A recent report published by Infinium Global Research on the surgical equipment market provides an in-depth analysis of segments and sub-segments in the global as well as regional surgical equipment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional surgical equipment market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global surgical equipment market. According to the report, the global surgical equipment market is projected to grow at a CAGR of over 6% over the forecast period of 2022-2028.
The global surgical equipment market was valued at over USD 15 Billion in 2022 and is expected to reach about USD 22 Billion in 2028, with a CAGR of over 6% during the forecast period. Surgical equipment is a tool that aids the physical modification of biological tissue or helps to produce access to the inner body. The inception of recent electronic technologies like minimally invasive surgery equipment and robotic and power-assisted systems primarily drive the expansion of the surgical equipment market. The factors that boost the surgical equipment market growth include an increase in preference for robotic-assisted surgery and a surge in the aged population, which is extremely vulnerable to ocular disorders, gastric disorders, intestinal disorders, and other health conditions.
The increasing prevalence of chronic diseases drives the growing demand for medical devices. There is increasing demand for chronic disorders which includes diabetes, infectious diseases, and other infectious diseases. Adoption of sedentary lifestyles and other factors. Also, many countries focuses on the advancement in their technological enhancement, increasing diagnosis and treatment rates through the growing number of awareness programs. The high cost of equipment restrains the growth of the market. The advancement in medical equipment increases the cost of the devices at the same time. The article published in 2020, which is published by the Academy of managed care pharmacy in the U.S. the average cost of an insulin pump is around USD 4,500 to USD 6,500 per device. Along with this, reimbursement policies have been responsible for the comparatively limited adoption of medical devices in emerging countries. The technological advancements in surgical equipment and rising investments are expected to provide lucrative growth opportunities in the future. The demand for advanced and innovative surgical equipment is rising across the healthcare sector.
The well-developed infrastructure and rapid development in advanced medical technologies leave a major impact on the region to dominate the market. The increasing number of patients undergoing diagnosis and treatment in the region. The European market is anticipated to register the significant growth due to increasing healthcare expenditure, well established infrastructure, and adaption of diagnostic and treatment devices. Asia Pacific is also expected to grow in the market. Rising disposable income in India and China is expected to boost the plastic and reconstructive treatments segment, boosting the regional market. The increasing senior population is expected to boost orthopedic and cardiovascular operations.
The report on the global surgical equipment market covers segments such as product, application, and end-user. On the basis of product, the sub-markets include handheld surgical equipment, and surgical sutures and staples. On the basis of application, the sub-markets include orthopedic surgery, cardiovascular surgery, obstetrics and gynecology surgeries, plastic and reconstructive surgeries, neurosurgery, urology, and others. On the basis of end-user, the sub-markets include hospitals, ambulatory surgical centers, and other end users.
The report provides profiles of the companies in the market such as Johnson and Johnson Pvt. Ltd., KLS Martin (KLS) Group, B. Braun Melsungen AG, Boston Scientific Corporation, Conmed Corporation, Alcon Laboratories Inc., Stryker Corporation, Smith & Nephew PLC, Zimmer Biomet Holdings, Inc., and Medtronic PLC.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the surgical equipment market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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