According to an analysis by Reports and Data, the global surgical instruments market was valued at $11.75 billion in 2018 and is expected to reach $21.52 billion by 2026. This means the market will see a compound annual growth rate (CAGR) of 7.9%.
Surgical instruments are key to successful surgery procedures in today’s world. China and India, where the population is at par compared to other countries, have large demand for the tools used in surgery. The increasing prevalence of chronic diseases is the most common driver for this industry’s development. The procedures for heart diseases and road accidents are also major drivers for the growth of this industry. Moreover, the large number of child births in the Asia-Pacific region is another driving factor for this industry.
The number of skilled professionals in the U.S. is another major factor for industry growth.
The surgical instrument market has a huge potential for progress. But there are some factors which may hinder its development. The cost involved with the equipment is high and that could lead to high costs for surgery procedures. Alternatives to surgery are increasing and that is a hindrance to market development.
Grand View Research reports that the global hand-held surgical instruments market size was valued at $3.82 billion in 2017 and is expected to exhibit a CAGR of 7.1% through 2025. Rising prevalence of chronic diseases such as neurological, cardiovascular, infectious and urological diseases is expected to drive the market, according to Grand View Research.
Acumen Research and Consulting, a global provider of market research studies, reported that the global powered surgical instrument market will reach $2.9 billion by 2026 with a CAGR of 4%.
A powered surgical instrument is specifically designed for particular types of surgery. Mostly powered surgical instruments are used in orthopedic, ophthalmic and cardiac surgical procedure.
Furthermore, an increasing number of patients for chronic diseases, cardiovascular diseases, orthopedic conditions and neurological diseases also necessitate surgical interventions.
Rising medical tourism, growing adoption of powered surgical instruments, increased health care investment and an increase in health care facilities across the globe are factors driving the growth of the market, according to Acumen Research and Consulting.
Reports and Data states that key market participants include Zimmer Biomet Holdings Inc., Becton, Dickinson & Company, B. Braun Melsungen AG, Smith & Nephew Plc., Stryker Corporation, Aspen Surgical Products Inc., Ethicon Inc., Medtronic, Alcon Laboratories and Boston Scientific Corporation.