August 02, 2022 11:20 ET | Source: Straits Research Straits Research
New York, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Surgical equipment is used to modify biological tissue or access internal organs. Minimally invasive surgery equipment, robotic and power-assisted systems are driving the growth of the surgical equipment market.
Surgical equipment is made through substantial research and development to aid in surgical procedures. With this device, doctors can access and alter inside organs and tissues. Surgical equipment includes hand instruments, electrosurgical devices, and closure devices. These devices are used in hip or knee replacement, caesarean section delivery, gall bladder removal, hernia repair, and urological disorders.
Robotic surgery and the senior population are both vulnerable to eye, stomach, and intestine disorders. Robot-assisted surgery improves surgeons' control, access, and precision during minimally invasive treatments. Instead, surgical equipment R&D should create new prospects.
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Global Surgical Equipment Market: Drivers
Increasing chronic sickness, an ageing global population, and road traffic accidents drive the global market for surgical instruments and equipment. In 2019, the world has 703 million 65-plus residents. Due to the prevalence of chronic diseases like cancer, arthritis, and cardiovascular disease, this population is undergoing more treatments. Older people account for more than 40% of inpatient treatments and 33% of outpatient surgeries, according to the AARP. Ageing population and chronic disease rise will fuel market growth in the next years.
As individuals learn more about minimally invasive procedures, the surgical equipment industry will grow quicker. Patients are more aware of the financial benefits of early surgery, which is driving up demand.
Government investments in healthcare infrastructure and FDI regulations in emerging countries are expanding surgical equipment. Sports injuries, car accidents, and heart surgeries drive demand for surgical equipment. In 2019, cardiovascular diseases caused 32% of global deaths, according to the WHO. Since cardiovascular illness is rising, the worldwide surgical equipment market may grow. Orthopedic Journal of Sports Medicine says Chinese athletes are more injured than Americans. Sports injuries are increasing the need for surgical equipment. Future growth is expected from surgery equipment advances and industrial investments. Health care providers want advanced surgical equipment.
Global Surgical Equipment Market: Key Future Opportunities
Growing demand for surgical sutures and staples generates revenue potential for medical technology and OEMs. Leading companies employ competitive pricing and cutting-edge technologies to market items. Hospitals increasingly employ portable tools. New retractors and dilators have increased surgical equipment sector revenue.
The worldwide surgical equipment industry may also profit from better imaging products. Ocutrx Vision Technologies, LLC, a manufacturer of augmented-extended reality glasses for surgical operations, unveiled Ocutrx OR-Bot Surgery Visualization Theatre at the American Society of Cataract and Refractive Surgery annual meeting in May 2020.
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Regional Overview of Global Surgical Equipment Market
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the Global Surgical Equipment Market.
North America's revenue share in 2021 was over 35%. High healthcare expenditures, well-established hospitals, and significant U.S. corporations are fueling the region's market growth. During the forecast period, technological advances and the need for minimally invasive procedures are expected to drive the regional market.
Asia Pacific is expected to expand the fastest during the forecast period. Rising disposable income in India and China is expected to boost the plastic and reconstructive treatments segment, boosting the regional market. Increasing senior population is expected to boost orthopedic and cardiovascular operations.
Despite the COVID-19 pandemic's detrimental impact on Asian economies in 2020 and 2021, the market had begun to recover by the second year. The pandemic has caused backlogs and delayed treatments. As a result, this region needs more surgical equipment.
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List of Major Competitor Companies in the Surgical Equipment Market across the Globe are
Global Surgical Equipment Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/surgical-equipment-market/toc
Top 10 Medical Device Companies in the World
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