Surgical Instruments Market - Forecast(2020 - 2025)

 Surgical Instruments Market Overview:

According to the findings of a study by the University of California, Irwin Medical Center, hip and knee replacement surgeries are on the rise owing to incrementing percentage of geriatrics and the mounting obesity rates in the US. Furthermore, the institute estimates that by 2030, the total number of knee replacements performed in the US will escalate by a whopping 600% as compared to that in 2005[1]. Subsequently, there will be an upsurge in demand for the instruments needed for those surgeries, which will significantly stroke the prospects in the global surgical instruments market, which had a value of $10.2 billion to $11.5 in 2018. Furthermore, opportunities in the surgical instruments market will be mounting at healthy CAGR of 6% to 6.5% during the forecast period of 2019 to 2025.

Apparently, the developed economy, growing awareness among the citizens, broad spectrum of patients, and the availability of multifunctional products owing to the world-class healthcare facilities in the North American countries are booming the surgical instruments market in the region. Conspicuously, the deep-pocket investors in the region find the healthcare sector as a compelling investment, which includes the investment in surgical instruments. This largely supports the surgical instruments market in North America, and according to the findings by the market analyst, the region held the maximum share of 39% to 43% in 2018.   

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Surgical Instruments Market Outlook:

Surgical instruments are devices like scalpel and hemostat that perform functions pertaining to surgery by a surgical technologist that includes modifying a biological tissue. There are many types of surgical instruments ranging from clamps and occluders for blood vessels, retractors for skin and ribs, and stereotactic devices. The major surgical instruments marketplace are private and government hospitals where they are used to perform diverse kind of surgeries.

 

Their application is segmented on the basis of the type of surgical instruments that include surgical sutures and staplers, handheld surgical devices, and electrosurgical devices. The key market application segment is in the surgical suture and staplers, which will grow with a CAGR of 35% to 37% through to 2025. 

“The palpable rise in diseases such as obesity, cancer, and cardiovascular conditions coupled with the technological advancements and innovations in the healthcare sector to provide faster recoveries to the patients will catapult the demand for surgical sutures and staplers in the surgical instruments market,” highlights the market analyst in the report. 

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Surgical Instruments Market Growth Drivers:

• The Growing Number of Road Accidents – 

According to a 2018 press release by the World Health Organization (WHO), 1.35 million die each year due to road traffic incidents. Furthermore, between 20 million to as much as 50 million people suffer from non-fatal injuries due to road accidents[2].  The victims of car accidents can experience herniated discs and spinal cord damage. Evidently, these fatalities lead to other internal injuries too that entail surgery and sometimes replacement of body parts for complete healing. Even though these disquieting figures are causing concerns in the world, there is a myriad of opportunities for the vendors in the surgical instruments market because of the same.

• The Rise in Geriatric Population Across the Globe – 

In 2017, there were 962 million people aged 60 years or over in the world which comprised of the 13% of the world’s population, according to the United Nations. The organization has estimated that the figure may rise to as much as 1.4 billion aged people across the globe in 2030[3].  Apparently, these people suffer from a gamut of geriatric conditions, some of which warrant surgeries to be performed. This rise in the population of geriatric population and the complications pertaining to their surgery is also a major concern in the healthcare sector which is creating a dire need for innovation in the surgical instruments market. This is not only leading to new developments in the surgical instruments market but also creating a sustainable marketplace for the vendors.

• The Preference for Surgery Over Other Modes of Treatment –

Even though there are other modes of treatment such as anti-inflammatory medications and cell therapy. However, owing to the fact that these treatment medical procedures are time-consuming, patients show a tangible predilection for surgery that leads to quick healing. This is quite evident when Basic Life Support estimates that the requirement for physicians and surgeons will be 13% times more in 2026 than in 2016[4] , which says volumes about the future prospects in the surgical instruments market. 

Surgical Instruments Market Trends:

• Latest Development – Recently, Zimmer Biomet innovated its product strategies and invented surgical equipment that can be used in orthopedic surgery as a tool for drilling, reaming, and sawing with lithium battery technology. This surgical equipment is going to dominate the surgical instruments market as it provides more precision and reliability needed for critical surgeries. 
• According to the U.S. Food & Drug Administration, the computer-assisted surgical systems that can be utilized for surgical navigation and pre-operative planning are poised to bring a revolution in the surgical instruments market. 
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