According to Transparency Market Research “Surgical Equipment Market (Surgical Sutures, Surgical Hand Instruments, and Electrosurgical Devices) – Global Forecast, Market Share, Size, Growth and Industry Analysis (2010 – 2017)”; the global Transparency Market Research surgical equipment market was worth USD 5.2 billion in 2011 and is forecasted to reach USD 7.5 billion in 2017 at a CAGR of 6.2% from 2011 to 2017. Surgical sutures segment accounted for the largest share – i.e. 57.0% of the global surgical equipment market at USD 3.0 billion in 2011. The electrosurgical devices segment will have the fastest revenue growth at a CAGR of 7.5% during 2011 – 2017.
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The global surgical equipment market is divided into three categories: electrosurgical devices, hand instruments and surgical suture. The surgical equipment industry is composed of mechanical devices (such as lasers, electro-surgery devices, disposables, heavier cutting tools, generators and accessories), handheld instruments (blades, scalpels, clamps and scissors) and wound closure products such sutures (non-absorbable and absorbable).
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The surgical equipment market is driven by strong economic growth in Japan, Europe and in emerging economies such as India and China. Increased healthcare expenditure, improving standards of living and longer life expectancies are the major factors driving the growth of the surgical equipment market. Moreover, growing demand of outpatient surgeries, increase in the number of healthcare centers, the rise in the surgical procedures performed globally; technological innovations and growing preference for minimally invasive surgeries are also driving the growth of the surgical equipment market.
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Our research indicates faster growth in number of surgical performed in emerging economies in comparison with developed economies. This is primarily due to the higher economic growth and fast improving healthcare facilities in these economies, and declining repayment levels in the U.S.
High competition in the global surgical equipment market is observed with local and international players capturing respective slice of the surgical pie. The faster addition of operating facilities compounded with growing number of hospitals in emerging economies provides healthy growth opportunities for established as well as new players. The top four players in the global surgical equipment market accounted for about 64% market share in 2011. Ethicon was the clear leader in the global surgical equipment market accounting for 34.4% market share in 2011.
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This report is an effort to identify driving forces behind the global and regional surgical equipment market over the next six years.