Surgical Equipment Market Size is Expected to Reach US$ 14.8 Bn by 2030, Rising at a Market Growth of 4% CAGR During the Forecast Period | Transparency Market Research, Inc.

Posted on 2024-03-11 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-11 — /EPR Network/ — Transparency Market Research Inc. –

As per Transparency Market Research’s recent analysis covering the historical period of 2018-2019 and the forecast spanning from 2020 to 2030, the surge in surgical procedures is identified as the primary driver propelling the global surgical equipment market.

The report indicates that the market attained a valuation of approximately US$ 9.7 billion in 2019, with an estimated compound annual growth rate (CAGR) of around 4% anticipated from 2020 to 2030, to attain value of US$ 14.8 Bn by the end of 2030.

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With advancements in technology and increasing demand for minimally invasive surgical procedures, the market is witnessing a transformation. Surgical equipment encompasses a wide range of instruments and devices crucial for performing surgical interventions across various medical specialties.

Key Drivers of Surgical Equipment Market: Gaining Popularity of Health Insurance in Emerging Countries such as India

Health insurance uptake is rising in countries like India, with government schemes covering 15% and private insurance covering 2% of the population.
Numerous private insurers have entered the market, collaborating with hospitals to offer cashless treatment to insured patients.
Data from Narayana Health in 2017 revealed India’s need for approximately 65 crore surgeries annually, yet only about 2 crore surgeries are conducted each year due to healthcare affordability issues and a shortage of specialized surgeons.
Increasing healthcare insurance penetration and awareness of its benefits are encouraging patients to seek treatment, which is expected to address the surgery demand gap and drive the demand for surgical equipment.

Competition Landscape:

Medtronic plc,CONMED Corporation,Olympus Corporation,BD,Stryker,Meril Life Science Pvt. Ltd.,Integra Lifescience Corporation,Ethicon, Inc.,Healthium Ltd.

Segmentation:

Product

Surgical Sutures & Staples
Surgical Handheld Instruments
- Grasping Instruments
- Retractors and Dilators
- Cutting Instruments
- Others
Electrosurgical Devices
- Generators
- Consumables

Application

Ophthalmology
Gynecology
General Surgery
Bariatric Surgery
Plastic Surgery
Others

End User

Hospitals
Ambulatory Surgical Centers
Clinics

Market Drivers and Challenges:

Drivers: Technological advancements, increasing prevalence of chronic diseases, rising demand for minimally invasive surgeries, growing geriatric population.
Challenges: High cost associated with surgical equipment, lack of skilled professionals, stringent regulatory requirements.

Market Trends:

Shift towards minimally invasive surgical procedures.
Integration of robotics and artificial intelligence in surgical equipment.
Adoption of disposable surgical instruments for infection control.

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Key Developments:

In 2018, Medtronic launched Signia Stapling System. This provides an ideal solution to pioneering intelligence-based minimally invasive surgery, which offers real-time feedback and based on Adaptive Firing technology measures the firing force and adjusts the stapler’s speed based on tissue variability measurements. This drive the demand for new advanced surgical equipment.
In 2018, Apax Partners LLP is a U.K.-based private equity firm, acquired India-based medical devices company Healthium MedTech Pvt. Ltd to invest in the surgical equipment market

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Key Market Study Points:

Market dynamics analysis including drivers, challenges, opportunities, and trends.
Comprehensive market segmentation analysis.
Regional market analysis highlighting growth prospects and market dynamics in each region.
Competitive landscape assessment featuring key players, their strategies, and recent developments.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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