A surgical instrument is a device or tool used during a surgical procedure or operation to perform specific actions or achieve specific results, such as modifying biological tissue or achieving specific outcomes. A rise in the prevalence of chronic diseases, an increase in the number of surgical procedures, and an aging population are a few of the factors driving the market. Over time, many different kinds of surgical instruments and technologies have been developed. Furthermore, numerous surgical instruments are designed to be used in all types of surgeries, while some are designed for specific specialties or treatments. Furthermore, technological advancements in the field of surgical instruments, as well as an increase in health care expenditure and government funding for medical research, are expected to drive the global surgical equipment market over the projected period.
With a rising geriatric population, the surgical equipment market will grow in the coming years. According to the United States Census Bureau, the population will grow by 7.9% in 2010 and 16.9% in 2020. Individuals over 65 constitute the fastest-growing portion of this population, with a 13.3% growth in 2010 and a 53.1% increase in 2020. As the population of the United States ages, there will also be a significant increase in demand for surgical services. Surgeons must construct strategies for managing increased workloads while sustaining patient outcomes. The rising prevalence of chronic diseases in this population, such as arthritis, cancer, and cardiovascular disease, has resulted in an increase in the number of surgical procedures. As a result, the growing geriatric population, combined with an increase in the number of chronic diseases, will drive market growth throughout the forecast period.
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Global Surgical Equipment Market Growth Aspects
Increasing government expenditures in the development of advanced healthcare infrastructure, as well as favorable regulations to attract FDIs in developing regions, are driving growth in surgical equipment. The increased incidence of injuries, such as traumatic injuries, vehicle accidents, and heart procedures, is driving up the demand for surgical equipment. According to the World Health Organization, cardiovascular illnesses were directly responsible for around 32% of global fatalities in 2019. As a result, increased cardiovascular disease incidences are likely to boost the expansion of the worldwide surgical equipment market.
Furthermore, the introduction of relevant electronic technologies such as automaton and power-assisted systems, as well as minimally invasive surgical equipment, is fueling the expansion of the surgical equipment market. Also, factors such as increased preference for robotic surgery and computer-assisted surgery, as well as an increase in the aging population, which is susceptible to intestinal disorders, ocular disorders, gastric disorders, and other health conditions, are driving the growth of the surgical equipment market. However, in underdeveloped economies, inaccurate sterilization of reused equipment and a lack of a supportive regulatory framework stifle industry expansion.
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Market Segmentation
The global surgical equipment market has been segmented by Acumen Research and Consulting based on product, application, and usability. Based on the product, the market is divided into surgical sutures staplers, handheld surgical devices, and electrosurgical devices. Based on raw material, the market split into neurosurgery, plastic reconstructive surgery, obstetrics gynecology, wound closure, cardiovascular, orthopedic, and others. Based on end-use, the market is classified into disposable surgical equipment, and reusable surgical equipment.
Major Players
Some key players covered global in the surgical equipment industry are Smith Nephew plc, Ethicon, Inc., B. Braun Melsungen AG, Medtronic PLC, Zimmer Biomet Holdings, Inc., Entrhal Medical GmbH, Stryker Corporation, Alcon Laboratories, Inc., Aspen Surgical Products, Inc., Conmed Corporation, Boston Scientific Corporation, and Johnson Johnson.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa are the regional classification of the global surgical equipment market. Due to expanding healthcare facility penetration, an increasing number of hospitals, rapid urbanization, the presence of a large population, and the rising prevalence of chronic diseases, Asia-Pacific is expected to be the most advantageous in the surgical equipment market throughout the forecast period. Furthermore, the rising number of traffic accidents in the region is driving the growth of the surgical equipment market. According to the World Health Organization, poor and middle-income nations account for around 93 percent of worldwide road accidents, and it is one of the leading causes of death among children and early adulthood. Furthermore, the abundance of healthcare facilities and hospitals, the increased prevalence of chronic diseases, and rapid urbanization can all be attributed to regional expansion. In addition, the region's market is being driven by a growing senior population, improved healthcare infrastructure, and an increase in the number of procedures conducted globally.
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