Surgical Equipment Market Size To Rise USD 19.95 Bn By 2032

The global surgical equipment market was valued at USD 10.67 billion in 2023 and is projected to reach USD 19.95 billion by 2032, poised to grow at a CAGR of 7.20% from 2023 to 2032.

The global surgical equipment market is primarily driven by the increased demand for the surgeries owing to the rising prevalence of various chronic diseases among the population. According to the World Health Organization, around 32% of the global deaths were directly linked to the cardiovascular diseases in 2019.According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe.

The increasing popularity of the minimally invasive surgeries is boosting the consumption of the surgical equipment across the globe. The technological advancements in the healthcare field are estimated to drive the demand for the surgeries across the globe.

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Further the growing geriatric population around the globe is fostering the demand for the surgical equipment as old age population is prone to the various chronic diseases. According to the Unite Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. Moreover, the rising cases of sports injuries and road accidents is fueling the growth of the market. According to the Orthopedic Journal of Sports Medicine, the athletes in China showed higher rate of injuries as compared to the American athletes.

Table of Contents

Report Scope of the Surgical Equipment Market

Report Highlights	Details
Market Size	USD 19.95 Billion by 2032
Growth Rate	CAGR of 7.20% From 2023 to 2032
Largest Market	North America
Fastes Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, Region

North America dominated the global surgical equipment market in 2020. The increased prevalence of various chronic diseases among the population and rapidly growing geriatric population are the major drivers of the surgical equipment market in North America. Moreover, rising awareness regarding the benefits of minimally invasive surgeries has significantly driven the consumption of surgical equipment. Further, the presence of developed healthcare infrastructure in the region fosters the growth of the surgical equipment market. , the presence of strong and developed healthcare infrastructure in the region benefits the market owing to the increased penetration of hospitals, clinics, and ambulatory services. The increased disposable income and rising healthcare expenditure is further expected to drive the market in the forthcoming years.

Asia Pacific is estimated to be the most promising market during the forecast period. This is due to the rising prevalence of various chronic diseases among the population. Moreover, the increased number of road traffic accidents is boosting the growth of the surgical equipment market. According to the World Health Organization, around 93% of the global road accidents occur in low and middle income countries, and it is one of the major causes of death among the children and young adults. Further, the increased government investments in the development of the healthcare infrastructure in the region is a major driver of the surgical equipment market.

The lack of proper healthcare infrastructure and low affordability of the surgeries in the developing and underdeveloped nations is a major hindering factor. Around 90% of the people living in the low income countries can’t afford surgical treatment. This is a major factor that may hinder the market growth.

The technological advancements in the surgery equipment and rising investments by the market players is expected to provide growth opportunities in the foreseeable future. The demand for the advanced and innovative surgical equipment is rising across the healthcare sector.

Based on the product, the electrosurgical devices segment is estimated to be the most opportunistic segment during the forecast period. This can be attributed to the rising popularity of the minimally invasive surgeries among the population. The minimally-invasive surgeries offers quick healing and reduces the time of hospital stay for the patients. The technological advancements and development of various electrosurgical equipment is expected to rapidly boost the growth of this segment.

Based on the application, the obstetrics & gynecology segment dominated the global surgical equipment market in 2020, accounting for over 22% of the market share. The rising number of complications related o reproductive organs in female and complications related with pregnancy has fostered the growth of this segment. Moreover, the rising number of cesarean deliveries is also expected to boost the growth of this segment. The increasing penetration of private hospitals, clinics, and ambulatory units is further expected to drive the growth of the market during the forecast period.