A report from Allied Market Research forecasts growth in the surgical equipment market.
The global surgical equipment market was valued at $9.8 billion in 2016 and is expected to reach $15.71 billion by 2023, according to Allied Market Research. This indicates a compound annual growth rate (CAGR) of 7.0 percent during the forecast period. Surgical equipment includes medical devices used to cut, coagulate, desiccate and fulgurate body tissues during surgical procedures.
The growth in the surgical equipment market is driven by many factors including an increase in the demand for surgical tools due to rising number of surgical procedures, according to the report.
“Moreover, increasing health care expenditure, increasing demand of plastic and reconstructive surgery and rising demand for technologically advanced minimal invasive surgical procedures are further expected to boost the market growth during the forecast period. Stringent government regulations and lack of proper reimbursement for surgical equipment may hamper the market growth during the forecast period,” according to Allied Market Research.
Grand View Research predicts growth in more than one surgical instrument area.
In a report on the global hand-held surgical instruments, Grand View Research states that the market size was valued at $3.82 billion in 2017 and is expected to exhibit a CAGR of 7.1 percent through 2025. A rising prevalence of chronic diseases such as neurological, cardiovascular, infectious and urological diseases is expected to drive the market.
“A high number of surgical procedures are performed all over the world. According to OMICS International Conferences, 2015, approximately 234 million surgical procedures are performed annually. This is another factor likely to drive the market in the coming years,” according to Grand View Research.
In a separate report, Grand View Research reports that the global minimally invasive surgical instruments market size was valued at $18.3 billion in 2017 and is anticipated to expand at a CAGR of 9.7 percent by 2026.
An Allied Market Research report states that the global powered surgical instrument market was pegged at $1.94 billion in 2017 and is expected to garner $2.73 billion by 2025, registering a CAGR of 4.2 percent through 2025.
Research and Markets also predicts growth in the surgical instrument market. The analysts forecast that the global surgical instruments market will grow at a CAGR of 6.22 percent during the period 2018-2022.