SURGICAL EQUIPMENT MARKET ANALYSIS

 Surgical equipment is a specially designed instrument for performing specific surgeries and operations such as modifying biological tissue or accessibility for visuals of internal body. There are various types of surgical equipment used for different types of surgeries such as scalpel, scissors, forceps, clamps, needles & sutures, retractors, suction, staplers, clips, camera, lens, trocars, ureteral stent, and others.  

Global surgical equipment market is estimated to be valued at US$ 11.07 Billion in 2022 and is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).

Figure 1. Global Surgical Equipment Market Share (%), by Handheld Surgical Equipment, 2022

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Global Surgical Equipment Market- Drivers

Increase in the Preference for Robotic Assisted Surgery

Increase in the preference for robotic surgery, owing to its better precision, flexibility, and control, as compared to the conventional methods is expected to drive the market growth over the forecast period. For instance, in October 2022, Medtronic plc., a healthcare technology company, announced three significant global market-entrance and indication expansion approvals for its Hugo robotic-assisted surgery (RAS) system. The product has enhanced visualization and instrumentation, secure and seamless video recording options, modular and portable, accessible and scalable.  These approvals include CE mark clearance for general surgery indication, Health Canada license for general laparoscopic surgery indication, and Ministry of Health, Labor and Welfare (MHLW) approval for urological and gynecological indications in Japan. The approvals received by the company will further help the company to expand into key robotic markets. Hence, this is expected to fuel the surgical equipment market growth over the forecast period.

Rising Geriatric Population

Rising geriatric population is also expected to drive the surgical equipment market growth during the forecast period. It is expected that individuals that are aged 60 and above are more prone towards developing disorders that requires surgery, as compared to the younger population. For instance, according to Centers for Disease Control and Prevention, around 320,900 reported hip replacements were performed among people aged 45 and above in 2020.  

Moreover, various advancements in the technology of hip replacement’s surgical equipment is also expected to fuel the overall market growth. For instance, on January 26, 2022, Smith + Nephew, a medical technology company, announced the expansion of indications on its CORI Surgical System. It is the most advanced and efficient handheld robotic- solution in total knee arthroplasty surgery. The company’s RI.HIP NAVIGATION is designed to help in maximizing accuracy and reproducibility by delivering patient-specific component alignment for total hip arthroplasty (THA). The incorporation of RI.HIP NAVIGATION in CORI Surgical Systems will further help the company in strengthening real intelligence digital ecosystem.

Figure 2. Global Surgical Equipment Market Share (%), by Region, 2022

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The demand for surgical equipment is estimated to be high in Asia Pacific, owing to the growing number of surgical procedures in the emerging countries such as India and China. For instance, according to the China Med Device LLC., a provider of regulatory, CRO, and market intelligence to help companies access China’s fast-growing US $80-billion MedTech market, in China approximately 146,000 number of spinal surgeries have been reported. Thus, fueling the overall surgical equipment market across Asia Pacific.

Moreover, North America is expected to dominate the overall surgical equipment market, on account of adoption of new technologies by the key players and rise in the ageing population. For instance, on December 5, 2022, THINK Surgical, a technology innovator of orthopedic surgical robots, announced collaboration with Definition Health, a U.K.- based digital health company. The companies will be developing a seamless, web-based connected care solution to enhance the surgical planning experience for the surgeons using THINK’s robotic technologies for joint replacement surgery.

Global Surgical Equipment Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, UAE, Egypt, and others, faced problems with regards to the transportation of drugs and vaccines from one place to another.

However, the COVID-19 pandemic had a negative impact on the global surgical equipment market, owing to reduction in the bed and operating room capacity, which further led to considerable delays in urgent and semi-elective surgical interventions. According to the American College of Surgeons (ACSs) 2021 report, the nature of surgery and anesthesia practices changed during the COVID-19 pandemic as the most elective and non-urgent cases were postponed.  

Global Surgical Equipment Market: Key Developments

On December 13, 2022, Stryker, a medical technology company, announced the launch of Citrefix, a suture anchor system for foot and ankle surgical procedures. This  new product uses Citregen, an award winning bioresorbable material designed to mimic the chemistry and structure of native bone. These advancements are incorporated to help in healing of grafted tissue and in growing of healthy bone, when used in orthopedic surgical applications.

On April 18, 2022, Ethicon, a part of Johnson & Johnson,  announced the launch of ENSEAL X1 Straight Jaw Tissue Sealer, a new advanced bipolar energy device used for cuts, transects, enables stronger sealing, and captures more tissue per bite than the LigaSure Blunt Tip, a tissue sealing device from Medtronic, a medical technology company. This  launch will help the company to enable faster healing, improve OR safety and efficiency, and allow surgeons to achieve best possible patient outcomes in open or laparoscopic surgical procedures.  

On February 28, 2022, Medtronic plc., a healthcare technology company, announced the launch of the NuVent Eustachian tube dilation balloon, which has been approved by the U.S. Food and Drug Administration (FDA) for the treatment of chronic, obstructive Eustachian Tube Dysfunction. This product launch will further help the surgeons to deliver treatment in an out-patient or office setting. 

On June 14, 2022, Xenco Medical, U.S. based medical technology company, expanded its ambulatory surgical device portfolio with the launch of its Multilevel CerviKitTM. It is a comprehensive suite of implants with single use cervical spine technology to perform cervical spine procedures.

Global Surgical Equipment Market: Restraint

Increase in the Number of Product Recall

The major factor that hinders growth of the global surgical equipment market includes increase in the number of product recalls. For instance, in April 2019, the U.S. FDA identified a Class I Ethicon surgical stapler recall. This was stated  as the most serious type of recall. Moreover, more than 41,000 adverse events associated with surgical stapling devices were reviewed from January 2011 to March 2018. Ethicon stated that, after following numerous complaints and returned products, the company discovered that a shift in their manufacturing unit, from March 2018 to March 2019, was creating uncut stapler washers, which in turn caused insufficient firing and malformed staples. According to the U.S. FDA, potential risks due to product malfunctioning includes sepsis, death, bleeding, the requirement for permanent ostomy ‘bag’, life-long nutritional and digestive issues, leak in closure, additional surgeries, need for additional closures, need for antibiotics, and the need for additional imaging studies. The company should be more focused on the manufacturing efficient and good quality products for the patient safety.

Global Surgical Equipment Market- Key Players

Major players operating in the global surgical equipment market include Medtronic plc., Peters Surgical SASU, Ethicon (Johnsons & Johnsons), Conmed Corporation, Novartis International AG, Smith & Nephew PLC, Boston Scientific Corporation, B. Braun Melsungen AG, Cousin-Biotech, Enthral Medical GMBH, Fuhrmann GMBH, Integral Lifesciences Holdings Corporation, KLS martin Group, Stryker Corporation, Zimmer Biomet, Dextera Surgical, Hospira, and SIM Surgical.