Global Surgical Equipment Market is Anticipated to Hit USD 32.96 Billion, With a CAGR of 8.8% CAGR by 2032

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Polaris Market Research & Consulting LLPPolaris Market Research & Consulting LLP

Polaris Market Research & Consulting LLP

With more people choosing to have procedures to improve their health, there is a growing demand for surgical equipment.

New York, May 20, 2024 (GLOBE NEWSWIRE) — Market Overview:

The global surgical equipment market size was estimated at USD 15.48 billion in 2023 and is expected to reach USD 32.96 billion by 2032. It is poised to expand at a compound annual growth rate (CAGR) of 8.8% during the forecast period 2024 to 2032.

Surgical equipment describes the range of instruments, gadgets, and tools that medical professionals, including surgeons, nurses, and other staff members, use when performing surgical procedures. These instruments help with precise, safe, and effective task execution. Surgical equipment is a broad category of objects, each with a distinct function in the operating room.

Moreover, numerous procedures and activities use surgical instruments. Surgical equipment is constructed from stainless steel, molybdenum, titanium, chromium, and vanadium. With the use of surgical instruments, doctors can reach soft tissue, remove bone, dissect and isolate a lesion, and treat aberrant structures by either destroying them or removing the offending structure.

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Key Findings from the Report:

  • The market is mostly driven by factors like a rise in the frequency of lifestyle disorders that eventually necessitate surgery, growing healthcare expenses, and a significant unmet surgical demand.

  • The market analysis is mainly based on application, type, product, and region.

  • In 2023, North America dominated the market with the largest surgical equipment market share.

Market Key Players:

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Surgical Equipment Market Scope:

Report Attributes

Details

Market value in 2024

USD 16.73 billion

Market value in 2032

USD 32.96 billion

CAGR

8.8% from 2024 – 2032

Base year

2023

Historical data

2019-2022

Forecast period

2024-2032

Important Market Developments:

Growth Drivers:

Due to a lack of surgical personnel and a lesser availability of healthcare facilities, the majority of patients were unable to access surgical operations. Technology is transforming the healthcare sector in a number of ways, chief among them the use of surgical robots that increase surgical success rates and affordability.

Trends:

The use of advanced healthcare tools is anticipated to promote innovations in the coming years. Also, over time, government measures to enhance healthcare facilities and make better care more accessible to the populace are anticipated to create many opportunities for the surgical equipment market demand to expand.

Challenges:

The surgical equipment market growth is anticipated to be constrained by the increased expense of procedures and their decreased accessibility, as well as a decline in the supply of skilled healthcare personnel to provide surgical care.

Regional Insights:

North America: In 2023, the majority share was held by the North American region. The region’s expansion is mostly attributable to an increase in surgical procedures along with a rise in chronic illnesses brought on by lifestyle choices, such as chronic kidney disorders, heart-related illnesses, and excruciating anomalies related to malignancy.

Asia Pacific: Asia Pacific is anticipated to grow quickly. More people require healthcare, which opens up new potential for the surgical equipment market in Asia Pacific.

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Segmentation Overview:

By Product Outlook:

By Type Outlook:;

By Application Outlook:

By Region Outlook:

  • North America (U.S., Canada)

  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)

  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)

  • Latin America (Brazil, Mexico, Argentina)

  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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