Surgical Equipment Market – Industry Insights by Product and Application, 2028

The global surgical equipment market size was valued at USD 9.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2028.

The global Surgical Equipment Market size is anticipated to reach USD 24.5 billion by 2028 registering a CAGR of 9.8%, according to a new report by Grand View Research, Inc. Developing surgical care infrastructure, the advent of minimally invasive surgical techniques, and increasing cases of cesarean deliveries are the factors contributing significantly to the growth of this market. An increasing number of hospital visits for surgeries, such as hip and knee replacement, hernia repair, gall bladder removal, and other urology ailments, is also anticipated to propel the market growth during the forecast period.

According to the National Joint Registry report published in 2018, the number of knee replacement procedures performed in the U.K. reached 102,177 in 2017 from 81,590 in 2014. Lump-sum payment pertaining to specialty surgical services paired with out-of-pocket-based healthcare in many middle-income countries is expected to restrain the market growth during the forecast period. According to the global surgery 2030 report, each year over 33 million individuals have to face catastrophic expenditure. In addition, due to the limitation of resources, such as personal protective equipment, surgical staff, OR rooms, inpatient beds, and blood products, the surgery appointment for many non-emergent patients was postponed during the pandemic.

This has negatively impacted the sales of surgical equipment in 2020. According to the Healthcare Financial Management Association report, in the U.S. the cancellation and rescheduling rate of elective surgeries in the period of April-July 2020 was approximately 50%. However, currently, with several countries lifting bans on elective surgeries and clinics resuming their surgical services, the demand for surgical equipment, especially single-use devices, is expected to rise driving the market growth.

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Surgical Equipment Market Report Highlights

• The surgical sutures & staplers product segment held the largest market share in 2020 and will expand further at a steady CAGR from 2021 to 2028
• This growth is attributed to technological advancements, such as drug-eluting sutures and absorbable staples
• The electrosurgical devices segment is anticipated to register the fastest CAGR of 11.2% during the forecast period
• The obstetrics & gynecology application segment accounted for the largest revenue share in 2020
• However, plastic & reconstructive is estimated to be the fastest-growing application segment at a CAGR of 11.0% over the forecast period
• North America was the leading regional market in 2020 as the U.S. is one of the major suppliers of surgical equipment globally
• The Asia Pacific is expected to be the fastest-growing regional market over the forecast period due to high unmet surgical needs in emerging economies