Surgical Supply Service Market was valued at USD 20.5 Billion in 2022 and is projected to reach USD 35.4 Billion by 2030, growing at a CAGR of 7.2% from 2024 to 2030.
The surgical supply service market is experiencing significant growth, driven by advancements in medical technology, an increasing number of surgical procedures, and a rising geriatric population. This article delves into the current trends, challenges, and future prospects of this dynamic market.
As of 2023, the global surgical equipment market was valued at approximately USD 16.88 billion and is projected to reach USD 31.58 billion by 2030, expanding at a compound annual growth rate (CAGR) of 9.4%. This growth is attributed to factors such as the increasing prevalence of chronic diseases, technological advancements in surgical instruments, and a surge in minimally invasive surgical procedures.
Technological Advancements: Innovations like robotic-assisted surgeries have revolutionized the surgical landscape. For instance, Intuitive Surgical's da Vinci systems have seen increased adoption due to their precision and reduced recovery times. In the third quarter of 2024, the company reported an 18% year-over-year increase in da Vinci procedures.
Rising Geriatric Population: The global increase in the elderly population has led to a higher incidence of chronic diseases requiring surgical interventions. According to the India Ageing Report 2023, the number of older people worldwide is expected to double to 2.1 billion by 2050, with approximately 1.3 billion in Asia.
Healthcare Expenditure: Governments are allocating more funds to healthcare, improving infrastructure and access to surgical services. For example, India's Union Budget 2022–2023 allocated INR 86,200 crores to the Ministry of Health and Family Welfare, a 16.5% increase from the previous year.
North America: This region holds the largest market share, attributed to a well-established healthcare infrastructure and early adoption of advanced surgical technologies.
Asia-Pacific: Rapid economic development and increasing healthcare investments are propelling market growth. Notably, India's robotic-assisted surgical market is expected to reach Rs 26 billion by 2024, expanding at a CAGR of 19.8%.
Regulatory Hurdles: Complex approval processes can delay the introduction of new surgical equipment. In India, the Central Drugs Standard Control Organization (CDSCO) oversees a stringent regulatory framework that can be time-consuming.
High Costs: Advanced surgical equipment and robotic systems involve substantial investment, which may be prohibitive for smaller healthcare facilities.
Supply Chain Disruptions: Events like natural disasters can impact the production and distribution of essential surgical supplies. For instance, Hurricane Helene in 2024 affected Baxter International's production of IV fluids, leading to shortages.
The surgical supply service market is poised for robust growth, driven by continuous technological innovations and increasing demand for surgical procedures. Companies are focusing on developing advanced, cost-effective solutions to cater to a broader range of healthcare providers. Additionally, government initiatives aimed at improving healthcare infrastructure are expected to further stimulate market expansion.
The surgical supply service market is undergoing transformative changes, influenced by technological advancements, demographic shifts, and increased healthcare spending. Stakeholders must navigate challenges such as regulatory complexities and high costs to capitalize on the burgeoning opportunities in this sector. By staying abreast of market trends and investing in innovation, companies can position themselves favorably in this evolving landscape.
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McKesson
AmerisourceBergen
Cardinal Health
Walgreens Boots Alliance
Medline Industries
Henry Schein
Owens & Minor
Patterson
Concordance Healthcare Solutions
CuraScript Specialty Distribution
Phoenix Group
Suzuken
Alliance Healthcare
Mawdsley-Brooks
Innomar Strategies
Johnson & Johnson
Sisters of Mercy Health System
Mayo Clinic
China National Pharmaceutical Group
Shanghai Pharmaceuticals Holding
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Surgical Supply Service Market
Hospitals
Clinics
Others
Based on Types the Market is categorized into Below types that held the largest Surgical Supply Service market share In 2023.
Whole Process Supply
Equipment Supply
Medicine Supply
Clothing Supply
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Surgical Supply Service Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Surgical Supply Service Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Surgical Supply Service Market, By Type
6. Global Surgical Supply Service Market, By Application
7. Global Surgical Supply Service Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Surgical Supply Service Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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