The global surgical equipment market is projected to expand significantly, with its valuation forecasted to rise from USD 16.7 billion in 2022 to approximately USD 36 billion by 2032, achieving a compound annual growth rate (CAGR) of 8.2% during this period. This growth is primarily driven by the increasing incidence of chronic diseases and the aging population, which necessitates a higher volume of surgical interventions. Technological advancements in surgical devices, particularly those facilitating minimally invasive procedures, further stimulate market expansion.
However, the market faces challenges, including the high risk of infections associated with surgeries and stringent regulatory requirements that govern the development and approval of new surgical devices. Despite these hurdles, the market has witnessed recent developments that underscore its dynamic nature. Major players like Johnson & Johnson and Medtronic are continually innovating, as evidenced by the launch of advanced devices like the ECHELON 3000 stapler, which promises enhanced surgical precision and reduced complications.
Moreover, the adoption of disposable surgical equipment is gaining traction due to its benefits in infection control, despite higher initial costs compared to reusable equipment. This trend is supported by increasing environmental and health safety standards, which favor disposables that ensure sterility and reduce potential contamination.
In summary, the surgical equipment market is poised for robust growth, buoyed by technological innovation and an increasing demand for surgeries. However, it must navigate regulatory hurdles and the inherent risks of surgical procedures to continue its upward trajectory.
Key Takeaways
- The surgical equipment market is projected to escalate to USD 36 billion by 2032, marking an 8.2% CAGR from its 2022 valuation of USD 16.7 billion.
- Dominating the product sector, surgical sutures and staplers hold a 42% market share, indicating their widespread usage.
- In the category of surgical tools, disposable equipment leads, characterized by a rising compound annual growth rate.
- The market is bolstered by a range of surgical applications, with a notable increase in demand within obstetrics and gynecology.
- Hospitals are the primary end-users, capturing the largest market share due to superior technology and higher disease incidence rates.
- In 2022, North America led global revenue with a 38% share, underscoring its robust market presence.
- Forecasted for rapid growth, Asia-Pacific is expected to experience a significant CAGR from 2023 to 2032.
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Surgical Equipment Market Key Segments
Based on Product
- Surgical Sutures & Staplers
- Electrosurgical Devices
- Handheld Surgical Devices
- Other Surgical Equipment
Based on Category
- Disposable Surgical Equipment
- Reusable Surgical Equipment
Based on Applications
- Neurosurgery
- Orthopedic
- Obstetrics & Gynecology
- Plastic & Reconstructive Surgery
- Cardiovascular
- Wound Closure
- Other Applications
Based on End-User
- Ambulatory Surgical Centers
- Hospitals
- Other End-Users
Key Regions
- North America (The US, Canada, Mexico)
- Western Europe (Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland, The Czech Republic, Greece, Rest of Eastern Europe)
- APAC (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Rest of APAC)
- Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, Rest of Latin America)
- Middle East & Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, Rest of MEA)
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Recent Developments
- B Braun Melsungen AG
- March 2022: B. Braun expanded its portfolio by acquiring Intermedt Medizin & Technik GmbH, enhancing its dialysis product offerings.
- January 2022: The company initiated a significant expansion in Vietnam with the groundbreaking of a new manufacturing facility.
- March 2022: Notable leadership changes were implemented at B. Braun, with Dr. Meinrad Lugan moving to the Executive Board of the family holding company.
- June 2022: Changes occurred within the Aesculap management board, aiming to improve strategic oversight and operational efficiency.
- Cadence Design Systems, Inc
- March 2024: Cadence Design Systems acquires BETA CAE Systems for $1.2 billion, expanding its structural analysis and multiphysics system analysis capabilities.
- September 2023: Cadence completes the acquisition of Intrinsix Corporation from CEVA, enhancing its semiconductor design and embedded systems offerings.
- Olympus Corporation
- February 2023: Olympus agreed to acquire Taewoong Medical, a South Korean GI stent manufacturer, for $370 million to enhance its GI EndoTherapy portfolio.
- May 2023: The FDA cleared Olympus’ EVIS X1 endoscopy system, featuring new imaging technologies like Red Dichromatic Imaging (RDI) and Texture and Color Enhancement Imaging (TXI).
- Ongoing in 2023: Olympus is developing AI-driven tools like AI Pathology Diagnosis Software and AI-Enabled CAD Endoscopy System, aiming to enhance diagnostic precision and surgical outcomes.
- CONMED Corporation
- January 2023: CONMED’s yearly sales hit $1.24 billion, marking a 19.1% increase due to robust domestic and international market performances.
- Q4 2023: Quarterly sales surged by 30.4%, with domestic revenue rising 33.3% and international revenue up by 26.5%.
- Q4 2023: Earnings per share for the fourth quarter increased significantly to $1.05, up from $0.86 the previous year.
- 2023: Mergers and acquisitions notably contributed approximately 250 basis points to CONMED’s overall growth.
- 2024 Outlook: CONMED projects a revenue between $1.34 billion and $1.36 billion, expecting an 8% to 10% growth.
- 2024 Outlook: Adjusted diluted net EPS is forecasted to range from $4.30 to $4.40, reflecting a potential increase of 25% to 28%.
- Stryker Corporation
- March 2023: Stryker launched Mako Total Knee 2.0, enhancing their surgical robotics offerings for improved knee replacement procedures.
- 2023: Introduction of the AxSOS 3 Titanium Ankle Fusion Plate System, designed for a broad range of patients requiring fewer customizations.
- 2023: Stryker updated its Mako platform with the myMako app, enabling surgeons to access and review surgical plans on mobile devices.
- 2023: The company released Triathlon Hinge, targeting better surgical outcomes for knee revision patients, especially those with complex conditions.
Surgical Equipment Market Key Players:
- B Braun Melsungen AG
- Cadence Design Systems, Inc.
- Olympus Corporation
- CONMED Corporation
- Ethicon, Inc.
- Stryker Corporation
- Smith & Nephew plc
- Becton, Dickinson, and Company
- Zimmer Biomet
- Medtronic plc
- Aspen Surgical, Inc.
- Other Key Players
Surgical Equipment Market Report Scope >> Market Value (2023): USD 16.7 Billion || Forecast Revenue (2033): USD 36 Billion || CAGR (2024-2033): 8.2% || Base Year Estimation: 2023 || Historic Period: 2019-2022 || Forecast Period: 2024-2033.
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