Rising prevalence of various chronic diseases such as cardiac diseases, urological disorders, & cancer, and increasing geriatric population play a pivotal role in the growth of the world surgical equipment market.
A Surgical equipment market is specially designed device or tool for performing specific actions carried out during different types of surgical procedures or operations and aid the physical modification of biological tissue.
The world surgical equipment market is expected to reach $14,728 million by 2022 from $9,115 million in 2015, growing at a CAGR of 7.1% from 2016 to 2022.
Moreover, constant research and development, surging healthcare expenditure and increasing demand of plastic and reconstructive surgery is likely to drive the market during the forecast period. Stringent government regulations for surgical equipment may hamper the growth of the market.
The world surgical equipment market is segmented by product, application and geography. Based on product type, the world surgical equipment market is further segmented into surgical sutures & staples, handheld surgical devices, and electrosurgical devices.
The electrosurgical devices segments is estimated to grow at a fastest CAGR of 8.3% during the analysis period owing to increasing adoption of these devices in minimal invasive & laparoscopic surgical procedures. Surgical sutures and staplers are further categorized into surgical suture and surgical staplers.
Handheld surgical devices market is further categorized into forceps & spatula, retractors, dilators, graspers auxiliary instruments (clamps, cannulas and closure devices), cutter instruments ( trocars, lancets and Scissors), and others (suction tubes, rasps, dissectors, and needle holders).
Based on application, the world surgical equipment market is segmented into neurosurgery, plastic & reconstructive surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic, laparoscopic and other. Among these laparoscopic surgeries segment accounted for more than one-fifths share of the overall market due to rising adoption of these minimal invasive surgeries over traditional open surgeries.
However, plastic & reconstructive surgery application segment is forecasted to grow at a higher CAGR of 8.6% during the analysis period owing to rising demand for cosmetic/aesthetic procedures. Geographically, the market is segmented across four major regions, such as North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the world surgical equipment market with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides a quantitative analysis from 2014 to 2022 to enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of the world surgical equipment market, by product, helps in understanding the various types of instruments used during various surgical procedures.
- Competitive intelligence highlights the business practices followed by leading market players across various geographic regions.
- Key market players within the surgical equipment market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of world surgical devices market.
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