Global Surgical Equipment market size to touch US$17 Bn by 2025 at a CAGR of 8.3%
Noida, Uttar Pradesh, India, March 22 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The global market for surgical equipment is further projected to grow owing to the rising number of surgical procedures in various fields such as cardiovascular, neurosurgery, genealogy, and others across the globe. According to a report published by the American Society of Plastic Surgeons in 2017, older Americans are increasingly concerned about rejuvenating their faces. Individuals aging 55 or over had 4,168,693 cosmetic procedures, accounting for a significant 26% of the total of all ages, a whopping 28% growth from the 3,252,430 procedures by older Americans in 2010. Out of more than 4 million procedures, 3,784,240 minimally invasive procedures were performed, an enormous raise from 2,903,193 in 2010. Following these factors, the Global Surgical Equipment Market is estimated to see healthy growth, pegged at a CAGR of around 8.3% throughout the forecast period 2020-2025.
Increasing demand for minimally invasive surgical procedures
The increased demand for scarless cosmetic surgeries coupled with quick recovery and cost-effectiveness benefits have boosted the surgical equipment market in emerging markets. For instance, people in India are increasingly going for aesthetical surgeries even in smaller cities, owing to rising awareness and growing living standards. As per a survey conducted by the ISAPS (International Society of Aesthetic Plastic Surgery) in 2016, India was ranked 4th with more than 900,000 cosmetic procedures performed, which accounted for around 4.0% of all the procedures globally. According to a report published by the American Society of Plastic Surgeons (ASPS), Americans spent more than ever with $16.5 billion on cosmetic plastic surgeries and minimally-invasive procedures in 2018, a 4% increase from 2017.
Moreover, the significant rise in cardiovascular surgeries across the globe further contributes to the market’s growth during the forecast period. Furthermore, the increasing elderly population and rising prevalence of cardiovascular diseases (CVDs) are also estimated to contribute significantly to cardiac procedures across the globe. With the rising population, the number of people suffering from cardiac irregularities is also increasing. Healthcare facilities across the globe are focusing on minimally invasive procedures involving the use of electrosurgical devices and further expanding the treatment options for cardiac diseases such as atrial fibrillation. Besides, technological advancements and the rise in the adoption of minimally invasive procedures with enhanced medical equipment will support the growth of the surgical equipment market during the forecast period.
Segmentation Overview of the Global surgical equipment Market
The surgical equipment market is segmented on product type and application. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Type Outlook (Electrosurgical Devices, Handheld Surgical devices, Surgical Sutures & Staplers)
By Application Outlook (Cardiovascular Surgery, Neurosurgery, Obstetrics & Gynecology, Plastic & Reconstructive Surgery, Orthopedic, Wound Closure, and others)
Key Players Insights
Braun Melsungen AG, Ethicon, Inc., Medtronic PLC, Smith & Nephew plc, Alcon Laboratories, Inc., Aspen Surgical Products, Inc., Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc and among others, are some significant players included in the research study of the global surgical equipment market.
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