The surgical equipment market is on a growth trajectory, projected to rise from $29.98 billion in 2023 to $32.5 billion in 2024, reflecting a CAGR of 8.4%. Factors contributing to this growth include the rise in ambulatory surgery centers and government investments in healthcare. By 2028, the market is expected to reach $43.45 billion, with a CAGR of 7.5%, driven by increased demand for elective surgeries and advancements in surgical technologies.
Major Driver In The Surgical Equipment Market
The growing demand for minimally invasive surgery (MIS) is set to drive the demand for advanced surgical equipment. MIS involves surgical procedures with minimal incisions, offering advantages such as shorter healing and recovery times, reduced scarring, cost-effectiveness, minimal trauma, pain, and lower risk of infections and complications compared to traditional open surgery. Technological advancements have led to the creation of advanced surgical equipment, including Da Vinci surgical systems, C-arm devices, and electrosurgical and power-assisted surgical equipment, facilitating MIS. This trend is expected to propel the surgical equipment market throughout the forecast period, with market sizes of $A billion in 2023, $B billion in 2024, and a projected $C billion in 2028.
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Surgical Equipment Market Competitive Landscape
Johnson & Johnson (J&J), Abbott Laboratories, Cousin Surgery LLC, 3M Company, Medtronic PLC, Becton Dickinson and Company, Philips, Stryker Corporation, GE Healthcare, Meril Life Science Pvt. Ltd, Boston Scientific Corporation, Alcon Laboratories Inc., B. Braun Melsungen AG, Zimmer Biomet Holdings Inc., Olympus Corporation, Intuitive Surgical Inc., Smith & Nephew plc, Hoya Corporation, Ethicon Inc., Sonova Holding AG, ResMed, Cadence, Getinge Group, Integra LifeSciences Holdings Corporation, CONMED Corporation, KLS Martin Group, Aspen Surgical Products Inc., Frankenman International Limited, Fuhrmann GmbH, Entrhal Medical GmbH
Key Surgical Equipment Market Trend
Major companies operating in the surgical equipment market are focused on developing innovative products, such as TrueDent resin, to increase their profitability in the market. TrueDent is an FDA-cleared (Class II) patented resin specifically designed for the 3D printing of dentures, temporary crowns, and bridges using the J5 DentaJet platform. For instance, in February 2023, Stratasys Ltd., a US-based additive manufacturer, launched TrueDent resin, which is the company's first FDA-cleared medical device. TrueDent resin is a light-curing material engineered for 3D printing, primarily intended for producing aesthetically pleasing monolithic dentures along with temporary crowns and bridges using the J5 DentaJet platform. This resin facilitates the fabrication of precise and aesthetically pleasing full and partial dentures, ensuring patients receive dentures that fit well, maintain their form, and function effectively.
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Surgical Equipment Market Segmentation
The surgical equipment market covered in this report is segmented –
1) By Type: Surgical Sutures And Staples, Handheld Surgical Devices And Equipment, Electrosurgical Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables
By Geography:The regions covered in the surgical equipment market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
North America was the largest region in the global surgical equipment market in 2023.
The Surgical Equipment Global Market Report 2024 furnishes information about the global surgical equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
