The surgical instrument storage and transport market is expected to mirror the overall surgery market and experience continued growth in coming years.
Surgical instruments are specially designed tools or devices for performing specific actions or carrying out desired effects during a surgery or operation, such as modifying biological tissue or to provide access for viewing it.
A press release from iHealthcareAnalyst Inc. states that the global market for surgical instruments will reach $15 billion by 2027, growing at a compound annual growth rate (CAGR) of 3.9% over the forecast period, driven by advanced technologies such as smart instruments with integrated sensors.
Other factors driving market growth include an increasing number of surgical procedures, growing elderly population and high demand for minimally invasive procedures globally, according to the release.
Allied Market Research states that the surgical equipment market growth can be attributed to the surge in prevalence of chronic disorders amongst geriatric population, increase in number of surgical procedures, and surge in demand for technologically advanced surgical procedures such as minimally invasive surgeries and laparoscopic surgeries. However, uncertainty in reimbursements and lack of trained professionals restrict the market growth.
The global surgical equipment market was valued at $31.7 billion in 2019 and is estimated to reach $44.4 billion by 2027, according to Allied Market Research.
Grand View Research is another firm that expects the global surgical market to continue to see growth in the coming years.
“The global surgical equipment market size was valued at $9.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2028,” according to Grand View Research. “Large unmet surgical needs, growing health care costs, rising geriatric population and increasing surgical volume are the key factors projected to drive the market growth during the forecast period. The long-term cost comparison study of medicine therapy with surgery revealed that early surgery is considered more cost-effective as compared to continuous medication. Patient awareness about the cost benefits of early surgical intervention is increasing with efficient patient counseling during physician visits.”
In addition, with the growing burden of health care expenditure in many countries, the product demand is expected to increase over the forecast period, according to Grand View Research. The growing geriatric population across the globe is one of the key factors expected to propel market growth. According to the CDC, around 60% of all surgical procedures were performed on people aged 45 years and above.
“As per the United Nations 2019 report, around 16% of the total world population will be aged 65 years and above by 2050. Poor health care coverage over surgeries, shortage of surgical workforce, and low accessibility to surgical need in the low-middle income countries are anticipated to restrain the market growth to some extent. It is estimated that 9 out of 10 people living in low-middle income countries do not have access to affordable and safe surgical care when needed,” Grand View Research adds.