Surgical Kits Market: Current Analysis and Forecast (2021-2027)

Report Description

The Surgical Kits Market is expected to witness robust growth due to the rising prevalence of chronic diseases, and an increasing number of minimally invasive surgeries across the world. Hospitals require multiple surgical kits to have the necessary tools for operating procedures. As per the International Society of Aesthetic Plastic Surgery, Global Face and head procedures increased by 13.5% in 2019, when compared to 2018. Also, United States saw an 8.7% decrease in surgical procedures, but again performed the most procedures worldwide (15.9% of total), as well as 19.3% of all nonsurgical procedures and 77.8% of injectables in 2019. Brazil performed the most surgical procedures (13.1% of total) and nonsurgical procedures there rose by 28%. Furthermore, the propelling innovations in the industry is also contributing to the growth of the market. For instance: DIO Implant, an implant services provider is gaining recognition for its DIOnavi surgical kit, which supports the basics of digital implant dentistry. Such innovations are boosting growth for the surgical kits market.

Also, a rise has been witnessed in the number of surgeries in various regions, such as Europe, Asia-Pacific, etc. The most significant increases were seen in the oldest age groups, which further increases the patient pool and leads to an increase in hospital admissions and the growth of the market. Moreover, companies are unlocking growth opportunities in dentistry to introduce the digital revolution. However, due to COVID-19, emergency department visits declined by more than 40 % in April 2020 compared to 2019, which may have led to fewer patients presenting with indications for surgical intervention.

Also, the COVID-19 pandemic has brought clinicians under the scrutiny of healthcare organizations for establishing infection control. This has led to the avoidance of reusable surgical instruments in operating theaters. As such, companies in the surgical kits market are benefitting with a surge in the use of disposable surgical instruments. Vortex Surgical announced the launch of the Vortex Surgical Convenience Kit which delivers convenience and ease of use, as well as ordering and operational efficiency, to hospitals, and ambulatory surgery centers.

Benefits of Surgical kits (%)

Kimberly-Clark Corporation, Medline Industries Inc., Cardinal Health, Paul Hartmann AG, Mölnlycke Health Care AB, Hogy Medical, 3M, OneMed, Stradis Healthcare, Zimmer Biomet, etc., are some of the prominent players operating in the Global Surgical Kits Market.

Insights Presented in the Report

“Amongst Product Type, Disposable segment holds the major share”

Based on the product type, the market is fragmented into Disposable and Reusable. Disposable segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to launching new single-use or disposable surgical kits by the companies which is gaining end-users traction. For instance: In 2020, Olympus announces the launch of the Olympus Procedure Kits, in partnership with Ruhof Corporation, and Hybrid Tubing, two new single-use, and single-day devices that reduce the chances for cross-contamination.

“Amongst Procedure Type, General surgery segment dominated the market during the forecast period”

Based on procedure type, the market is mainly fragmented into Ophthalmology, Orthopaedic, Neurosurgery, Cardiac Surgery, General Surgery, Gynaecology, Urology, Ear, Neck and Head, Others. In 2020, the General Surgery segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.

“Amongst End-User Type, Hospitals segment dominated the market during the forecast period”

Based on End-user Type, the market is mainly fragmented into Hospitals, Specialty Clinics, and Ambulatory Surgical Centers. Surgical kits being increasingly utilized in the hospitals for reducing the incidences of hospital-acquired infections, and improving the post-surgical recovery time led the hospitals segment to emerge as the largest end-user segment with USD XX billion revenue in 2020.  However, an increase in the number of patient referrals to specialty clinics dedicated to various ailments such as cancer, cardiovascular diseases, etc. is projected to propel the specialty clinics segment to grow at an accelerated CAGR of XX% over the forecast period.

“North America represents one of the largest markets of Surgical Kits market”

For a better understanding of the market dynamics of the Surgical Kits Market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America dominated the market and generated revenue of US$ XX billion in 2020 owing to advanced healthcare infrastructure.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

Surgical Kits Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Surgical Kits Market were the three major steps undertaken to create and analyze the adoption of Surgical Kits for the different surgeries across 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 Surgical Kits sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast 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 the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Surgical Kits through company internal sources such as annual report & 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 Kits market, we conducted a detailed secondary analysis to gather historical market insights and share for different technologies & vehicle types for major regions. Major segments included in the report are product type, procedure type, and regions. Further country-level analyses were conducted to evaluate the overall adoption of Surgical Kits 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 Surgical kits. Further, we conducted factor analysis using dependent and independent variables such as the surging demand for disposable surgical kits. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Surgical Kits industry 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 Surgical Kits 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, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Surgical Kits across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Surgical Kits market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

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, and 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

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Surgical Kits market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product type and procedure of the Surgical Kits market.

Main Objective of the Surgical Kits Market Study

The current & future market trends of Surgical Kits were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were 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 as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Surgical Kits in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, procedure type, and regions
• Define and analysis of the regulatory framework for the Surgical Kits industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Surgical Kits market for the major region
• Major regions studied in the report include North America (U.S and Canada), Europe (Germany, France, U.K Spain, and Italy), Asia-Pacific (China, Japan, Australia, and India), Rest of the World
• Company profiles of the Surgical Kits market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry