A surgical instruments market overview and forecast for 2024-2030 by IndustryARC indicates growth in the coming years. IndustryARC is a provider of market research reports, custom consulting services, data analytics and industry analysis.
A forecast summary states that the surgical instruments market size is forecast to reach $35.8 billion by 2030, growing at a CAGR of 8.4% during the forecast period 2024-2030.
Surgical instruments are tools or equipment used for purposes such as cutting, dissecting, gripping, holding, dilating or expanding, suctioning, retracting, or suturing. These tools are utilized in a wide range of processes and operations. The majority of surgical tools are constructed of stainless steel. Other metals used in addition to stainless steel include titanium, chromium, vanadium and molybdenum. Surgical instruments are tools that allow surgeons to access the soft tissue, remove the bone, dissect and isolate the lesion, and remove or destroy the aberrant structures as a therapy. Increasing prevalence of chronic diseases such as cancer, blood disorder, autoimmune diseases, and other disease coupled with growing geriatric population are the major factors driving the growth of the market. Increasing cases of accidents and injuries are set to further enhance the overall market development of the surgical instruments market for the period 2024-2030.
The report: “Surgical Instruments Market Forecast (2024-2030)” by Industry ARC, covers an in-depth analysis of several segments of the surgical instruments market.
Key takeaways from the report include:
- North America will dominate the surgical instruments market in 2030 owing to rising number of surgical centers. The surgical instruments market scope for different regions will be provided in the final report.
- Increasing number of surgical procedures are likely to aid the growth of the surgical instruments market.
- Strict government regulation is poised to create some hurdles for the surgical instruments market.
Handheld instruments held the largest share in the surgical instruments market in 2023 and is estimated to grow at a CAGR 7.1% during the forecast period 2024-2030. Forceps, retractors, dilators, graspers and scalpels are examples of handheld instruments. These surgical tools are normally made of high-quality stainless steel and are available in a variety of sizes and shapes that are ideal for certain operations. Handheld instruments are widely used during surgery. Handheld instruments are estimated to register a higher CAGR during the 2024-2030 forecast period.
Cardiology held the largest share among application segments in the surgical instruments market in 2023 and is estimated to grow at a CAGR 6.9% during the forecast period 2024-2030. Cardiovascular surgery is used to treat diseases and conditions of the heart and blood arteries throughout the body. Coronary bypass surgery, aortic or mitral valve replacement or repair, and aneurysm repair are all common cardiovascular treatments. The increase in the number of coronary and percutaneous cardiology procedures, as well as the number of cardiology surgeries, is driving the growth of this segment.
North America dominated other geographic locations in the surgical instruments market report with a major share estimate of 34% in 2030. This is attributed to the increasing prevalence of chronic diseases such as cancer, blood disorders, autoimmune diseases and other disease in this region. Furthermore, rising health care expenditures and technological advancements are driving the growth of the market in this area.
Increasing incidence of road accidents across the globe is another factor that is increasing the growth of the surgical instruments market. According to the Centers for Disease Control and Prevention, each year around 1.2 million people are killed owing to road accidents around the world. Furthermore, growing adoption of minimally invasive surgery (MIS) instruments will also drive market growth. Thus, increasing the growth of the surgical instruments market during the forecast period 2024-2030.
Some of the leading companies in the surgical instruments market are Medtronic plc, Progressive Medical Inc., Scanlan International, Abbott Laboratories Inc., Boston Scientific Corporation, HOYA Corporation, Koninklijke Philips N.V., Biolitec AG, Stryker Corporation and Johnson & Johnson.
