SURGICAL EQUIPMENT MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.