PORTLAND, Oregon and PUNE, India, April 4, 2018 /PRNewswire/ -- According to a new report published by Allied Market Research, titled, Surgical Equipment Market by Product, Category, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global surgical equipment market valued at $9,783.8 million in 2016, and is estimated to reach $15,737.1 million by 2023, at a CAGR of 7.0% during the forecast period. The surgical sutures & staplers segment accounted for two-fifths of the total market share in 2016.

Surgical equipment are tools that are designed to view internal body organs or modify biological tissues. They are used for various surgical procedures such as neurosurgery, urology, laparoscopic, plastic surgery, cardiovascular, and others. Surge in prevalence of chronic disorders among geriatric population, increase in number of surgical procedures, and increase in demand for surgical procedures such as minimally invasive surgeries and laparoscopic surgeries act as the major drivers of the global surgical equipment market. However, uncertainty in reimbursements and highly competitive environment regarding price of surgical equipment restrict the market growth.

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The global surgical equipment market is segmented based on product, category application, and geography. Depending on product, the market is categorized into surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. The handheld surgical instruments segment accounted for the one-third of the total market share. Increasing demand for handheld surgical instrument is attributed to frequent incorporation of the same in various surgeries including cardiovascular surgeries, microvascular surgeries, and laparoscopic surgeries among others.

The applications covered in the study include neurosurgery, plastic & regenerative surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic surgery, laparoscopy, and others. The laparoscopy surgery segment held the largest market share in 2016, accounting for one-fifths of the total market. However, plastic & reconstructive surgery is estimated to grow at the fastest pace during the forecast period, owing to rise in number of aesthetic/cosmetic surgical procedures across the globe.

Key Findings of the Surgical Equipment Market:

The reusable surgical equipment segment dominated the global market in 2016 and is expected to maintain this trend throughout the forecast period.

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