Surgical Equipment Market Size, Share, Opportunities, And Trends By Product Type (Surgical Instruments, Electrosurgical Devices, Endoscopy Devices, Wound Closure Devices, Surgical Robotics, Powered Surgical Instruments, Others), By Application (Orthopedic Surgery, Cardiovascular Surgery, Laparoscopic Surgery, Neurosurgery, Gynecological Surgery, Ophthalmic Surgery, Urological Surgery, Others), By End-User (Hospitals And Clinics, Ambulatory Surgical Centers, Specialty Centers, Others), And By Geography - Forecasts From 2023 To 2028

The surgical equipment market was valued at US$5,865.6 million in 2021 and is expected to grow at a CAGR of 8.93% during the forecast period.

The surgical equipment market is a critical component of the worldwide healthcare business, covering a wide range of surgical devices and tools. Surgical equipment, from cutting-edge technologies to classic instruments, plays a critical role in ensuring precise and efficient procedures across a wide range of medical specialisations. Minimally invasive procedures, robot-assisted surgery, and imaging technology have transformed the sector, improved patient outcomes and shortened recovery periods. With the increased prevalence of chronic illnesses and an ageing population, the need for surgical procedures is rising, driving the surgical equipment market forward. The market is expected to expand and innovate further as medical technology continues to advance.

Advancements in Minimally Invasive Surgical Techniques Enhance the Surgical Equipment Market Growth.

Minimally invasive surgical technique advancements have revolutionised the field of surgery, providing several benefits to both patients and healthcare practitioners. When compared to typical open operations, these procedures use smaller incisions, specialised devices, and modern imaging systems, resulting in less trauma, shorter hospital stays, less postoperative discomfort, and faster recovery times. The extensive use of laparoscopy, robotic-assisted surgery, and endoscopy has broadened the breadth of minimally invasive treatments across a wide range of medical disciplines. As a consequence, patients enjoy better results and a higher quality of life, while healthcare institutions benefit from increased patient throughput and cost savings. The ongoing advancement of these procedures is propelling the surgical equipment market and influencing the future of surgery.

Increasing Global Surgical Procedures Volume in Surgical Equipment Market.

The growing global volume of surgical procedures has been a primary driver for the surgical equipment market. As the world's population continues to expand and age, so does the need for surgical procedures. Furthermore, the rising frequency of chronic illnesses and lifestyle-related health issues has contributed to an increase in the number of procedures done globally. Surgical operations are becoming safer and more accessible as medical technology advances and access to healthcare facilities improves, fuelling the growth in surgical volumes. The increased need for improved surgical equipment to satisfy the varying requirements of various surgical operations is a critical factor driving the rise of the surgical equipment market.

Rising Demand for Ambulatory Surgery Centers Boosts the  Surgical Equipment Market.

Ambulatory surgical centre (ASC) demand has been a key growth driver for the surgical equipment market. ASCs provide a variety of surgical treatments in outpatient settings, which contributes to lower healthcare expenditures and hospitalisation rates. Because of the rising preference for same-day operations and minimally invasive treatments, the demand for sophisticated surgical equipment in ASCs is predicted to expand, fuelling market expansion and improving healthcare accessibility for patients worldwide.

North America is the Market Leader in the Surgical Equipment Market.

North America is the most important region in the surgical equipment market. Factors contributing to the region's significance include well-established healthcare infrastructure, intensive research and development efforts, technical developments, and a greater adoption rate of novel surgical equipment. Furthermore, the increased frequency of chronic illnesses, a fast ageing population, and an increase in demand for minimally invasive surgical treatments have all contributed to the market's expansion in North America. Furthermore, strong government support for healthcare, rising healthcare spending, and a high concentration of significant market competitors all contribute to North America's position as a global leader in the surgical equipment market.

Surge in Medical Tourism for Surgical Procedures in Surgical Equipment Market.

Medical tourism for surgical procedures has witnessed a substantial increase in recent years. Many people travel to foreign nations for medical treatments, including surgical operations, to take advantage of lower-cost healthcare, shorter wait periods, and access to experienced medical personnel. Patients from all over the world flock to countries with excellent healthcare facilities and a well-established medical tourism infrastructure. As a result of this development, there is a greater need for surgical equipment in these locations to serve overseas patients. Furthermore, medical tourism encourages cross-border collaboration and knowledge sharing, which benefits the global healthcare business. The rise in medical tourism has fueled the expansion of the surgical equipment market in these major medical tourism locations.

Key Developments:

• In May 2023, Medtronic plc, a global leader in healthcare technology, announced the signing of definitive agreements to acquire EOFlow Co. Ltd., the producer of the EOPatch® device, a tubeless, wearable, and completely disposable insulin delivery device. It is anticipated that the addition of EOFlow, in addition to Medtronic's Meal Detection Technology algorithm and the next-generation continuous glucose monitor (CGM), will increase the company's capacity to cater to the requirements of a larger number of people with diabetes, regardless of where they are in the treatment process or how they prefer to receive their insulin.
• In February 2022, Stryker expressed that the recently declared securing of Vocera Correspondences, Inc., a trailblazer in computerized care coordination and correspondence, had been concluded. " This procurement gives huge chances to propel advancements and speed up our computerized yearnings," expressed Stryker Seat and Chief Kevin Lobo. "We welcome the Vocera team to Stryker and look forward to working together to enable safer patient care and help our customers improve outcomes."

Company Products:

• Endoscopy Equipment: Olympus is a global leader in endoscopic equipment, providing a wide range of endoscopes such as gastrointestinal, pulmonary, and urological endoscopes. These instruments allow for less invasive diagnostic and therapeutic operations.
• Surgical Instruments: BD offers a diverse selection of surgical tools for use in a variety of surgical techniques such as general surgery, laparoscopy, and minimally invasive surgery.
• Orthopaedic Implants and Instruments: Stryker offers a wide array of orthopaedic implants, including joint replacements, plates, screws, and intramedullary nails, as well as specialised orthopaedic surgical equipment.
• Surgical Instruments: Medtronic manufactures surgical tools for a wide range of medical disciplines, including general surgery, orthopaedics, neurosurgery, and cardiovascular operations.

Key Segment:

• By Product Type
  • Surgical Instruments
  • Electrosurgical Devices
  • Endoscopy Devices
  • Wound Closure Devices
  • Surgical Robotics
  • Powered Surgical Instruments
  • Others   
• By Application
  • Orthopedic Surgery
  • Cardiovascular Surgery
  • Laparoscopic Surgery
  • Neurosurgery
  • Gynecological Surgery
  • Ophthalmic Surgery
  • Urological Surgery
  • Others
• By End-User
  • Hospitals And Clinics
  • Ambulatory Surgical Centers
  • Specialty Centers
  • Others 
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain   
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others