Surgical Equipment Market will surpass USD 31.8 billion by 2030 at a CAGR of 9.5% till 2030 : GreyViews
Surgical Equipment Market Size by Product (Electrosurgical Devices Sutures, Surgical Sutures, Handheld Devices, and Staplers), By Application (Orthopedics, Obstetrics and Gynecology, Neurology, Cardiovascular, Plastic and Reconstructive Surgeries, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the *surgical equipment market* is operating and is predicted to expand soon. The manufacturers and suppliers involved in the surgical equipment market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global *surgical equipment market* are B. Braun Melsungen Ag, Zimmer Biomet Holdings Inc., Smith & Nephew plc, Alcon Laboratories Inc., Stryker Corporation, Medtronic Inc., Aspen Surgical Products, Inc., Becton, Dickinson and Company, Ethicon Inc. among others. To achieve a substantial market share in the worldwide surgical equipment market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Due to their role in human mental healing and treatment procedures as well as their capacity for mind-healing, psychedelics have experienced a significant increase in popularity in the past ten years. Growing numbers of academics and scientists are looking at the therapeutic potential of psychedelic substances and their constituents, which may provide a new depression therapy option. The acceptability of psychedelic substances as medicine has risen as a result of ongoing study and development. Because of the potential benefits of psychedelic drugs, their use has increased throughout the United States and other countries, which has increased demand for them. As a result, these factors are anticipated to be key growth drivers for the market. Indigenous medical practices have employed psychedelic herbs and fungi for millennia. Albert Hofmann started doing research into the creation of new psychedelic substances in 1938. He created the first lysergic acid diethylamide (LSD-25), and five years later, he was acknowledged as the first person to take LSD. Hofmann was ignorant of the serious consequences and threats that particular product posed. In the 1950s and 1960s, there was a growing phase of cultural and scientific discovery, but after that, the study of psychedelic drugs slowed to almost a standstill. Increased spending on psychedelic drug research and development is opening up new business prospects. Thus, the market's expansion is being facilitated by the expansion of psychedelic drug R&D.
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*Scope of Surgical Equipment Market Report:*
*Report Metric* *Information*
*Study Period* 2022-2030
*Base Year * 2022
*Forecast Period* 2023-2030
*Market Share Unit* USD Billion
*Segments Covered* Product, Application, and Regions.
*Regions Covered* North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
*Major Players* B. Braun Melsungen Ag, Zimmer Biomet Holdings Inc., Smith & Nephew plc, Alcon Laboratories Inc., Stryker Corporation, Medtronic Inc., Aspen Surgical Products, Inc., Becton, Dickinson and Company, Ethicon Inc. among others
*Segmentation Analysis*
*Electrosurgical device sutures are expected to be the fastest-growing segment in 2022. *
The product segment is electrosurgical devices sutures, surgical sutures, handheld devices, and staplers. The electrosurgical device sutures segment is expected to witness the highest growth rate during the forecast period. the forecast period, for instance, Ethicon, Inc. stated in June 2021 that the National Institute for Health and Excellence (NICE) had released new medical technology recommendations recommending the use of the companies plus sutures in surgeries within the National Health Service. Additionally, as sutures are the only sutures that provide antibacterial protection, this is done to prevent the rising incidence of surgical site infections.
*Gynaecological procedures **are expected to be the fastest-growing segment in 2022. *
The application segment is orthopedics, obstetrics and gynaecology, neurology, cardiovascular, plastic and reconstructive surgeries, and others. The gynaecological procedures segment is expected to witness the highest growth rate during the forecast period Due to the growth in gynaecological procedures brought on by the increasing number of births around the world and the abrupt rise in the prevalence of illnesses affecting the female reproductive system. The CDC reported that around 1,148,692 cesarian operations were carried out in the United States in 2020. The market is divided based on application into neurosurgery, orthopaedics, cardiovascular, plastic and reconstructive surgery, wound closure, obstetrics and gynaecology, and others.
*Regional Analysis *
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the surgical equipment market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. The United States has had a sizable portion of the market in North America. This is brought on by an ageing population, a sizable patient base, and an increase in surgical operations across the board, including gynaecology, abdominal surgery, cardiothoracic surgery, orthopaedic surgery, and others. GLOBOCAN predicted that in the United States, there will be 612,390 cancer-related deaths and 2,281,658 newly diagnosed cases of the disease in 2020. The most prevalent cancers in the country are skin, bladder, colorectal, breast, lung, and prostate. Additionally, a September 2020 report from the Centers for Disease Control and Prevention (CDC) indicates that cardiac diseases are the main killers in the US.
*Country Analysis*
· *Germany*
*Germany's surgical equipment market size was valued at USD 1.17 billion in 2022 and is expected to reach USD 2.43 billion by 2030, at a CAGR of 9.6% from 2023 to 2030. *One of the main drivers of the market's expansion is the rising geriatric population in the region. Compared to the younger population, people 60 and older have a larger risk of acquiring conditions that call for surgery.
· *China*
*China’s surgical equipment market size was valued at USD 1.27 billion in 2022 and is expected to reach USD 2.70 billion by 2030, at a CAGR of 9.9% from 2023 to 2030. *
The market is primarily being driven by factors including an ageing population, an increase in the frequency of lifestyle disorders that eventually require surgery, rising healthcare expenditures, and significant unmet surgical needs.
· *India*
*India's surgical equipment market size was valued at USD 0.98 billion in 2022 and is expected to reach USD 2.07 billion by 2030, at a CAGR of 9.8% from 2023 to 2030.*
Due to growing technological advancements in minimally invasive operations, shorter hospital stays following surgery and an increase in the number of ambulatory surgical facilities in the region.
*Covid-19 Impact*
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising chronic diseases are expected to propel the growth of the market across the countries.
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