Surgical Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Surgical Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 400 pages •
  • Report ID: 6027748 •
  • Format: PDF
Major companies in the surgical equipment market include Johnson & Johnson (J&J); Stryker Corporation; Intuitive Surgical; B. Braun Melsungen AG and Getinge Group.

The global surgical equipment market is expected to grow from $12.23 billion in 2020 to $13.02 billion in 2021 at a compound annual growth rate (CAGR) of 6.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16.18 billion in 2025 at a CAGR of 6%.

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 market is segmented into surgical sutures and staples; handheld surgical devices and equipment; electrosurgical devices and equipment.

North America was the largest region in the global surgical equipment market, accounting for 34% of the market in 2020.Western Europe was the second largest region accounting for 28% of the global surgical equipment market.

Africa was the smallest region in the global surgical equipment market.

Surgical equipment manufacturers are offering next generation ultrasonic surgical devices to simplify complex surgical procedures.Modern ultrasonic surgical devices are multifunctional instruments capable of performing tissue plane dissection, coagulation, and transection during laparoscopic or open surgical procedures.

Next generation ultrasonic devices feature adaptive tissue technology.In this technology ultrasonic algorithm actively monitors the condition of the tissue within the jaws of the device and allows the system to intelligently sense and respond to changes in patient tissue conditions.

The system modulates energy delivery based on tissue thickness and tissue type to optimize vessel sealing and provide for secure and reliable large vessel sealing. Ethicon’s Harmonic devices feature adaptive tissue technology.

Interest rates globally are forecasted to rise in most of the developing and developed economies, during the forecast period; this is expected to limit new investments in the market.Most countries across the world are raising interest rates to control inflation and also to limit the flow of capital out of the country.

This is likely to affect new investments in terms of expansion, research and development of new products. For instance, the US interest rates are expected to rise up to 3.5% by 2021. These factors are expected to have a negative impact on the market as borrowing money becomes expensive, making it harder for companies in surgical equipment market to raise funds for developing new devices thereby affecting the market growth.

Growing demand for minimally invasive surgery (MIS) will increase the demand for advanced surgical equipment.A MIS refers to any surgical procedure that requires minimal incisions as opposed to traditional or open surgery used for the same purpose.

Preference for MIS procedures increased due to their multiple advantages such as short healing and recovery time, minimal scarring, cost effectiveness, minimal trauma and pain and decreased risk of infections and complications.Medical technology innovations led to the development of advanced surgical equipment such as Da Vinci surgical systems, C-arm devices, electrosurgical and power-assisted surgical equipment.

These devices which enable MIS will drive the surgical equipment market during the forecast period.