Global Surgical Equipment Market is Expected to be Worth US$ 13,802.4 Million by The End of 2027

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Surgical Equipment Market
Surgical Equipment Market

Surgical equipment is used to carry out surgical procedures. Electrosurgical devices, hand instruments, and closure devices are examples of this equipment. During electrosurgical operations such as tissue ablation, disposables and accessories are employed. Single-use electrodes, electrode probes, electrode loops, and blades are among them.

Over the forecast period, the worldwide Surgical Equipment Market is expected to rise due to the rising prevalence of chronic diseases. According to the American Cancer Society, there will be 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States year 2019. Furthermore, an increase in the number of incidents is projected to help the market grow. For example, India had 467,044 traffic accidents in 2018, according to the National Informatics Center.

The Global Surgical Equipment Market was worth US$ 8,435.2 million in 2019 and is expected to grow at a CAGR of 6.4 percent to US$ 13,802.4 million by 2027. Surgical equipment administration is becoming easier because to the introduction of automated systems. Cardinal Health, for example, announced a supply chain automation system for operating rooms in November 2018, which allows hospitals to optimise their operating room processes, save costs, and improve efficiency by using real-time inventory.

Furthermore, growing financing for medical services is projected to help the industry grow. For example, according to the Australian Institute of Health and Welfare's Hospitals at a Glance 2017–18 report, funding for hospital services increased by 1.8 percent per year on average in public hospitals and 2.9 percent per year on average in private hospitals in Australia between 2016–2017 and 2017–18.

In the market, digital surgery is a new trend. Players in the market are concentrating on providing training in digital surgery. For example, Johnson & Johnson announced in February 2020 that from March 4th to April 27th 2020, it would deliver training to healthcare professionals on its Brainlab portfolio and DePuy Synthes Spine platforms in 19 cities across the United States. The Surgical Equipment Market major players are focusing on M&A strategies to extend their product offering. Medtronic plc, for example, purchased Digital Surgery, a privately held provider of surgical artificial intelligence, data and analytics, and digital teaching and training solutions, in February 2020.

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