We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies. Cookie Policy.

Features Partner Sites Information LinkXpress
Sign In
Advertise with Us

Download Mobile App




Global Surgical Instruments Market Driven by Increase in Procedures and Unmet Demand

By HospiMedica International staff writers
Posted on 20 Oct 2022
Print article
Image: The global surgical instruments market is projected to reach USD 15.75 billion by 2030 (Photo courtesy of Pexels)
Image: The global surgical instruments market is projected to reach USD 15.75 billion by 2030 (Photo courtesy of Pexels)

Surgical instruments can be used for a variety of tasks, including cutting, dissecting, gripping, holding, dilating or expanding, suctioning, withdrawing, or suturing. These tools are used in many different processes and operations. The world's increasingly aging population and rise in chronic diseases are contributing to the rise in the number of surgeries. The elderly population is more susceptible to chronic ailments. Geriatric patients make up a significant portion of the total patient population because of their higher risk of contracting such diseases. Surgical procedures are an excellent choice for treating most of these ailments as the elderly population is more prone to orthopedic, cardiovascular, and ophthalmic disorders. The number of elderly people is predicted to increase, which will increase the demand for various surgical and interventional procedures. The global surgical instruments market was valued at USD 9.21 billion in 2022 and is projected to grow at a CAGR of 7.25% from 2023 to 2030 to reach USD 15.75 billion by 2030, driven by a growing geriatric population, rising healthcare costs, significant unmet surgical demand, and an increase in surgical volume.

These are the latest findings of Verified Market Research (Lewes, DE, USA), a global research and consulting firm.

The number of surgical procedures performed around the world has increased dramatically over time. According to a 2019 WHO estimate, approximately 235 million major surgical procedures are performed worldwide each year. Surgical instruments are in high demand as the number of surgeries increases and the quality of care given by healthcare facilities improves. The global COVID-19 outbreak and lockdown across nations posed a challenge for the surgical instruments market due to hospitals and clinics postponing surgical services to stop the spread of the virus. However, additional surgeries are now being scheduled to make up for the delay in most non-urgent and optional surgeries during the lockdown due to an increase in the number and acuity of COVID-19 patients.

Additionally, manufacturers of surgical instruments face a highly volatile regulatory environment. The U.S. Food and Drug Administration (FDA) demands more scientific proof of a device’s clinical safety and efficacy. As a result, surgical instrument manufacturers are making increased investments in clinical trials, the authorization process is taking longer, and much more funding is now required for comprehensive pharmacovigilance research. This also increases the likelihood of product recalls, especially when manufacturers lack the economic resources to conduct additional research to meet FDA information needs. Delays in authorization could hamper growth of the market for less invasive surgical instruments.

Based on product, the handheld devices segment holds the largest share of the surgical instruments market owing to a rise in the number of surgeries performed globally. However, due to a shift in customer preference from traditional to minimally invasive surgeries, the international market for manual handheld surgical techniques is expected to decline during the forecast period. The electrosurgical devices segment is the fastest-growing in the surgical instruments market due to the high demand for minimally invasive surgeries and technological advancements. Based on category, the disposable surgical tools segment is expected to register the highest CAGR over the forecast period as disposable surgical equipment has gained significant traction over the years and is increasingly being used during plastic and reconstructive surgery, wound closure, orthopedic surgery, laparoscopic surgery, and other procedures.

Based on application, the cardiothoracic surgery segment holds the largest share of the surgical instruments market due the rising proportion of coronary and percutaneous cardiology interventions, increasing use of minimally invasive surgical instruments in such surgeries, and higher incidence of cardiovascular diseases. Based on end-user, the hospitals segment and specialty clinics segment hold the largest share of the surgical instruments market. The substantial percentage of minimally invasive procedures conducted in hospitals due to the presence of highly qualified healthcare professionals is driving the growth of the hospitals segment.

Geographically, North America holds the largest revenue share of the global surgical instruments market due to high healthcare expenditure in the U.S., which has resulted in its well-established hospital infrastructure. Various technological advances in MIS procedures and the large pool of technical surgeons in the U.S. will help the North American surgical instruments market continue to record a steady CAGR through the forecast period. According to the 2018 World Integrated Trade Solution report, Europe is a major global supplier of medical and surgical instruments. The Netherlands, Germany, and Belgium are just a few of the notable markets in this region with lucrative growth potential. Factors such as major market players’ domicile presence, geographic proximity to the Asian market, and the soaring burden of chronic disorders are expected to drive the growth of the European surgical instruments market.

The surgical instruments market in Asia Pacific is expected to register the fastest CAGR during the forecast period. Hospital cancellations and postponement of elective surgeries during the global pandemic had a negative impact on the Asia Pacific surgical instruments market in 2020. Several surgical centers in ASEAN countries remained closed due to lack of resources, such as PPE, OT, and a skilled workforce. With surgical centers slowly reopening and massive backlogs squeezing service providers, the requirement for single-use surgery devices in the Asia Pacific region is expected to skyrocket over the coming years.

Related Links:
Verified Market Research 

Gold Member
Solid State Kv/Dose Multi-Sensor
AGMS-DM+
Gold Member
STI Test
Vivalytic Sexually Transmitted Infection (STI) Array
Silver Member
Wireless Mobile ECG Recorder
NR-1207-3/NR-1207-E
New
Needlefree Closed System Transfer Device
ChemoClave

Print article

Channels

Critical Care

view channel
Image: The permeable wearable electronics developed for long-term biosignal monitoring (Photo courtesy of CityUHK)

Super Permeable Wearable Electronics Enable Long-Term Biosignal Monitoring

Wearable electronics have become integral to enhancing health and fitness by offering continuous tracking of physiological signals over extended periods. This monitoring is crucial for understanding an... Read more

Surgical Techniques

view channel
Image: NTT and Olympus have begun the world\'s first joint demonstration experiment of a cloud endoscopy system (Photo courtesy of Olympus)

Cloud Endoscopy System Enables Real-Time Image Processing on the Cloud

Endoscopes, which are flexible tubes inserted into the body's natural openings for internal examination and biopsy collection, are becoming increasingly vital in medical diagnostics. Their minimal invasiveness... Read more

Patient Care

view channel
Image: The newly-launched solution can transform operating room scheduling and boost utilization rates (Photo courtesy of Fujitsu)

Surgical Capacity Optimization Solution Helps Hospitals Boost OR Utilization

An innovative solution has the capability to transform surgical capacity utilization by targeting the root cause of surgical block time inefficiencies. Fujitsu Limited’s (Tokyo, Japan) Surgical Capacity... Read more

Health IT

view channel
Image: First ever institution-specific model provides significant performance advantage over current population-derived models (Photo courtesy of Mount Sinai)

Machine Learning Model Improves Mortality Risk Prediction for Cardiac Surgery Patients

Machine learning algorithms have been deployed to create predictive models in various medical fields, with some demonstrating improved outcomes compared to their standard-of-care counterparts.... Read more

Point of Care

view channel
Image: The PATHFAST hs-cTnI-II high-sensitivity troponin assay has been developed for the PATHFAST Biomarker Analyzer (Photo courtesy of Polymedco)

POC Myocardial Infarction Test Delivers Results in 17 Minutes

Chest pain is the second leading cause of emergency department (ED) visits by adults in the United States, generating over 7 million visits annually. In the event of a suspected heart attack, physicians... Read more
Copyright © 2000-2024 Globetech Media. All rights reserved.