The surgical equipment market size was valued at USD 15.48 billion in 2023. The market is projected to grow to USD 32.96 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.8% from 2024 to 2032.
Market Definition:
Surgical equipment refers to the various tools, instruments, and devices used by healthcare professionals such as nurses, surgeons, and other medical personnel. These tools are designed to help perform surgical tasks with safety, precision, and efficiency. In the surgical theater, a range of specialized surgical tools is available for various procedures. Surgical instruments help in modifying biological tissue or allowing access to the internal body.
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Growth Drivers and Opportunities:
- Most people encountered obstacles in obtaining surgical care due to inadequate healthcare resources and a deficit of surgical professionals. Technology, especially surgical robots, is revolutionizing the healthcare market, enhancing efficiency and lowering the expenses of medical procedures.
- It is expected that government initiatives to improve healthcare infrastructure and accessibility will lead to numerous opportunities for the long-term growth of the surgical equipment market.
Key Players:
The market is marked by fierce competition, and the leading companies rely on innovative technology, superior goods, and a strong brand identity to boost sales. Here is the list of the leading companies operating in the market:
- Aspen Surgical (US)
- B. Braun SE (Germany)
- BD (US)
- GPC Medical (US)
- IndoSurgicals Private Limited (India)
- Johnson & Johnson (US)
- Medtronic (Ireland)
- Smith + Nephew (England)
- Stryker (US)
- Zimmer Biomet (US)
Segmentation Overview:
The surgical equipment market is mainly segmented based on product, type, application, and region. Based on the product analysis, during the projection period, the surgical sutures and staplers segment is anticipated to witness the highest growth due to the rising number of accidents and the widespread presence of diabetes across the globe.
Surgical Equipment Market, Product Outlook (Revenue – USD Billion, 2019-2032)
- Surgical Sutures & Staplers
- Handheld Surgical Devices
- Electrosurgical Devices
Surgical Equipment Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Neurosurgery
- Plastic & Reconstructive Surgery
- Wound Closure
- Obstetrics & Gynecology
- Cardiovascular
- Orthopedic
- Radiology and Urology
- Other general surgeries
Surgical Equipment Market, Type Outlook (Revenue – USD Billion, 2019-2032)
- Reusable
- Disposable
Future Outlook of Surgical Equipment Market
The surgical equipment market is poised for continued innovation and growth, driven by an increasing emphasis on minimally invasive procedures, surgical robotics, and precision-enhancing tools. Advanced imaging technologies, AI-guided surgery, and 3D printing for patient-specific implants will foster more efficient, safer, and personalized interventions. The rise in value-based care, expanding healthcare infrastructure in developing regions, and growing demand for outpatient and ambulatory surgeries will further accelerate market expansion. Over time, these trends will usher in a new era of surgical practice, where cutting-edge tools optimize patient outcomes and operational efficiencies.
Recent Developments in the Industry
August 2023: The CK Birla Group partnered with Intuitive India to bring the Da Vinci Surgical Robot to their healthcare facilities. This cutting-edge robotic technology aims to enhance surgical precision and reduce post-surgery complications, offering improved outcomes for patients.
May 2023: Stryker launched the Ortho Q Guidance System alongside advanced guidance software for hip and knee procedures. This innovation assists surgeons in performing operations with greater accuracy, supporting better patient care and surgical efficiency.
The surgical equipment is witnessing higher demand with the rising number of people opting for surgeries to promote their health. The growing number of people infected with the diseases; primarily cardiovascular health issues is driving the adoption of advanced medical equipment among healthcare providers. This in a way encouraging surgical equipment manufacturers to extend their production capacity with strategic expansion activities and investments.