Surgical Equipment Market Size, Share & Trends Analysis Report By Product (Surgical Sutures & Staplers, Handheld Surgical Devices), By Application (Neurosurgery, Plastic & Reconstructive Surgery), By Type (Reusable, Disposable) By Region, And Segment Forecasts, 2024 - 2030

Surgical Equipment Market Size & Trends

The global surgical equipment market size was valued at USD 16.88 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030. Factors such as an increase in the incidence of lifestyle disorders that eventually require surgery, rising healthcare costs, and large unmet surgical needs are mainly driving the market. Furthermore, lowered hospital stays post-surgery and increased ambulatory surgical centers are projected to fuel the market growth during the forecast period. In addition, the growing geriatric population can support market expansion as older people are at higher risk of acquiring chronic diseases and injuries. According to the India Ageing Report 2023, the number of older people across the globe is expected to double to 2.1 billion by 2050. Out of which, around 1.3 billion older people are estimated to be in Asia.

Furthermore, the increase in the prevalence of diseases like cardiovascular and cancer that necessitate the surgeries is anticipated to propel the industry growth. According to the article published by WebMD LLC in January 2024, open-heart surgery in the U.S. is the most common, with nearly 400,000 procedures done every year. Thus, the large number of surgical procedures conducted across developed and developing countries is anticipated to propel the demand for surgical equipment.

Moreover, the manufacturers and industry participants are focusing on developing advanced products in the market. For instance, in August 2023, Healthium Medtech, a major medical technology firm, introduced a range of sutures, TRUMASTM, invented to address challenges encountered during suturing in minimal access surgeries. Such product launches are anticipated to support the industry’s growth over the forecast period.

The increasing geriatric population is a key factor contributing to the growth of the market. Individuals that are aged 60 and above are at a higher risk of developing disorders that require surgery compared to the younger population. According to the Centers for Disease Control and Prevention, the number of hip replacements among people 45 and over was 310,800 in 2021.

Market Concentration & Characteristics

Market growth stage is high, and the pace of the market growth is accelerating due to the rising development of advanced products and increased adoption of minimally invasive procedures.

Companies and manufacturers are innovating continuously to provide advanced products. In addition, the regulatory bodies are also supporting innovative products by providing approvals for clinical trials and marketing. For instance, in September 2021, Livac USA, Inc. launched LiVac Retractor in the U.S. market after receiving FDA approval for use as a solid organ retractor. It is a disposable, non-metal and gentle retractor that simplifies robotic and laparoscopic procedures. The regulatory support and advancement in materials of products are expected to drive innovation in the industry.

The market is also characterized by several merger and acquisition activities. Companies are undertaking acquisitions & mergers to gain a competitive advantage in the industry and the need to consolidate in a rapidly growing market. For instance, in October 2021, Hologic, Inc. signed an agreement to acquire Bolder Surgical, the U.S.-based provider of advanced energy vessel sealing surgical devices. This acquisition added laparoscopic vessel sealing, dissecting, and devices to the company’s portfolio. Such acquisitions are anticipated to boost the surgical equipment industry.

Regulations for medical devices, including surgical equipment overseen by regulatory bodies such as the Food and Drug Administration (FDA) in the U.S. and similar agencies globally. The authorities have published a regulatory framework and guidance documents to assure product effectiveness, safety, and quality standards. Furthermore, the authorities are updating their regulations for surgical instruments. For instance, in October 2022, the Central Drugs Standard Control Organization (CDSCO) published a notice about the classification of non-powered, non-sterile, hand-held, or hand-manipulated surgical Instruments for general use planned to be utilized in diverse general surgical procedures.

In the surgical equipment market, tissue adhesives and Hemostats serve as substitutes. This equipment can be used to control bleeding during surgery or wound closure.

Key market players such as Johnson & Johnson, BD, Zimmer Biomet Holdings Inc., and Medtronic hold substantial shares in the market. Their dominant presence is largely due to their well-established brands, financial position, product portfolio and extensive distribution networks. For instance, Stryker offers diverse products like Non-Stick Bipolar Forceps, dual-directional expandable retractor, Biters, Graspers, and Scissors among others.

The companies are significantly focusing on increasing the reach of their products in several countries. They are forming distribution partnerships to distribute their products across numerous markets. For instance, in April 2022, KitoTech Medical partnered with Corza Medical to sell and market microMend's wound closure products, including an array of miniature staples.

Product Insights

The surgical sutures and staplers segment dominated the market and accounted for the largest market share of 44.9% in 2023. The dominance of this segment can be due to the high adoption rate of staplers and sutures owing to their growing usage in wound closure processes. In addition, the adoption of staplers is expected to increase due to the advantages of staplers in comparison to sutures. These advantages include rapid wound healing and a low risk of infection. Moreover, the companies are launching novel products in this segment. For instance, in June 2022, a major industry player, Johnson & Johnson’s Ethicon, launched a next-gen Echelon 3000 stapler.

The electrosurgical devices segment shows the fastest CAGR over the forecast period. The growth of the segment can be attributed to the increasing demand for these devices in minimally invasive surgeries. Moreover, major market players such as Medtronic and Stryker offer electrosurgical devices. Thus, the availability of products from top companies is anticipated to support the segment growth.

Type Insights

The disposable surgical equipment segment dominated the market and accounted for a significant market share of the market in 2023. This is attributed to its infection control benefits, convenience, and increasing demand for sterile, single-use instruments.

The reusable segment shows a lucrative CAGR over the forecast period. Reusable medical devices are instruments that healthcare providers can reuse to treat and diagnose multiple patients. It includes surgical forceps, graspers, clamps, and scissors, among others. The reusable equipment is made of materials that can withstand repeated reprocessing, including manual brushing and chemicals.

Application Insights

The others segment held the largest revenue share of over 28.15% in 2023. The other segments include radiosurgery, urological, and general surgeries. The increasing prevalence of cancer across the globe is anticipated to propel the demand for radiosurgery, which is expected to drive the need for surgical equipment. According to the article published by the American Cancer Society in January 2023, an estimated 609,820 individuals in the U.S. are expected to die from cancer in 2023.

The plastic & reconstructive surgery segment shows the fastest CAGR over the forecast period. This is due to the increasing number of cosmetic procedures and the presence of numerous surgical equipment that can be used in cosmetic surgeries. According to the Plastic Surgery Statistics Report 2022 report, around 1,017,003 reconstructive procedures were conducted in 2022.

Regional Insights

North America dominated the overall global surgical equipment market in 2023 and accounted for 39.06% of revenue share. This is due to the high prevalence of chronic diseases such as orthopedic, cancer and cardiovascular, which drive the demand for advanced medical equipment. In addition, the presence of major product providers like in the region STERIS and KLS Martin Group is projected to improve the accessibility of products.

U.S. Surgical Equipment Market Trends

The U.S. surgical equipment market dominated the Europe market in 2023 due to the presence of key players, increased ambulatory surgical centers and significant investments in novel developments of equipment. The major market participants like Stryker, Aspen Surgical, Zimmer Biomet, and Medtronic are present in the U.S.

Europe Surgical Equipment Market Trends

The surgical equipment market in Europe was identified as a lucrative region in this industry due to the growing older population coupled with the rising surgical procedures across the region. Moreover, the increasing launches of medical devices and instruments by industry players are expected to drive regional growth.

UK surgical equipment market is expected to grow over the forecast period, majorly due to the increasing availability of equipment used in surgeries like forceps, spatulas, sutures, dilators, and retractors, among others, across the country.

The surgical equipment market in France is expected to grow over the forecast period due to the growing geriatric population in the country, as older people are at higher risk of undergoing surgeries. The increase in the number of surgeries in France due to rising sports activities along with rising injuries is also anticipated to boost the demand for surgical equipment in the country.

Germany surgical equipment market is expected to grow over the forecast period due to increased surgeries and the rising prevalence of chronic diseases. Moreover, the Germany-based industry product provider like KLS Martin Group is anticipated to support the market expansion.

Asia Pacific Surgical Equipment Market Trends

The surgical equipment market in the Asia Pacific region is expected to witness the fastest growth during the forecast period. This progress is driven by advancements in healthcare infrastructure, a rising prevalence of chronic diseases, and an increasing geriatric population. In addition, developing countries like India and China and the rising focus of industry participants in these countries are projected to propel the regional industry.

Japan surgical equipment market is expected to witness significant growth in the coming years. The rising older population across Japan is projected to boost market growth. According to the article published by the World Economic Forum in September 2023, over 1 in 10 individuals in Japan are aged 80 or older. In addition, around 33.33% of the country’s population is aged 65 or more. Thus, the presence of a large potential patient pool is expected to propel the demand for surgical equipment.

The surgical equipment market in China is expected to grow over the forecast period due to the rising healthcare expenditure in China. In addition, the increasing approvals from the regulatory body and rising product launches are anticipated to support the market in China. For instance, in September 2023, China’s National Medical Products Administration (NMPA) approved the antibacterial sutures from Genesis MedTech.

India surgical equipment market is expected to grow over the forecast period due to the rising focus of industry participants on the Indian market, growing investments for medical instruments, and increasing expansion activities for medical devices in India. For instance, in January 2024, the UK-based Surgical Instruments Group Holdings (SIGH) revealed that the company would establish a medical device manufacturing facility in Hyderabad. Thus, the increasing manufacturing of medical devices is anticipated to create opportunities for equipment providers in the country market.

Middle East & Africa Surgical Equipment Market Trends

The Middle East & Africa surgical equipment market is experiencing a surge in demand due to the increasing prevalence of conditions such as cancer, heart disease, and diabetes within the region. As the population ages, there is a growing need for surgical interventions related to age-related ailments. Moreover, heightened awareness of the advantages of surgery, coupled with improved access to healthcare facilities, is fostering a notable increase in elective procedures across the MEA region.

The surgical equipment market in Saudi Arabia is expected to grow over the forecast period due to the rising number of individuals undergoing surgeries. According to the article published by the Saudi Gazette report in March 2023, over 290,000 non-critical surgeries were conducted within various regions of Saudi Arabia in 2022.

Kuwait surgical equipment market is expected to grow over the forecast period due to the significant increase in the number of surgeries being performed in the country. For instance, according to the article released by the Emirates Health Services (EHS) in August 2022, Kuwait Hospital in Sharjah conducted 939 surgeries and received 15,040 patients in the initial half of 2022, which shows an increase from the 573 surgeries and 10,992 patients recorded during the same period in the previous year.

Key Surgical Equipment Company Insights

The competitive scenario in the surgical equipment market is driven by both new entrants and established players, with partnerships, market expansion, and innovative product launches being key strategies. Companies are developing advanced products that can increase the patient’s comfort. In addition, the rising investments are influencing the development of industry products.

Recent Developments

• In September 2023, PainTEQ, the U.S.-based firm, introduced a new Surgery-Ready Instrument set and provided a cost-effective and safe option for interventional pain physicians.

• In June 2023, SURE Retractors Inc., a medical device firm launched single-use, sterile retractors for trauma, orthopedic, and spinal surgery.

• In April 2023, Orthofix Medical (Orthofix), a spine and orthopedics company, introduced the Fathom pedicle-based retractor system and the Lattus lateral access system for spine procedures.

Surgical Equipment Market Report Scope

Global Surgical Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global surgical equipment market report based on type, product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Surgical Sutures & Staplers

  • Handheld Surgical Devices

    • Forceps & Spatulas

    • Retractors

    • Dilators

    • Graspers

    • Auxiliary Instruments

    • Cutter Instruments

    • Others

  • Electrosurgical Devices

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Reusable

  • Disposable

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Neurosurgery

  • Plastic & Reconstructive Surgery

  • Wound Closure

  • Obstetrics & Gynecology

  • Cardiovascular

  • Orthopedic

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait