Portland, OR, May 23, 2019 (GLOBE NEWSWIRE) -- According to the report, the global Surgical Equipment Market accrued a sum of $10.49 billion in 2017 and would reach $15.73 billion by 2023, thereby growing at a CAGR of 7% from 2017 to 2023. The report offers an in-depth analysis of the market size & share, drivers & opportunities, key winning strategies, top investment pockets, competitive landscape among others.
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Increase in incidence of chronic diseases, growing geriatric population, and rise in the number of surgical procedures globally are responsible for driving the global surgical equipment market growth. Moreover, increase in healthcare expenditure and increased demand for plastic & reconstructive surgery and technologically advanced minimal invasive surgical procedures boost the growth of the market. Nonetheless, stringent government regulations and poor reimbursement schemes for surgical equipment impede the growth of the market. Conversely, untapped markets in emerging economies and launch of advanced technologies would create new opportunities for the market players in future.
The surgical sutures & staplers segment was the largest in 2017, grabbing 40% of the total market share. It would also continue its dominance through 2023 due to the surge in demand for wound closure and closure of surgical incision site. Nevertheless, the electrosurgical devices segment would grow at the fastest CAGR of 8.3% during the forecast period, 2017-2023 due to the increased need for advanced surgical techniques and high demand for minimally invasive surgical procedures.
The reusable surgical equipment segment captured over half of the total market share in 2017 and is likely to maintain its dominance through 2023. This is because surgeons use such equipment mainly to reduce overhead costs, especially those who operate in small medical set-ups or ambulatory surgical center (ASC) settings. However, the disposable surgical equipment segment would grow at the fastest CAGR of 7.2% through 2023, due to the growing penetration of disposable equipment during surgeries and high adoption of reliable and high-strength medical grade engineered polymers or plastics for constructing disposable surgical equipment.
The market in North America grabbed 43% of the total market share in 2017 and would dominate the market through 2023, owing to the advent of new technologies, surge in elderly population, favorable regulatory frameworks, and high per capita income. However, the Asia-Pacific market would exhibit the fastest CAGR of 9% through 2023 due to advancing medical tourism industry, pressing need to fulfill unmet healthcare needs, improving healthcare infrastructure, and increasing prevalence of chronic diseases in the region.
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The key market players analyzed in the report include Medtronic Plc., Stryker Corporation, Johnsons & Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew Plc, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, and KLS Martin Group.
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