The global market for surgical instruments is predicted to reach $15 billion by 2027, growing at a CAGR of 3.9% over the forecast period, according to a press release from iHealthcareAnalyst Inc. The release states that the market is 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.
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.
Surgical instruments are essentially classified by the way the surgery is performed and its use in a particular surgical procedure. They are classified as cutting, incising or dissecting instruments; grasping, holding and clamping instruments; retracting and exposing instruments; suturing or stapling instruments; suctioning and aspirating instruments; dilating and probing instruments; and measuring instruments.
Bar code- or radio frequency identification (RFID)-based medical instrument management systems have gradually been introduced in the field of surgical medicine for the individual management and identification of instruments.
Based on products, the most commonly used surgical equipment such as surgical sutures and staples segment accounted for the largest share of the total market. The surgical staples segment is expected to grow at a relatively higher CAGR than the sutures segment during the coming years.
Staples are widely accepted wound closure products requiring less time during the stapling process and are also more consistent in size compared to sutures. However, the electrosurgical devices market is anticipated to be the fastest growing segment, during the forecast period, mainly due to increased application of these devices in minimally invasive surgeries.
Electrosurgery is often used in surgery to control bleeding and to rapidly dissect soft tissue in surgery, such as dermatologic surgical procedures to provide superficial or deep coagulation or cutting of the skin, whether it be for removal of benign or malignant neoplasms or cosmetic indications such as acne keloidalis nuchae or dermatosis papulosa nigricans removal.
In terms of geography, the North America region held the largest revenue share of the global surgical instruments market, due to rising health care expenditure. Increasing incidences of various chronic diseases such as cardiovascular disorders and obesity, are leading to a number of surgical procedures.
On the other hand, the rapidly aging population, growing GDP per capita, and increasing disposable income in emerging markets indicates that the fastest growth rate will happen in the Asia Pacific region.
Another research firm also issued a report predicting market growth.
The “Global Surgical Instruments Market – Forecasts from 2020 to 2025” report from ResearchAndMarkets.com states that the global surgical instruments market is estimated to increase with a CAGR of 5.78% from a market size of $53 billion in 2019. The global surgical instruments market is projected to surge at a significant growth rate in the forecast period owing to the high prevalence of cardiovascular diseases in the world. These include coronary heart diseases, and rheumatic heart diseases among other cardiac diseases driving the market demand in the forecast period, the report states.