Market Trends of Global Surgical Equipment Industry
This section covers the major market trends shaping the Surgical Equipment Market according to our research experts:
Powered and Electrosurgical Segment Holds Significant Share in Surgical Equipment Market
The powdered and electrosurgical devices segment is expected to hold a significant market share by product. The major factors fuelling the segment's growth are the increasing number of product launches, growing technological advancements, and the rising number of surgical procedures using electrosurgical devices. Powered and electrosurgical devices are used to incise tissue, destroy tissue through desiccation, and control bleeding by causing the coagulation of blood. Electrosurgical devices are used primarily in cholecystectomy procedures.
Several countries are also experiencing a rise in surgical procedures, owing to the rising burden of non-communicable diseases and injuries. For instance, per the Organization for Economic Co-operation and Development (OECD), in 2020, 54,836 laparoscopic cholecystectomy procedures were performed in Denmark, and in Costa Rica, the number of courses was 30,031. Numerous companies implement strategic initiatives, thereby contributing to the segment's growth. For instance, in June 2021, Ethicon (Johnson & Johnson) launched the ENSEAL X1 Curved Jaw Tissue Sealer. This advanced bipolar energy device increases procedural efficiency and provides more robust sealing and better access to more tissue than LigaSure Maryland. This device is indicated for colorectal, gynecological, bariatric, and thoracic procedures.
Thus, the segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
Within North America, the United States has held a significant share of the market. This is due to the increasing geriatric population, a large patient population, and a growing number of various surgical procedures as surgical equipment are widely used in gynecology, abdominal surgeries, cardiothoracic and orthopedic surgeries, among others.
According to the estimates of GLOBOCAN, in 2020, there were an estimated 2,281,658 new cancer cases diagnosed and 612,390 deaths due to cancer in the United States. The most common cancers in the United States are breast, lung, prostate, colorectum, bladder, and skin cancer. Also, according to a September 2020 update by the Centers for Disease Control and Prevention (CDC), heart diseases are the leading cause of death in the United States. The same source also reports that about 805,000 Americans have a heart attack every year. Since the mortality due to heart diseases is increasing, there is a continuous need for surgical procedures to avoid fatalities. Furthermore, per a 2020 report by the American Society of Plastic Surgeons, a total of 15.6 million cosmetic procedures were performed in 2020 in the United States.
Also, the increasing number of regional product launches is boosting the market's growth. For instance, in July 2021, Healthmark Industries acquired McGan Technology LLC, which offers insulation testing devices designed to electrically test electrosurgical instruments, which helps eliminate incidents involving electric shocks due to inadequate surgical device insulation.
Thus, the market is expected to witness significant growth over the forecast period due to the above-mentioned factors.
