properly sterilize them. These organizations are under strict vigil of internal organizations as the fight against containing the novel coronavirus continues.
Policies are stricter within countries most affected by the COVID-19 outbreak. Medical facilities in these nations are under immense pressure to ensure surgical equipment are properly sterilized. In order to ensure better safety, several manufacturers in the surgical equipment market are adopting precautionary measures to effectively clean and sterilize their equipment before they are delivered to medical facilities. This means that manufacturers as well as end users are likely to incur more expenditure on the maintenance and sterilization of these equipment. This factor could hamper the growth of the surgical equipment market to some extent.
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More Valuable Insights on Surgical Equipment Market
Fact.MR, in its new offering, presents an unbiased analysis of the global surgical equipment market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the surgical equipment market on the basis of product (surgical sutures & staples, surgical handheld instruments, and electrosurgical devices), application (ophthalmology, gynecology, general surgery, bariatric surgery, plastic surgery, and others), and end user (hospitals, ambulatory services, and clinics), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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