Surgical equipment market analysis

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2. Surgical Equipment Market, By Product Type (Surgical Sutures (Absorbable Sutures, Non Absorbable Sutures), Hand Instruments, Electrosurgical Devices), and By Region (North America, Latin America, Europe, Asia Pacific, Middle east & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027 SURGICAL EQUIPMENT MARKET ANALYSIS

3. Surgical equipment are designed to perform surgical tasks. These equipment include, electrosurgical devices, hand instruments, and closure devices. Electrosurgical disposables and accessories are used during electrosurgical procedures such as tissue ablation. They include single use electrodes, electrode probes, electrode loop, and blade. Statistics: The global surgical equipment market is estimated to account for US$ 13,802.4 Mn in terms of value by the end of 2027. Global Surgical Equipment Market: Drivers Increasing prevalence of chronic disorders is expected to propel growth of the global surgical equipment market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. Moreover, increasing cases of accidents is also expected to aid in growth of the market. For instance, according to National Informatics Center, India recorded a total of 467,044 road accidents in 2018.    Statistics: North America held dominant position in the global surgical equipment market in 2019, accounting for 31.0% share in terms of value, followed by Europe and Asia Pacific, respectively

4. Global Surgical Equipment Market Share (%) Value, By Region, 2019 

5. Global Surgical Equipment Market: Restraints Contamination of surgical instruments is expected to hinder growth of the market. Surgical instruments are prone to bacterial infection due to lapses in sterilization processes. Such contamination can lead to surgical site infections. Moreover, sell of counterfeit surgical equipment both in emerging and developed economies is also expected to limit growth of the market.  Global Surgical Equipment Market: Opportunities   Development of advanced visualization products for surgery is expected to offer lucrative growth opportunities for players in the global surgical equipment market. For instance, in May 2020, Ocutrx Vision Technologies, LLC, a developer of augmented-extended reality glasses for surgical procedures announced to unveiled Ocutrx OR-Bot Surgery Visualization Theatre at the annual meeting of the American Society of Cataract and Refractive Surgery to be held virtually May 16 and 17. Moreover, increasing funding for hospital services is also expected to aid in growth of the market. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, funding for hospital services increased between 2016-2017 and 2017-2018 by 1.8% per year on average in public hospitals and by 2.9% per year on average in private hospitals in Australia. Statistics: The global surgical equipment market was valued at US$ 8,435.2 Mn in 2019 and is forecast to reach a value of US$ 13,802.4 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027.

6. Global Surgical Equipment Market Value (US$ Bn), 2016 – 2027

7. Market Trends/Key Takeaways The market is witnessing launch of automated solutions that aid in management of surgical equipment.  For instance, in November 2018, Cardinal Health launched a supply chain automation solution for operating rooms, which allows hospitals to streamline their operating room processes, reduce costs and improve efficiency through real-time inventory. Digital surgery is an emerging trend in the market. Market players are focused on offering training in digital surgery. For instance, in February 2020, Johnson and Johnson announced to provide training to healthcare professionals on its Brainlab portfolio and DePuySynthes Spine platforms across 19 cities in the U.S. from March 4th to April 27th 2020. Regulations U.S The FDA is responsible for insuring that all products sold in the industry fulfilled the federal safety standards The FDA possesses the authority to recall products, temporarily suspend devices it deems high-risk, and impose monetary penalties for violations Global Surgical Equipment Market: Competitive Landscape Major players operating in the global surgical equipment market include, Ethicon, Inc. (Johnson & Johnson), Covidien Plc,(Medtronic Plc.), B. Braun Melsungen AG, Medicon EG, ErbeElektromedizin GmbH, Conmed Corporation, Carefusion, and Cardinal Health. Global Surgical Equipment Market: Key Developments Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2020, Medtronic plc acquired Digital Surgery, a privately-held provider of surgical artificial intelligence, data and analytics, and digital education and training solutions. Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in December 2019, Ethicon, Inc. launched VISTASEAL Fibrin Sealant (Human) to help surgeons manage bleeding during surgery.

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