Global Surgical Equipment Market Size

Surgical Equipment Market Analysis

The surgical equipment market is projected to register a CAGR of 8.5% during the forecast period, 2022-2027.

The COVID-19 pandemic has been continuing to transform the growth of various markets. However, the immediate impact of the outbreak varied across countries. The COVID-19 outbreak worldwide and the lockdown situation across some countries have posed challenges for the surgical equipment market due to postponements of surgical services by hospitals and clinics to prevent the spread of the COVID-19 virus. For instance, in April 2022, Nova Scotia's QEII Health Sciences Centre decided to postpone most non-urgent and elective surgeries due to an increasing number and understanding of patients with COVID-19 in the hospital. Such factors are likely to hurt the demand for surgical equipment. These cancellations created a backlog that may need to be cleared after the COVID-19 disruption calms down. As a result, the demand for surgical equipment is expected to witness growth shortly, which could expand the development of the market over the coming years. For instance, in April 2022, the Victorian government reported investing USD 1.5 billion to address its growing elective surgery waitlist as part of a catch-up scheme that will increase surgical capacity by one quarter. The COVID Catch-Up Plan will raise capacity to 125 percent in 2023, with 40,000 additional surgeries in the next year.

Further, the significant factors propelling the market's growth are the rising geriatric population, the increasing number of surgeries, technological advancements, and the growing number of road and other accidents.

For instance, as per a September 2020 published article titled "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage," an estimated 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs). Additionally, as per the same source, 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. Moreover, per the Organization for Economic Cooperation and Development (OECD), the number of cataract surgical procedures reported in 2020 in Turkey was 393,901. According to the same source, the number of hip replacement procedures in Italy in 2020 was 84,647, and cesarean section procedures were approximately 114,601. Thus, this growth in the number of surgical procedures will likely increase the demand for surgical equipment, thereby contributing to market growth.

Technological advancements are also boosting the market's growth. For instance, in March 2022, the British Deputy High Commission in Chennai, India, unveiled the Freehand Robot, the first of its kind in laparoscopic surgical equipment. However, infections associated with the equipment used and stringent regulatory scenarios are expected to hamper the growth of the surgical equipment market.