The key players in the global surgical equipments market are employing novel concepts and ideas to offer innovative surgical products and technologies to enhance results of surgical procedures and to increase their profitability so as to gain a competitive edge over the other market players. Therefore, the key players have launched a range of innovative surgical equipments in advanced minimal invasive & laparoscopic surgical products as the key developmental strategy to keep pace with the changes in demands for end users.
Global Surgical Equipment Market was valued at $9,115 million in 2015, and is expected to reach $14,728 million by 2022 supported by a CAGR of 7.1% during the forecast period 2016 to 2022. Surgical instruments are the medical devices used to cut, coagulate, desiccate, and fulgurate the body tissues during the surgical procedures.
Rising prevalence of chronic diseases, surging geriatric population and increasing demand for minimally invasive surgical procedures are the factors majorly driving the market growth. The technological advancements in surgical equipment and increase in healthcare expenditure also support the growth of the global surgical equipment market. However, stringent government regulations for the product approval for the surgical equipment restrict the growth of the market.
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In 2015, surgical sutures and staples accounted for over two-fifths share of the global surgical equipment market due to its higher demand for the wound closure and for closure of surgical incisions in various types of surgeries including cardiovascular surgeries, orthopedic surgeries, and obstetrics and gynecology surgeries. However, electrosurgical devices segment is the fastest-growing segment projected to register a CAGR of 8.3% during the forecast period.
The global surgical equipment market by application is segmented into neurosurgery, plastic & reconstructive surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic, laparoscopic and other.
North America and Europe together accounted for around three-fourths share of surgical equipment market in 2015, and is expected to maintain this lead throughout the forecast period. The growth in the surgical equipment market in these regions is attributed to the increased demand for minimally invasive surgical procedures and rise in geriatric population However, Asia-Pacific is projected to be the fastest-growing region, registering a CAGR of 9.2% during the analysis period. Japan is the leading country market in the Asia-Pacific surgical equipment market. This is mainly due to the increase in geriatric population, rising prevalence of chronic disorders, and rising number of surgical procedures in the region. In addition, increase in healthcare expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs is boosting the market growth. Emerging economies such as India, China, offer a lucrative growth opportunity for the key players in surgical equipment market.
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The key players in the surgical equipment market are highly focused to expand their business operations in the fast-growing emerging countries with new product launches as the preferred strategy. The key players profiled in this report include Medtronic Plc., Stryker Corporation, Johnson And Johnson, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, and KLS Martin Group.