The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Handheld Surgical Devices And Equipment Global Market Report 2023, the handheld surgical devices and equipment market is expected to show significant growth in the forecast period.

The handheld surgical devices and equipment market have exhibited robust growth in recent years, with the market size surging from $6.8 billion in 2023 to $7.36 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 8.2%. This growth in the historic period can be attributed to factors such as an aging population, the rise of minimally invasive surgery (MIS), healthcare infrastructure development, and regulatory compliance.

Anticipated Growth and Driving Forces

The trajectory of growth for handheld surgical devices and equipment continues to be promising, foreseeing an expansion to $9.66 billion in 2028, driven by a CAGR of 7.0%. The forecasted growth is influenced by emerging trends, including telemedicine and remote surgery, growth in emerging markets, advancements in robotics and automation, and the advent of personalized medicine.

Addressing Chronic Disorders: Market Catalyst

– Prevalence of Chronic Diseases

The growing prevalence of chronic disorders, also known as non-communicable diseases (NCDs), is expected to be a key driver for the handheld surgical devices market. NCDs progress slowly over an extended period, contributing to a heightened demand for handheld surgical devices to facilitate minimally invasive procedures.

– Global Impact of Chronic Diseases

According to the World Health Organization, 74% of the 41 million annual global deaths are caused by NCDs. Cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes contribute significantly to this alarming statistic. The demand for handheld surgical devices is anticipated to rise as healthcare professionals strive for more accurate and less invasive procedures.

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Industry Pioneers and Innovations

– Key Market Players

Major companies operating in the handheld surgical devices and equipment market include B. Braun Melsungen AG, Medtronic PLC, Johnson & Johnson Services Inc., Stryker Corporation, Boston Scientific Corporation, and many others. These industry giants play a pivotal role in shaping the market landscape.

– Smart Surgical Tools

Innovation is reshaping the handheld surgical devices market, with major companies developing smart surgical tools to gain a competitive edge. These tools leverage advanced technology to enhance surgical precision, dexterity, and safety.

– Lantern: A Revolutionary Smart Tool

OrthAlign Inc.’s launch of Lantern, a smart surgical tool for knee replacement surgery, exemplifies this innovation. Designed for efficiency in ambulatory surgery centers, Lantern provides precise alignment for individual patients, streamlining surgical workflows and reducing operating room times. This marks a significant advancement in orthopedic surgery technology.

Strategic Acquisitions Fueling Growth

– Aspen Surgical Products’ Acquisition of Symmetry Surgical

In October 2022, Aspen Surgical Products, a portfolio company of Audax Private Equity, acquired Symmetry Surgical, a US-based manufacturer of surgical instrumentation. This strategic move aims to expand Aspen’s portfolio with additional brands and diversify its offerings in the handheld surgical devices market.

Market Segmentation

– Diverse Product Categories

The handheld surgical devices and equipment market is segmented based on product types, applications, and end-users. This includes a variety of products such as scalpels, forceps, retractors, dilators, and graspers. Applications span neurosurgery, cardiovascular, orthopedic, plastic & reconstructive surgery, obstetrics & gynecology, and more. End-users include hospitals, specialized clinics, long-term care centers, ambulatory surgery centers, among others.

– Regional Dominance

North America emerged as the largest region in the global handheld surgical devices market in 2023, highlighting the region’s leadership and influence in driving innovations and market trends.

Conclusion

In conclusion, the handheld surgical devices and equipment market are on an upward trajectory, fueled by innovations, technological advancements, and strategic acquisitions. As the world grapples with the rising prevalence of chronic diseases, the demand for minimally invasive procedures using advanced surgical tools is expected to surge. The industry’s major players, through smart tools and strategic acquisitions, are reshaping the landscape, positioning the market for sustained growth and transformative impact on global healthcare practices.

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