Emphasis on Product (Surgical Sutures & Staplers, Handheld Surgical Devices, and Electrosurgical Devices); Application (Neurosurgery, Wound Care, Obstetrics & Gynecology, Cardiovascular, Orthopedic, and Others); End-User (Hospitals, Ambulatory Surgical Centers, and Others); and Region/Country
The surgical instrument market was valued at USD 17,931 million in the year 2022 and is expected to grow at a strong CAGR of around 8.5% during the forecast period owing to the integration of advanced technologies, such as robotics, smart instruments, and surgical navigation systems, enhances the precision and effectiveness of surgical procedures, also the rise of ambulatory surgical centers offers convenient, cost-effective alternatives to traditional hospital-based surgeries. The surgical instruments market is fueled by a combination of factors that shape its trajectory. The escalating prevalence of chronic diseases, coupled with the rise in surgical interventions, drives the demand for specialized instruments tailored to specific medical needs. For instance, according to the American Heart Association, nearly half of adults in the U.S. have some type of CVD. By 2035, it is projected that more than 135 million adults, or 45.1% of the U.S. population are projected to have some form of CVD. Furthermore, the trend towards minimally invasive surgeries, which offer reduced post-operative recovery times, has led to an increased demand for instruments suitable for these procedures. Technological advancements, such as robotic-assisted surgeries and the integration of smart technologies, not only enhance surgical precision but also attract skilled professionals seeking to leverage cutting-edge tools. The expansion of healthcare infrastructure in emerging economies widens access to surgical interventions, thus contributing to the market’s growth.
Some of the major players operating in the market include B. Braun SE; Smith+Nephew; Zimmer Biomet; Stryker; Alcon; Aspen Surgical; Medtronic; Medical Device Business Services, Inc.; BD; Olympus Corporation Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, the handheld surgical devices segment dominated the market in 2022”
Based on product, the market is segmented into surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. Amongst these, the handheld surgical devices segment dominated the market in 2022. Handheld surgical devices are a group of surgical instruments that are designed to be held and operated by a surgeon during surgery. The demand for handheld surgical devices has been increasing due to the increasing number of minimally invasive surgeries being performed worldwide. These surgeries require specialized instruments that can be easily manipulated by the surgeon, and handheld surgical devices are specifically designed for this purpose. The advancement in technology has led to the development of more advanced and efficient handheld surgical devices, which has resulted in an increase in the demand for these devices, thereby boosting the growth of the surgical instrument market.
“Amongst end-user, the hospitals category captured the majority share of the Surgical Instrument Market in 2022”
By end-user, the market is segmented into hospitals, ambulatory surgical centers, and others. Among these, the hospitals category captured the majority share of the Surgical Instrument Market in 2022. Hospitals are the largest consumer of surgical instruments because a surging number of surgical procedures and ICU administrations is anticipated to propel the growth of the segment. Also, the increasing construction of hospitals is leading to high demand for surgical instruments. However, ambulatory surgical centers are also likely to witness the fastest growth during the forecast period. For instance, according to the National Hospital Ambulatory Medical Care Survey, in 2018, the emergency department accounted for around 130 million visits, and approximately 2.3 million patients were admitted to ICU.
“APAC Region is Expected to Grow at the Fastest Growth Rate During the Forecast Period”
Across the APAC region, the surgical instruments market reflects the rapid growth of healthcare infrastructure and evolving patient demographics. The expanding middle-class population seeks better healthcare access, resulting in increased demand for surgical procedures. Technological advancements, such as robotics and smart instruments, are gaining traction in Asia, driving the demand for cutting-edge surgical tools. The emergence of robotic-assisted surgeries in the region presents an exciting opportunity for the market. Moreover, the rising prevalence of lifestyle-related chronic diseases fuels the demand for surgical interventions, spurring the need for specialized instruments catering to diverse medical conditions. As Asia embraces modern healthcare solutions and becomes a hub for medical tourism, the surgical instruments market is poised to witness substantial growth while addressing the region’s unique healthcare challenges.
Surgical Instrument Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Surgical Instrument Market
6. Surgical Instrument Market Revenue, 2020-2030f
7. Market Insights By Product
8. Market Insights By Application
9. Market Insights By End-user
10. Market Insights By Region
11. Regulatory Framework
12. Surgical Instrument Market Dynamics
13. Surgical Instrument Market Opportunities
14. Surgical Instrument Market Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. New Market Identification
18. Competitive Scenario
19. Go-to Market Strategy
20. Companies Profiled
21. Disclaimer
Research Methodology for the Surgical Instrument Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Surgical Instrument Market were the three major steps undertaken to create and analyze the adoption of Surgical Instrument in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Surgical Instrument Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Surgical Instrument Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Surgical Instrument Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Surgical Instrument Market. Further, we conducted factor analysis using dependent and independent variables such as product, application, and end-user of the Surgical Instrument Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Surgical Instrument Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Surgical Instrument Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Surgical Instrument Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, application, and end-user in the global Surgical Instrument Market.
The main objective of the Global Surgical Instrument Market Study
The current & future market trends of the global Surgical Instrument Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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