Surgical Instruments Market Size Forecast to Reach $28.3 Billion by 2026
Surgical Instruments Market size is forecast to reach $28.3 billion by 2026, growing at a CAGR of 8.0% during the forecast period 2021-2026. Surgical instruments are tools or equipment used for purposes such as cutting, dissecting, gripping, holding, dilating or expanding, suctioning, retracting, or suturing. These tools are utilized in a wide range of processes and operations. The majority of surgical tools are constructed of stainless steel. Other metals used in addition to stainless steel include titanium, chromium, vanadium and molybdenum. Surgical instruments are tools that allow surgeons to access the soft tissue, remove the bone, dissect and isolate the lesion, and remove or destroy the aberrant structures as a therapy. Increasing prevalence of chronic diseases such as cancer, blood disorder, autoimmune diseases, and other disease coupled with growing geriatric population are the major factors driving the growth of the market. Increasing cases of accidents and injuries is set to further enhance the overall market development of the Surgical Instruments Market for the period 2021-2026.
Surgical Instruments Market Segment Analysis – By Product Type
Handheld Instruments held the largest share in the Surgical Instruments Market in 2020 and is estimated to grow at a CAGR 8.7% during the forecast period 2021-2026. Forceps, retractors, dilators, graspers, scalpels, and other hand-held instruments are examples of handheld instruments. These surgical tools are normally made of high-quality stainless steel and are available in a variety of sizes, shapes, and shapes that are ideal for certain operations. Handheld instruments are widely used during surgery. Handheld Instruments are estimated to register the higher CAGR over the period 2021-2026.
Surgical Instruments Market Segment Analysis – By Application
Cardiology held the largest share in the Surgical Instruments Market in 2020 and is estimated to grow at a CAGR 9.2% during the forecast period 2021-2026. Cardiovascular surgery is used to treat diseases and conditions of the heart and blood arteries throughout the body. Coronary bypass surgery, aortic or mitral valve replacement or repair, and aneurysm repair are all common cardiovascular treatments. The increase in the number of coronary and percutaneous cardiology procedures, as well as the number of cardiology surgeries, is driving the growth of this segment. Cardiology are estimated to register the higher CAGR over the period 2021-2026.
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Surgical Instruments Market Segment Analysis – By Geography
North America dominated the Surgical Instruments Market with a major share of 37.2% in 2020. This is attributed to increasing prevalence of chronic diseases such as cancer, blood disorder, autoimmune diseases, and other disease in this region. Furthermore, rising healthcare expenditures and technological advancements are driving the growth of the market in this area. Sickel Cell Disease (SCD) affects around 100,000 Americans each year, according to the CDC (Centers for Disease Control and Prevention).However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing adoption of MIS instruments coupled with rise in number of accidents. The growing awareness of minimally invasive surgical procedures is driving market expansion in this region.
Surgical Instruments Market Drivers
Increasing Prevalence of Chronic Diseases
Increasing prevalence of chronic diseases such as heart disease, cancer, and diabetes is increasing the growth of the Surgical Instruments Market. Cancer is the biggest cause of death globally, accounting for roughly 10 million deaths in 2020, according to the World Health Organization (WHO). Furthermore, the number of minimally invasive surgical treatments is growing. Thus, increasing the growth of the Surgical Instruments Market during the forecast period 2021-2026.
Growing Incidence of Accidents and Injuries
Increasing incidence of road accidents across the globe is increasing the growth of the Surgical Instruments Market. According to the CDC (Centers for Disease Control and Prevention), each year around 1.35 million people are killed owing to road accident around the world. Furthermore, growing adoption of minimally invasive surgery (MIS) instruments. Thus, increasing the growth of the Surgical Instruments Market during the forecast period 2021-2026.
Surgical Instruments Market Challenges
Strict Government Regulations
Some of the factors that are set to impede the growth of the Surgical Instruments Market are strict government regulation and Reimbursement Issues. Uncertain regulatory framework and lack of compensation is also hamper growth of the market.
Surgical Instruments Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Surgical Instruments Market. In 2020, the Surgical Instruments Market share is consolidated by the top ten players present in the market. The Surgical Instruments Market, top 10 companies are Medtronic plc. Progressive Medical, Inc., Scanlan International, Abbott Laboratories Inc., Boston Scientific Corporation, HOYA Corporation, Koninklijke Philips N.V., Biolitec AG, Stryker Corporation and Johnson & Johnson.
Key Takeaways
North America dominated the Surgical Instruments Market in 2020 owing to rising number of surgical centers. The Surgical Instruments Market scope for different regions will be provided in the final report.
Increasing number of surgical procedures are likely to aid the market growth of the Surgical Instruments Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Surgical Instruments Market report.
Strict government regulations is poised to create the hurdles for the Surgical Instruments Market.
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