The global surgical instruments/equipment market is anticipated to reach a value of $20.3 billion by 2025, according to a new report by Grand View Research Inc. The increasing number of minimally invasive surgeries across the globe is anticipated to accelerate the market growth.
Also, the treatment of chronic diseases often require surgeries. A rising prevalence of chronic diseases, such as cardiovascular and neurological disorders, is adversely impacting the world’s population. Surgery is considered as the primary mode of treatment for patients suffering from such diseases, which in turn is giving a rise to the number of surgical procedures being conducted.
Minimally invasive surgeries are also highly adopted by surgeons for treating several heart disorders and will fuel the market’s growth.
Road and other accidents are also anticipated to increase the demand for surgical instruments in the coming years. Accidents are one of the leading causes of severe injuries. Based on statistics from Association for Safe International Road Travel, around 2.35 million people are injured every year due to such accidents. As a result, there is a high demand for wound closure surgical procedures, which in turn is expected to raise the demand for surgical tools.
The study also found that the global surgical equipment market was valued $10.5 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 7.8 percent from 2017 to 2025. A closer look showed that surgical sutures and staplers held the largest market share in 2016 owing to its high cost and huge application in wound closure surgeries.
Electrosurgical equipment is anticipated to witness growth over the forecast period due to a growing trend toward minimally invasive surgeries, according to the report.
Obstetrics and gynecology dominated the market in 2016 due to large number of caesarean surgeries being performed worldwide. Plastic and reconstructive surgeries are expected to show lucrative CAGR in the coming years due to increasing concern for esthetics among women.
In 2016, North America dominated the market due to the availability of skilled surgeons and technologically advanced surgical tools in the U.S. Asia Pacific is expected to show the fastest growth over the forecast period because of a rising number of road accident cases in India.
Major companies operating in the market include Becton, Dickinson and Company; Stryker Corporation; B. Braun Melsungen AG; Zimmer Biomet Holdings, Inc.; Aspen Surgical Products Inc.; Smith & Nephew plc; Medtronic; Alcon Laboratories Inc.; and Ethicon Inc.
