Global Surgical Equipment Market Trends And Strategies Of Major Players In The Surgical Equipment Market 2020
16 Dec, 2020
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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.
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.
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The global surgical equipment market is further segmented based on type, end-user, type of expenditure, product and geography.
By Type: Surgical Sutures And Staples, Handheld Surgical Devices And Equipment, Electrosurgical Devices And Equipment.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
By Geography: The global surgical equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American surgical equipment market accounts for the largest share of 34% in the global surgical equipment market 2019.
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Trends In The Surgical Equipment Market
Electrosurgery is the application of high-frequency electric current on biological tissue with the goal of creating a thermal effect that is medically useful. Technological advances have led to the development of modern ESUs which are capable of continuously monitoring current and voltage, derive parameters such as power and tissue resistance, and analyze them. Depending on the desired effect, these devices can also keep the operating parameters constant or change them in a targeted manner through control and regulation.
Surgical Equipment Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides surgical equipment market overviews, analyzes and forecasts market size and growth for the global surgical equipment market, surgical equipment market share, surgical equipment market players, surgical equipment market segments and geographies, surgical equipment market’s leading competitors’ revenues, profiles and market shares. The surgical equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.