Surgical Equipment Market Size to Achieve USD 45.61 Bn by 2034

The global surgical equipment market size was valued at USD 18.51 billion in 2024 and is expected to achieve around USD 45.61 billion by 2034, growing at a CAGR of 9.44% from 2024 to 2034.

Ottawa, Oct. 31, 2024 (GLOBE NEWSWIRE) -- The global surgical equipment market size is predicted to increase from USD 20.25 billion in 2025 to approximately USD 45.61 billion by 2034, according to a study published by Towards Healthcare a sister firm of Precedence Statistics. The industry is representing a solid CAGR of 9.44% during the forecast period. North America dominated the market with the largest market share of 41% in 2023.

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Key Takeaways

Advancements in surgical techniques, the development of minimally invasive surgery techniques has increased the demand for specialized surgical equipment that allows for smaller incisions and faster recovery times.

Rising prevalence of chronic diseases, the growing burden of chronic diseases such as heart disease, cancer and diabetes has led to an increase in surgical procedures.

Technological innovations and advancements in medical technology including robotics, imaging and material science have led to the development of new and improved surgical equipment.

Regional Insights:

North America, Cosmetic Surgery Driving the Market

The region North America held the largest share of the surgical equipment market in 2023. The increasing number of surgical procedures, advancements in healthcare infrastructure and the presence of leading industry players are some of the factors which are driving the market in North America. The United States performs around 40 to 50 million surgeries annually which makes it a key contributor to the region's market. For instance, in 2023, 9.5 million neuro modular procedures were conducted for wrinkle reduction, reflecting the growing demand for cosmetic surgeries.

Technological innovations in surgical tools and favorable government policies are also propelling market growth. For instance, in May of 2023, Crothall Healthcare Partnered with Ascendco Health to introduce advanced tracking systems for sterile surgical instruments in United States healthcare facilities. This partnership highlights the increasing focus on safety, quality and technological improvement.

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Asia Pacific on to Grow and is Fastest Growing Market

In the coming years Asia Pacific is expected to grow at the fastest rate in surgical equipment market. This growth is driven by a combination of factors such as rising geriatric population, Increasing surgical procedures and rapid healthcare infrastructure development. In the country India around 30 million surgical procedures are performed each year, and the country has attracted significant foreign direct investments in medical and surgical appliances which is over USD 3.28 billion from April 2000 to March 2024.

Countries like China, South Korea and Japan are global leaders in plastic surgeries ranking third, fourth and fifth respectively. Government policies are further fueling market growth in the region. For instance, in 2022 the Chinese government introduced a USD 29 billion loan incentive policy to upgrade medical facilities which is helping boost demand for advanced surgical tools.

In June 2024, the Tamil Nadu state government in India announced plans to sell affordable surgical equipment to the public through government run medical shops. This initiative underscores the government’s focus on expanding access to high quality surgical equipment across the country.

Related Markets Impacted by Surgical Equipment Market:

3D Printed Medical Devices Market

The 3D printed medical devices market is closely connected to the surgical equipment market as both sectors rely on cutting edge technology and innovations to improve patient outcomes. 3D medical devices ranging from imaging equipment like MRI machines 2 monitoring devices and implants, are observed to gain momentum in the upcoming years. The increasing demand for advanced surgical tools naturally push the need for complementary medical devices that assist in diagnosis, monitoring and rehabilitation. Custom devices like hearing aids, orthotics, and surgical tools can be designed with precise measurements, offering a superior fit and enhancing patient comfort compared to mass-produced alternatives.

Medical Device Gaskets & Seals Market

The medical device gaskets & seals market was estimated at US$ 0.92 billion in 2023 and is projected to grow to US$ 1.57 billion by 2034, rising at a compound annual growth rate (CAGR) of 5% from 2024 to 2034. The surgical equipment market has positively impacted the Medical Device Gaskets & Seals Market in several significant ways, primarily driven by the growing demand for high-quality, reliable components in medical devices. As the surgical equipment market expands due to advancements in technology, increasing surgical procedures, and stringent regulatory standards, the need for effective gaskets and seals has surged.

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Surgical Equipment Market Opportunity

Growing Demand for Power Tools in Surgical Procedures:

In recent years, the increasing demand for power tools in surgical procedures is set to drive the growth of the surgical equipment market. With the rise of minimally invasive surgeries power tools such as saws, trains and reamers are becoming essential for surgeons. These tools provide precision, reduce operative time and enhance overall surgical outcomes. Battery driven cordless surgical power tools are one of the key developments in this field which is shifting the market.

In March 2023, Stryker, a global leader in medical technology introduced a new line of battery powered surgical power tools. Their innovative system of 9 cordless surgical power tools uses lithium-ion batteries which offers longer operational time and enhanced performance. Surgeons have reported improved precision and workflow particularly in orthopedic surgeries.

Surgical Equipment Market Segments:

By product, in 2023 the surgical structures and staplers segment held the largest share of the surgical equipment market. Structures and staplers are critical for wound closures in various types of surgeries, from minor procedures to major operations like cardiovascular and gastrointestinal surgeries. Their widespread use across different specialities and advancements in structure materials and stapling technology have driven the demand.

By type, in 2023 disposable surgical equipment segment dominated the surgical equipment market. With growing concerns over hospital acquired infections and the need for sterile surgical environments, disposable tools like scalpels, forceps, and scissors are preferred for single use. They minimize cross contamination risks and ensure safety for both patients and healthcare professionals. In the July of 2023, Madeline Industries launched a new range of eco-friendly disposable surgical kits that offer enhanced safety while addressing environmental concerns by using biodegradable materials.

By application, the others segment which includes various general and specialized surgeries like plastic surgery, urology and obstetrics, let the surgical equipment market in 2023. These surgeries are becoming more frequent due to an aging population, rising cancer cases and an increase in elective cosmetic procedures.

Recent Developments and News of the Market:

Company

Indraprastha Apollo Hospital

Headquarter

New Delhi, India, Asia Pacific

Development

In March 2024, At Indraprastha Apollo Hospital in New Delhi, Apollo Hospitals introduced ZAP-X, a gyroscopic radiosurgery platform for the treatment of brain tumors. The US-based medical equipment manufacturer Zap Surgical is set to launch the platform in India. Apollo stated in an official statement that "ZAP-X will offer patients a non-invasive, pain-free alternative to traditional surgical interventions for brain tumors, with sessions lasting just 30 minutes and without the necessity of anesthesia.

Company

Crothall Healthcare

Headquarter

United States, North America

Development

May 2024, Crothall Healthcare (Crothall), a leading provider of sterile processing and support services, and Ascendco Health (Ascendco), a leading innovator in health technology, announced a groundbreaking partnership that will usher in a new era for instrument tracking and overall sterile processing quality within healthcare facilities across the nation. This partnership has the potential to significantly elevate standards within the field of sterile processing.

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Surgical Equipment Market Top Companies

Aesculap Implant Systems, Inc.

ARCH Medical Solutions

Arthrex

BioRad Medisys Pvt. Ltd.

Bricon GmbH

InTech Medical

KLS Martin Group

Medtronic Plc

Miraclus Orthotech Pvt. Ltd.

Precision Spine, Inc.

Trauson Medical Instruments

Segments Covered in the Report

By Product

Surgical Sutures & Staplers

Electrosurgical Devices

Handheld Surgical Devices

Forceps & Spatulas

Retractors

Dilators

Graspers

Auxiliary Instruments

Cutter instruments

Others

By Type

Disposable

Reusable

By Application

Neurosurgery

Plastic & Reconstructive Surgery

Wound Closure

Obstetrics & Gynecology

Cardiovascular

Orthopedic

Others

By Region

North America

US

Canada

Asia Pacific

China

Japan

India

South Korea

Thailand

Europe

Germany

UK

France

Italy

Spain

Sweden

Denmark

Norway

Latin America

Brazil

Mexico

Argentina

Middle East and Africa (MEA)

South Africa

UAE

Saudi Arabia

Kuwait

Discover our detailed Table of Contents (TOC) for the Industry, providing a thorough examination of market segments, material, emerging technologies and key trends. Our TOC offers a structured analysis of market dynamics, emerging innovations, and regional dynamics to guide your strategic decisions in this rapidly evolving healthcare field - https://www.towardshealthcare.com/table-of-content/surgical-equipment-market-sizing

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About Us

Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.

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