USD 15.50 billion
Surgical Devices Market Size, Share, Growth Analysis, By Product(Electrosurgical Devices, Laparoscopic Devices, Wound Closure Devices, Trocars & Access Devices), By Application(Cardiovascular, Neurology, Orthopedics, Urology and Gynecology), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2770 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
67
|Figures:
75
Surgical Devices Market Insights
Global Surgical Devices Market size was valued at USD 15.50 billion in 2022 and is poised to grow from USD 16.96 billion in 2023 to USD 34.80 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).
The global surgical devices market, being positively influenced by electronics adoptions like robotic and power-assisted surgical systems as well as the trend of minimally invasive surgery, has been having strong growth. These developments are now changing surgical procedures by improving accuracy, efficiency, and patient outcomes. The market, however, faced unparalleled difficulties as the world confronted the COVID-19 pandemic, underlining the decisive nature of disinfection in the prevention of disease spread. Hospitals and clinics centralized their efforts to provide sterilization of surgical supplies and they responded to the high demand for sterilization solutions globally.
The market was greatly affected by the ambulatory surgical centers closing due to tremendous losses during the pandemic thereby bringing a downfall. Yet, the vaccination campaign kickoff and containment techniques set off by the government gave recovery a boost. The healthcare system now pays special attention to catch-up on delayed surgical procedures what is promising the growth potential of the global surgical devices market in the forecast period.
The market’s development is also supported by demographic trends, which largely take place among the aging population. The global aging populations in tandem get connected with the increase in the prevalence of age-related conditions necessitating surgical interventions. For instance, approximately 310,800 hip replacements were conducted on patients above 45 years old in the year 2019 as per the Centres for Disease Control and Prevention.
This demographic shift is foreseen to support the needs for surgical devices, with orthopedic and other age-related surgical specialties being the key beneficiaries. With over-optimistic growth prospects, however, the surgical devices market currently remains fragmented, with numerous small and medium sized companies competing for market share.
Besides, the low-cost version of endosurgery instruments is a new trend as they are often thrown away after use in rural regions. These dynamics reinforce the fact that innovation, affordability, and accessibility in the development and distribution of surgical devices should continue to provide improved healthcare solutions in the global scope.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Electrosurgical Devices
Fastest Growth
Laparoscopic Devices
Growth Rate
9.4% CAGR
Global Surgical Devices Market ($ Bn)
Country Share for North America Region (%)
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Surgical Devices Market Segmental Analysis
The global surgical devices market is segmented by product, application, and region. Based on Product the market is segmented as, Electrosurgical Devices, Laparoscopic Devices, Wound Closure Devices, Trocars & Access Devices, Others. Based on Application the market is segmented as, Cardiovascular, Neurology, Orthopedics, Urology and Gynecology, Others. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA)
Analysis By Product
In the surgical devices market, the "ElectroSurgical Devices" segment takes the lead as the dominating force. Electro surgical devices, including electrocautery and electrosurgical generators, are essential tools used to cut, coagulate, and manipulate tissues during surgical procedures. Their ability to achieve precise tissue dissection and hemostasis has made them indispensable across various surgical specialties.
Simultaneously, the "Laparoscopic Devices" segment stands out as the fastest-growing segment. Laparoscopic devices, encompassing instruments like graspers, scissors, and camera systems, facilitate minimally invasive surgery. The demand for less invasive procedures with reduced patient trauma and quicker recovery times has led to the increased adoption of laparoscopic techniques, thereby driving the growth of this segment.
Analysis By Material
The surgical devices market, the "Orthopedics" segment is often considered dominant. This dominance can be attributed to the increasing prevalence of musculoskeletal disorders, sports injuries, and the aging population's demand for joint replacements and orthopedic procedures. Surgical devices in orthopedics encompass a wide range of instruments and implants, including joint replacements, fixation devices, and arthroscopic tools.
Simultaneously, the "Cardiovascular" segment stands out as one of the fastest-growing segments. The rising incidence of cardiovascular diseases, coupled with the advancements in surgical techniques and devices, drives the demand for cardiovascular surgical devices. Technologies like minimally invasive procedures, stents, and heart valve replacements contribute to the rapid growth of this segment.
Global Surgical Devices Market By Product
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Surgical Devices Market Regional Insights
North America traditionally holds the position of the largest regional market in the global surgical devices industry. The United States, being a major player in the healthcare sector, plays a significant role within this region. The adoption of advanced surgical techniques and technologies, coupled with a well-established healthcare infrastructure, contributes to North America's leadership in the market.
Following closely, Europe typically ranks as the second-largest regional market. Within Europe, Germany often stands out as a major contributor due to its robust medical device manufacturing industry and emphasis on research and innovation. As a result of their improvements in surgical practices and well-established healthcare systems, the UK and Francehave contributed heavily to the European surgical devices market.
Global Surgical Devices Market By Region
- Largest
- Fastest
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Surgical Devices Market Dynamics
Drivers
Rising Prevalence of Chronic Diseases:
- A rise in the global incidence rate of chronic diseases, such as cardiovascular ailments, cancer, and orthopedic issues, has fueled the necessity for surgical therapies, which in turn leads to market growth. Surgical equipment can give efficient diagnosis, therapy, and management of a long list of illnesses, highlighting its importance in the healthcare industry.
Technological Advancements:
- The technological advancements in the field of healthcare, like minimally invasive techniques, robotic aid during surgery, and precision tools, have driven demand for surgical equipment. Resulting from these developments, patients enjoy shorter rehabilitation periods and arehave access to more precise surgery.
Restraints
Training and Expertise Requirements:
- The proper use of surgical instruments, especially those that are integrated with robotic systems or cutting-edge technology, require extensive training on the part of healthcare professionals. Market growth and adoption can be negatively impacted by the extra cost and time spent on imparting training and expertise education.
High Cost of Surgical Devices:
- Surgical devices, like robotic systems and other advanced tools, can lead to incurring high costs for purchase, installation, and upkeep. This presents a heavy financial burden on quite a few healthcare facilities. Areas with limited financial resources and facilities with tight budgets can find it hard to afford these hefty expenses, thus potentially inhibiting adoption of these advanced technologies, which in turn impacts market growth.
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Surgical Devices Market Competitive Landscape
A diverse blend of firms, including large MNCs and smaller companies, characterize the competitive landscape of the global surgical devices market. Leading medical devices manufacturers like Medtronic, Stryker Corporation, Johnson and Johnson, and Zimmer Biomet Holdings offer a variety of products, have a strong awareness of brand, and an expansive global presence. These companies often offer a wide range of surgical devices, spanning from basic instruments to highly specialized tools and advanced robotic systems.
Top Player’s Company Profile
- Olympus Corporation
- Zimmer Biomet Holdings Inc.
- Becton, Dickinson and Company (BD)
- Johnson & Johnson
- Stryker Corporation
- Boston Scientific Corporation
- Medtronic plc
- Intuitive Surgical Inc.
- Ethicon (a subsidiary of Johnson & Johnson)
- Karl Storz SE & Co. KG
- Smith & Nephew plc
- Abbott Laboratories
- Conmed Corporation
- Cook Medical Inc.
- Teleflex Incorporated
- Terumo Corporation
- B. Braun Melsungen AG
- Siemens Healthineers
- GE Healthcare
- NuVasive Inc.
Recent Developments
- In July 2023, Johnson & Johnson released a public statement on the impending launch of one of their groundbreaking products called the Visionary Surgical System. This innovative surgical technology can change the face of minimally invasive surgeries by improving the accuracy and precision of physicians. Johnson & Johnson, a large American corporation which concentrates on the production of medical devices, pharmaceuticals and consumer healthcare products, is the innovator behind it.
- In June of 2023, FDA approved Medtronic’s innovative drug-coated balloon catheter. Medtronic - a global leader in medical services, technology, and solutions - introduced this device to control peripheral artery disease. Due to the use of this catheter, a surgeon can now lessen the risk of amputation in the patient and improve the blood flow by delivering the medicine to the affected area directly, addressing the source of the problem.
- In May 2023, Aesculap, a well-known company in the medical equipment industry, acquired by Stryker. Aesculap, a well-known German firm dealing in medical equipment, was bought by Stryker, a leading player in the global medical technology industry. The strategic acquisition enables Stryker to increase its presence in the minimally invasive surgery market and gain a bigger industry share.
Surgical Devices Key Market Trends
- Minimally Invasive Procedures: There is room for a widespread expansion in the potential of minimally invasive surgical methods. The benefits of these procedures, including expedited recuperation periods, less postoperative pain, and shortened hospital stays make it appealing in the eyes of medical experts and patients alike. As a result, the surgical tools market which produces the goods that are designed to make minimally invasive procedures easier, is booming.
- Robotic-Assisted Surgery: Complex and precise surgical procedures are hard to conduct, but major improvements in robotic surgical technology have made it possible. A large number of surgeons are adopting robotic equipment to perform tasks that require greater v and dexterity in specialized surgeries like including urology, gynecology, and heart surgery.
Surgical Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Based on our analysis of the global surgical devices market, we can conclude that the market is an essential gear in the modern healthcare system, boasting a variety of tools and equipment that can be applied in various medical procedures. Applications like orthopedics, neurology, cardiovascular, and urology and gynecology, are just a few examples of the surgeries which are enhanced thanks to this market. The major market drivers include increasing prevalence of chronic diseases, technological advancements, and a rising aging population. The demand for surgical devices like robotic systems is a reflection of the rise in demand for minimally invasive procedures, which need said devices for accurate support. North America and Europe’s advanced healthcare infrastructure and awareness help them dominate the market, although the Asia-Pacific region is growing rapidly as emerging economies in the region raise healthcare investment rate. The integration of advanced technologies, customization of procedures, and patient-centric solutions define the market’s fulfillment of addressing a variety of surgical needs.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.50 billion |
| Market size value in 2031 | USD 34.80 billion |
| Growth Rate | 9.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Surgical Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Surgical Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Surgical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surgical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surgical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surgical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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