Surgical equipment market to close in on $15bn

With expansion of the healthcare sector, demand for advanced technologies and surgical equipment is forecast to surge. With governments across high potential markets working to make healthcare more affordable and accessible, prospects for growth of the surgical equipment market are expected to get stronger. Further, rising incidence of chronic ailments and increasing cases of accidents, worldwide, will make advanced surgical equipment highly important for administration of required care and treatment.

All in all, the global surgical equipment market is poised to expand at a CAGR of around four per cent and reach a valuation of close to $15bn by the end of 2030, according to research analysts Fact.MR.

The surgical equipment market has a fragmented vendor landscape, with low- and middle-scale companies competing against established players. Sales scope for the market is forecast to surge with increasing penetration of robotics surgery, and rising investments towards such advanced procedures in hospitals and healthcare centers will drive growth.

Among the end users, hospitals are expected to account for a leading share in the surgical equipment market. Regionally, North America is expected to hold dominance, with Europe emerging as the second-leading market for surgical equipment.

Surgical equipment is at high risk of getting infected. It has therefore become increasingly crucial for hospitals and other healthcare facilities to properly sterilize them. These organizations are under strict vigil of internal organizations as the fight against containing the novel coronavirus continues.

Policies are stricter within countries most affected by COVID-19. Medical facilities in these nations are under immense pressure to ensure surgical equipment are properly sterilized. In order to ensure better safety, several manufacturers in the surgical equipment market are adopting precautionary measures to effectively clean and sterilize their equipment before delivery. This means manufacturers and end users are likely to incur more expenditure on the maintenance and sterilization of these equipment. This factor could hamper the growth of the surgical equipment market to some extent.