Albany NY, United States, May 10, 2022 (GLOBE NEWSWIRE) -- Adequate on-site availability of technologies and growing awareness about sterilization in hospitals helped spur the declining demand for surgical equipment in the initial months after COVID-19 outbreak. R&D in robotics and hand-held devices used for surgical equipment has reinforced steady product advancements to meet the demand for both minimally invasive surgeries as well as open procedures. The valuation of the global surgical equipment market stood at US$ 9.7 Bn in 2019 and a TMR study projects it to surpass US$ 14.8 Bn by 2030.
Handcrafted surgical equipment has gathered traction among manufacturers, and has led to better performance in scissors and micro instruments. OEMs and medtech companies are increasingly focusing on ergonomics of the equipment, which has broadened their revenue potential in surgical equipment market. Additionally, the need for better illumination tool and sharp cutting tools is driving technological advancements.
Development and commercialization of newer products in the surgical equipment market heavily rely on companies practicing best practices in cleaning, sterilization, and storage of surgical equipment before they reach healthcare and medical facilities. Furthermore, OEMs are consciously shifting toward shedding one-size-fits-all approach to stay relevant. The authors of the TMR study found that growing number of abdominal procedures has spurred the uptake of technologically advanced surgical equipment.
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Key Findings of Surgical Equipment Market Study
- Focus on Minimally Invasive Surgeries Catalyze Demand for Surgical Equipment in Robotic-assisted Procedures: Rise in demand for minimally invasive surgeries in various specialties has created abundant avenues. Robotic-assisted surgeries have been at the forefront, and new products have been commercialized to meet the patient’s demand. A booming demand comes from surgeon’s need for precision devices in complicated surgeries, found the TMR study on the surgical equipment market. Robotics are complementing the capabilities of surgeons in open surgeries. Thus, product innovation is expected to bring several gains to patients and surgeries in open surgeries, notes the TMR study on the surgical equipment market.
- Widespread Demand for Surgical Sutures & Staples in Various Surgical Applications: Rise in demand for surgical sutures and staples underpins massive revenue opportunities for medtech companies and OEMs in the global surgical equipment market. Leading companies, as the TMR study observed, are implementing competitive pricing strategy aligned with state-of-the-art technologies to promote their products. Healthcare facilities particularly hospitals are geared toward adopting modern handheld instruments. This has catalyzed innovation in retractors and dilators, generating sizable revenue growth to companies in the surgical equipment market.
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Surgical Equipment Market: Key Drivers
- Expanding healthcare insurance coverage in terms of both the number of insured and the diseases overed has made positive outcome in the number of surgeries particularly elective surgeries. This has been a major driving force for the surgical equipment market.
- Growing acceptance of robotic-assisted surgeries for some specialties has been broadening the horizon of the surgical equipment market. Patients and clinicians are keenly adopting surgical procedures and technologies that accelerate their post-surgery recovery as well as reduce hospitalisation costs. These aspects, TMR analysts assert, enrich new product developments in the surgical equipment market.
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Surgical Equipment Market: Regional Growth Dynamics
North America held a leading share of the global surgical equipment market in 2019. The regional market has expanded in revenues on the back of rise in uptake of advanced technologies such as robotics in operating rooms. Massive demand from hospitals has helped bolster the growth potential of medtech companies and OEMs in the surgical equipment market. The presence of a favorable reimbursement scenarios in the healthcare systems prevalent in the U.S. has catalyzed profitable avenues. Europe has been a lucrative region in the surgical equipment market.
Surgical Equipment Market: Key Players
Some of the key players in the surgical equipment market are Healthium Ltd., Ethicon, Inc., Integra Lifescience Corporation, Meril Life Science Pvt. Ltd., Stryker, BD, Olympus Corporation, CONMED Corporation, and Medtronic plc.
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Global Surgical Equipment Market: Segmentation
- Surgical Equipment Market, by Product
- Surgical Sutures & Staples
- Handheld Instrument
- Grasping Instruments
- Retractors and Dilators
- Cutting Instruments
- Others
- Electrosurgical Devices
- Generators
- Consumables
- Surgical Equipment Market, by Application
- Ophthalmology
- Gynecology
- General Surgery
- Bariatric Surgery
- Plastic Surgery
- Others
- Surgical Equipment Market, by End User
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Surgical Equipment Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
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