Surgical Equipment Market is Expected to Reach $44.44 Billion By 2027; Inception Of Modern Electronic Technologies, Robotic and Power Assisted Systems Primarily Drive Market Opportunities: Says AMR
Increase in geriatric population, rise in chronic diseases, growth in demand for minimally invasive surgeries, and surge in the number of surgical procedures across the world fuel the global surgical equipment market. By category, the reusable surgical equipment segment held the major share in 2019. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2027.
Portland, OR, Feb. 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Surgical Equipment Market Size was pegged at $31.72 billion in 2019, and is anticipated to reach $44.44 billion by 2027, registering a CAGR of 6.3% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
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Increase in geriatric population, rise in chronic diseases, growth in demand for minimally invasive surgeries, and surge in the number of surgical procedures across the world fuel the global surgical equipment market. On the other hand, high price competition and unfavorable taxation policy impede the growth to some extent. Nevertheless, growth prospects in the emerging economies and advancement in technology are expected to create lucrative opportunities in the coming years.
Covid-19 Scenario-
- In order to cater to the escalating demand for highly skilled medical staff for the covid-19 patients, huge mass of medical provisions were deployed to Covid-19 care branches. This, in turn, postponed the surgical activities.
- On the other hand, dearth of raw materials affected the manufacturing of surgical equipment. Thereby impacting the global surgical equipment market negatively.
- However, the worldwide situation is gradually being ameliorated and the market is projected to get back to its position soon.
The global surgical equipment market is analyzed across product, category, application, and region. Based on product, the handheld surgical instruments segment contributed to nearly two-fifths of the total market share in 2019, and is expected to retain its dominance by 2027. At the same time, the electrosurgical devices segment would grow at the fastest CAGR of 7.8% from 2020 to 2027.
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Based on category, the reusable surgical equipment segment accounted for more than three-fifths of the total market revenue in 2019, and is projected to lead the trail by 2027. The disposable surgical equipment segment, on the other hand, would portray the fastest CAGR of 6.7% throughout the forecast period.
By region, North America held the highest share in 2019, generating more than two-fifths of the global market. Simultaneously, the market across Asia-Pacific would exhibit the fastest CAGR of 8.2% from 2020 to 2027. The other two provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global surgical equipment market report include Peters Surgical SASU, Johnsons & Johnsons, Novartis International AG, Smith & Nephew PLC, Medtronic Plc., KLS martin Group, Boston Scientific Corporation, B. Braun Melsungen AG, Cousin-Biotech, Enthral Medical GMBH, Fuhrmann GMBH, Conmed Corporation, and Integral Lifesciences Holdings Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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