Surgical Equipment Market Rebounds from COVID-19

A report from Allied Market Research indicates that the global surgical equipment market is estimated to reach $44 billion by 2027 add a compound annual growth rate (CAGR) of 6.3% during the forecast period.

“By product the handheld surgical instruments account for the largest market share owing to the rise in the number of surgeries performed globally and its frequent use in all types of surgeries,” according to the report.

Mordor Intelligence also predicts market growth.

“The surgical equipment market is projected to register a CAGR of 8.5% during the forecast period, 2022-2027,” according to Mordor Intelligence.

“The COVID-19 pandemic has been continuing to transform the growth of various markets. However, the immediate impact of the outbreak varied across countries. The COVID-19 outbreak worldwide and the lockdown situation across some countries have posed challenges for the surgical equipment market due to postponements of surgical services by hospitals and clinics to prevent the spread of the COVID-19 virus,” the report states. “For instance, in April 2022, Nova Scotia’s QEII Health Sciences Centre decided to postpone most non-urgent and elective surgeries due to an increasing number and understanding of patients with COVID-19 in the hospital. Such factors are likely to hurt the demand for surgical equipment. These cancellations created a backlog that may need to be cleared after the COVID-19 disruption calms down. As a result, the demand for surgical equipment is expected to witness growth shortly, which could expand the development of the market over the coming years. For instance, in April 2022, the Victorian government reported investing $1.5 billion to address its growing elective surgery waitlist as part of a catch-up scheme that will increase surgical capacity by one quarter. The COVID Catch-Up Plan will raise capacity to 125 percent in 2023, with 40,000 additional surgeries in the next year.”

“Further, the significant factors propelling the market’s growth are the rising geriatric population, the increasing number of surgeries, technological advancements, and the growing number of road and other accidents,” Mordor Intelligence adds.

Grand View Research is another firm that predicts market growth in the coming years.

“The global surgical equipment market size was valued at $14.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030,” according to Grand View Research. “Factors such rising geriatric population, rise in the incidence of lifestyle diseases that eventually require surgery, growing health care costs, and large unmet surgical needs are primarily driving the market. Furthermore, increasing technological advancement in minimally invasive surgeries, reduced hospital stay post-surgery, and a rise in the number of ambulatory surgical centers are expected to fuel the growth of the market during the forecast period.”

Grand View Research adds that the handheld surgical devices segment will see growth.

“The handheld surgical devices segment held a significant revenue share in 2021 and is expected to grow at a healthy rate during the projection period. The handheld surgical devices segment is further fragmented into forceps and spatulas, retractors, dilators, graspers, auxiliary instruments, cutter instruments and others. One of the major trends observed in this segment is a shift towards disposable instruments owing to benefits such as cost-effectiveness and reduced risk of cross-contamination,” the report states.

By region, North America leads the way.

“North America held the largest revenue share of over 35.0% in 2021,” according to the report. “Factors such as high health care expenditure and the presence of well-established hospitals and major players operating in the U.S. are contributing to the growth of the market in the region. In addition, technological advancements and rising demand for minimally invasive surgeries are anticipated to drive the regional market over the forecast period.”