Increase in elderly population and awareness among people boosting the market growth of surgical equipment for the next 10 to 15 years; according to a research conducted by Kenneth Research

 Approximately 60% of the surgical operations are performed on 45 or above aged population, according to CDC. And it is estimated by UN Report of 2019, almost 16% of the world’s population is going to be 65 years or above. The increase in elderly population and increase in the number of accidents is the main cause for the boost of surgical equipment market in the near future i.e., 10 to 15 years.

By the end of 2021, the global surgical equipment market is expected to be worth more than 10 billion U.S. dollars, and is expected to grow at a compound annual growth rate (CAGR) of approximately 11% from 2022 to 2030. The demand for surgeons, the rising cost of medical care, the increase in the elderly population and the increase in the number of operations are the key factors that are expected to drive market growth during the forecast period. Comparative studies on the long-term costs of medication and surgery indicate that early surgery is considered more cost-effective than continuous medication. By providing effective consultation during your visit, you can increase patients’ awareness of the costs and benefits of early surgical intervention. In addition, as the burden of health care expenditures in many countries increases, the demand for products is expected to increase during the forecast period.

The growing elderly population around the world is one of the key factors that are expected to drive market growth. According to the CDC, approximately 60% of surgical procedures are performed on people 45 years of age or older. According to the 2019 United Nations report, by 2050, 16% of the world’s total population will be 65 years of age or older. Low-income and middle-income countries have low surgical health care coverage, shortages of surgical manpower, and difficult access to surgical procedures are expected to slow market growth to a certain extent. It is estimated that 9 out of 10 people living in low- and middle-income countries cannot get safe and affordable surgical care when they need it.

Major market players:

Micron Biomedical, Inc., Stryker Corp., Ethicon Inc., Aspen Surgical Products Inc., Alcon Laboratories Inc.

Orthopaedic applications occupy a large market share. In terms of surgical volume, orthopedic surgery such as knee replacement, anterior cruciate ligament surgery and arthroscopic surgery rank among the top 15 in Europe. According to a 2018 report by Eurostat, in nearly 20 of the 21 EU countries, the number of knee replacement surgeries has almost doubled within 5 years, which has increased the rate of acquisition of surgical instruments. North America will receive the largest revenue share in 2021, exceeding 30%, thus forming a complete hospital infrastructure. Due to the technological advancement of minimally invasive surgery and the availability of qualified surgeons in the United States, the regional market will continue to grow at a stable compound annual growth rate.

According to the Global End-to-End Business Solutions Report released in 2018, Europe is one of the world’s largest medical & surgical instrument’s suppliers. The Netherlands, Germany, and Belgium are some notable markets that show potential for profitable growth in the region. Factors such as the local presence of major market players, their geographical proximity to the Asian market, and the increasing burden of chronic diseases are expected to drive the development of the regional market. The Asia-Pacific region is expected to show the fastest compound annual growth rate during the forecast period.

Main market regions:

The study on surgical equipment market was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the Global surgical equipment market research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.