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Global Surgical Equipment Market to Increase at a CAGR of 5.7% During 2022-2027, Aided by Technological Integrations in Equipment Manufacturing

According to a new report by EMR titled, ‘Global Surgical Equipment Market Report and Forecast 2022-2027’, the global surgical equipment industry attained a value of about USD 34.9 billion in 2020. The market is further expected to grow at a CAGR of 5.7% in the forecast period of 2022-2027.

The rise in the global market for surgical equipment can be attributed to the increasing number of chronic diseases resulting from unhealthy lifestyles and the increasing geriatric population. The market witnessed robust growth during the coronavirus pandemic due to increasing cases of hospitalisations and surgeries. As a result, disposable surgical equipment is the fastest-growing segment to curb coronavirus spread, stimulating market growth. The rising number of thyroid cases is augmenting the market demand for sophisticated surgical equipment, which is fuelling the overall industry growth. The rise in government investments in major developed and developing countries' healthcare sectors further stimulates market growth. In addition, research and Development (R&D) activities aimed at incorporating technologies such as robotic assistance to provide surgeons with greater control, access, and accuracy during the surgery is further surging the market growth.

In February 2021, Olympus Corporation, a global leader in the market for surgical equipment, recently announced the acquisition of Israeli medical device company Medi-Tate Ltd. The acquisition aims to expand the in-office treatment for benign prostatic hyperplasia (BPH) treatment and solidifies the position of Olympus Corporation as a leader in the field of urological devices. Medi-Tate is a medical device manufacturing company that provides a device for minimally invasive surgeries. The rising cases of benign prostatic hyperplasia (BPH) in ageing men are driving the demand of Olympus Corporation owing to its global position as a leader in resectoscopes. Hence, the market is being augmented by such expansions. The market is further likely to be augmented by the presence of market players like CONMED Corporation (NYSE: CNMD).

Market Analysis by Product, Category, Application, and Region:

  • On the basis of product, the market can be broadly segmented into surgical sutures and staplers, handheld surgical equipment, and electrosurgical devices, among others.
  • The market can be divided into reusable surgical equipment and disposable surgical equipment based on category.
  • The market, based on application, can be categorised into neurosurgery, plastic and reconstructive surgery, wound closure, urology, obstetrics and gynaecology, veterinary application, thoracic surgery, microvascular, ophthalmic application, cardiovascular surgery, orthopaedic surgery, laparoscopy, and dental application, among others.
  • The major regional markets for the product are North America, Latin America, Europe, the Asia Pacific and the Middle East and Africa.

Key Findings of the Report:

  • The market growth is being driven by the rising demand for minimally invasive surgeries in complex surgeries to achieve precision.
  • Rising cases of chronic diseases due to unhealthy lifestyles and an increasing geriatric population augment the market growth.
  • Increasing investments in the healthcare industry and the rising technology adoption is aiding the market growth of surgical equipment.
  • Disposable surgical equipment is the fastest-growing segment to curb coronavirus spread, hence stimulating market growth.
  • Technological integrations to incorporate advanced technology in equipment manufacturing are stimulating the industry's growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the surgical equipment industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for products, categories, applications, and regions of surgical equipment.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global surgical equipment market are B. Braun Melsungen AG, CONMED Corporation, Cadence Inc., Olympus Corporation, Stryker Corporation, and Medtronic plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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