The surgical equipment market consists of sales of surgical equipment and related services by entities (organizations, sole traders and partnerships) that produce surgical equipment used during surgeries. This industry includes establishments that produce surgical sutures and staples, handheld surgical devices such as forceps, scalpels retractors and scissors and monopolar, bipolar and ultrasonic electrosurgical instruments.
The global surgical equipment market is expected to decline from $13.3 billion in 2019 to $11.9 billion in 2020 at a compound annual growth rate (CAGR) of -10.6%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Several medical facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. This is because the global public health organizations have recommended the medical facilities to postpone elective procedures, surgeries, and non-urgent visits, and to prioritize urgent and emergency visits and procedures in order to protect staff and preserve personal protective equipment and patient care supplies. This has decreased the demand for surgical equipment. Also, the production of surgical equipment also slowed down due to extended lockdown and closure of factories manufacturing the equipment. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $16.4 billion in 2023.
