Surgical Equipment Market Snapshot
2018 - 2026
Need a report that reflects how COVID-19 has impacted this market and its growth?
The surgical equipment market is projected to register a CAGR of 8.5% during the forecast period.
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. Initially, the outbreak of COVID-19 worldwide and the lockdown situation across some countries have shown some challenges on the market studied, due to hold on surgical services by the hospitals and clinics, in order to prevent the spread of the COVID-19 virus. According to the research conducted by the CovidSurg Collaborative, a research network, based on a 12-week period of peak disruption to hospital services due to COVID-19, it was found that approximately 28.4 million elective surgeries worldwide have been canceled or postponed in the year 2020. In addition, orthopedic procedures were canceled most frequently, with 6.3 million orthopedic surgeries canceled worldwide over a 12-week period. In the United Kingdom, the National Health Service advised hospitals to cancel most elective surgeries for 12 weeks. It is estimated that this will result in 516,000 cancelled surgeries, including 36,000 cancer procedures. These cancellations created a backlog that will need to be cleared after the COVID-19 disruption calm down which have a short-term negative impact on the market.
Moreover, growing number of surgical procedures due to the sports injuries, accidents, cardiac surgeries owing to the high prevalence of cardiovascular diseases and other chronic conditions where the surgery is being suggested mandatory is the major factor that is driving the Surgical Equipment market. According to a research article by Prashant Bhandarkar et al., published in World Journal of September 2020, estimated that about 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs). In addition, the reported rates of surgery vary from 295 in low- and middle-income countries (LMICs) to 23,000 in high-income countries (HIC) per 100,000 population. According to the Australian Institute of Health and Welfare, from 2013-14 to 2017-18, the number of surgeries performed observed a rise by 1.7% every year in Australia. In addition according to the Eurostat (European Statistical Office), in 2018, between 200 to 4000 caesarean sections were performed per 100,000 inhabitants in the European region.
Furthermore, the growing burden of sports related injuries globally is also driving the market growth. as per a 2018 study by Tianwu Chen et al., published in Orthopedic Journal of Sports Medicine, in China, the number of Chinese athletes has shown statistically higher rates of significant injuries as compared to Americans with injury rate of 112.9 injuries per 1000 athlete-hours whereas in American Athletes its estimated that only 98 injuries per 1000 athlete hours.
Additionally, a growing geriatric population coupled with an increasing number of chronic diseases, growing technological advancements are also driving the demand for surgical equipment.
However, infections associated with the equipment used and stringent regulatory scenario will hamper the growth of the surgical equipment market.
Scope of the Report
As per the scope of this report surgical equipment is functionally designed for the Operating Room to centralize all surgical support equipment and utility services. Surgical equipment is a specially designed tool that performs actions during surgery or operation. The surgical equipment market is segmented by product (handheld devices, powered and electrosurgical devices, and sutures and staplers), application (obstetrics and gynecology, orthopedics, cardiovascular, neurology, plastic and reconstructive surgeries, and others), end-user (hospitals, ambulatory surgical centers, and others) and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report offers the value (in USD million) for the above segments.
|Powered and Electrosurgical Devices|
|Sutures and Staplers|
|Obstetrics and Gynecology|
|Plastic and Reconstructive Surgeries|
|Ambulatory Surgical Centers|
Key Market Trends
Surgical Staplers and Sutures segment Holds Significant Share in Surgical Equipment Market
The sudden outbreak of COVID 19 has posed a severe impact on the surgical staplers and sutures segment due to the lockdown measures across the world that have resulted in decreased public mobility and sudden halt on surgical procedures, that are non-immediate and are being postponed to decrease the burden on healthcare infrastructure. However, going forward, after the relaxation of lockdown restrictions, the market is expected to experience a spur.
Moreover, sutures are medical devices that are used to hold the body tissue after an injury or surgery. Surgical staplers are specialized medical staplers, which can be used as alternatives to sutures, for the purpose of wound closure across various applications. These are used in the majority of abdominal surgeries.
Furthermore, As per an article published on the National Institute of Health 2018, it was stated that women in the United States commonly undergo obstetric and gynecologic procedures, such as vaginal delivery, cesarean section, and hysterectomy during inpatient hospital stays. In addition to the same source obstetric and gynecologic surgical procedures encompassed five of the top 10 most common procedures in the United States. Hence the use of surgical staplers and sutures is expected to increase due to the growing obstetrics and gynecological surgeries and increasing development of innovative products. Moreover, in September 2019, Ethicon had launched the industry's first powered circular stapler ECHELON CIRCULAR Powered Stapler. In additon in July 2018, Ontario-based Panther Medical Canada Inc. had obtained a Health Canada License for the Panther line of open and endoscopic surgical staplers.
However, surgical staplers and sutures can be sources of infections and contaminations, due to bacterial adherence and colonization. The infections acquired in suturing and stapling may act as a restraint for the growth of the market studied.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The United States is the most COVID-affected country across the world. The surgical practice has been significantly impacted with all specialties writing various guidelines for how to manage during this crisis. Regulatory bodies have had to triage the urgency of their daily surgical procedures and consider non-surgical management options where possible. Hence, there will be a decline in both emergence and elective amputation surgeries owing to the current COVID19 situation, which will decline the demand for surgical equipment. However, the surgical procedures are resuming now with proper regulating guidelines, which will further increase the demand for this surgical equipment, and the market growth will gradually rise.
North America is expected to dominate the overall market throughout the forecast period. This is due to the increasing geriatric population, large patient population, and an increasing number of various surgical procedures. Surgical equipments are widely used in the areas of gynecology, abdominal surgeries, cardiothoracic and orthopedic surgeries, etc. According to the American Society of Plastic Surgeons (ASPS) 2019, there were around 1.8 million cosmetic surgical procedures and 16.3 million cosmetic minimally invasive procedures being performed in the United States in 2019. In addition, according to the Global Health and Wellness Report published in 2018, an estimate of 40% of the adult population in the United States was diagnosed with a cardiovascular condition, which directly resulted in higher demand for highly efficient and immediate treatments. With the increasing prevalence of cardiovascular diseases (CVDs) have also promoted the ascent in the number of cardiovascular surgeries, thereby driving the surgical equipements market.
Furthermore, Asia-Pacific is expected to be the fastest growing region in global Surgical Equipment owing to the improving healthcare infrastructure and growing geriatric population, increasing number of surgeries. According to the All India Institute of Medical Science (AIIMS), the institute had performed 1.94 lakh surgeries in 2018. Additionally, the rising technological advancement in the field of surgeries and market strategies adopting by the major market players to expand their business in the North America region are expected to propel the overall growth of the market over the forecast period.
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Surgical Equipment market is very competitive with most of the players competing to increase market shares. Strong competition, rapid technological advancements are key factors that confront the market. Key developments of the market include in June 2019 – Global Pediatric Surgical Technology and Education Project (GP STEP) has partnered with medical device manufacturer SunMed to distribute affordable surgical equipment to pediatric surgeons around the world.
- In December 2020, Medtronic India launched EEA Circular Stapler with Tri-Staple Technology - the first 3-row Circular Stapler with varied height staples or use in colorectal procedures in India.
- In June 2020 the company Aesculap, Inc. had announced the launch of SQ.line Surgical Instrument Portfolio
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Geriatric Population with Increasing Number of Surgeries
4.2.2 Growing Technological Advances
4.2.3 Rising number of road and other accidents
4.3 Market Restraints
4.3.1 Increased Risk of Infections
4.3.2 Stringent Safety Regulations
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Handheld Devices
5.1.2 Powered and Electrosurgical Devices
5.1.3 Sutures and Staplers
5.2 By Application
5.2.1 Obstetrics and Gynecology
5.2.5 Plastic and Reconstructive Surgeries
5.3 By End-User
5.3.2 Ambulatory Surgical Centers
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.4.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Boston Scientific Corporation
6.1.4 CONMED Corporation
6.1.5 Medtronic PLC
6.1.6 Olympus Corporation
6.1.7 Siemens Healthineers
6.1.8 Smith & Nephew
6.1.9 Stryker Corporation
6.1.10 Johnson & Johnson (Ethicon)
6.1.11 Zimmer Biomet
6.1.12 Frankenman International Limited
6.1.13 Intuitive Surgical Inc.
6.1.14 Meril Life Science Pvt. Ltd
6.1.15 3M Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Surgical Equipment Market market is studied from 2018 - 2026.
What is the growth rate of Surgical Equipment Market?
The Surgical Equipment Market is growing at a CAGR of 8.5% over the next 5 years.
Which region has highest growth rate in Surgical Equipment Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Surgical Equipment Market?
North America holds highest share in 2020.
Who are the key players in Surgical Equipment Market?
- B. Braun Melsungen AG
- CONMED Corporation
- Olympus Corporation
- Stryker Corporation
Are the major companies operating in Surgical Equipment Market.