Surgical Equipment MarketSize and Trends

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).

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.

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.