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

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.