Surgical Procedures Market Insights: Comprehensive Industry Analysis and Forecast

08 Sep 2024

Table of Content

1. Surgical Procedures Market Revenue and Trends 2. Market Overview 3. Surgical Procedures Market Trends 4. Surgical Procedures Market Highlights 5. Surgical Procedures Market Top Companies 6. Regional Insights 7. Market Potential and Growth Opportunity 8. Surgical Procedures Market News

Surgical Procedures Market Revenue and Trends

The global surgical procedures market revenue was valued at USD 3.17 trillion in 2023 and is poised to grow from USD 3.35 trillion in 2024 to USD 5.52 trillion by 2033 at a CAGR of 5.7% during the forecast period 2024 - 2033. The increasing prevalence of chronic diseases such as diabetes, chronic kidney diseases, arthritis, and others is expected to drive the growth of the surgical procedures market.

Market Overview

The surgical procedures market deals with resources for invasive processes that are for therapeutic and diagnostic purposes. The resources include healthcare infrastructure, equipment, surgical materials, and healthcare professionals.  It is a fundamental concept of physical intervention in organ or tissue systems. The procedure is considered operative when a surgeon closes a previously sustained wound or cuts the tissue. It is considered surgery.

The growing geriatric population, rising advancements in surgical techniques, medical science, research and development of new procedures, and increasing investment in health facilities are anticipated to drive the market growth. In addition, the growing demand for a speedy recovery and advanced treatment of surgical wounds across the globe, increasing preference for changing trends in medical science, rising demand for surgical procedures from ordinary citizens, and growing investments in healthcare infrastructure worldwide are further expected to enhance the growth of the surgical procedures market during the forecast period.

Surgical Procedures Market Trends

• The rising popularity of minimally invasive surgeries and increasing government initiatives are expected to drive market growth.
• The increasing acceptance and awareness of surgical treatments among patients fuel surgical procedures.
• The rising medical tourism, growing advancements in personalized medicine and genomics, and increasing information and collaboration exchange between healthcare suppliers are anticipated to enhance the growth of the market.

Rising prevalence of cancer and technological advancements in surgical procedures to fuel the market growth

The increasing prevalence of cancer is expected to drive the growth of the market over the forecast period. The most common cancerogenesis in solid organs are colon and breast cancers, which can be removed through resections and are mostly diagnosed at the early stage, which is offering prominent growth to the market. There are various types of chronic cancers in the world. Breast cancer is the riskiest cancer and is highly found in women. The surgical procedure helps to diagnose or operate to cure these cancers. In addition to the growing choice for minimally invasive processes, the market is expanding rapidly.

The increased frequency of accident cases and chronic illness has accelerated the market growth. The evidence of significant surgical equipment advancements is the recent advances in minimally invasive procedures that are expected to drive market growth. Surgeons have the ability to deliver greater efficiency in complicated procedures. These are the driving factors that are expected to enhance the growth of the surgical procedures market.

However, Limited access to healthcare and surgical recovery time might impede market expansion. One major obstacle to the need for surgical procedures is the lack of access to healthcare. Patients in areas with inadequate healthcare facilities could encounter difficulties obtaining necessary surgical procedures. This shortfall results from a lack of appropriate medical facilities, resources, and qualified healthcare workers, which keeps some people from seeking and obtaining surgical procedures. The discrepancy in access that results hinders the market's total development potential and puts obstacles in the way of healthcare equity. It is anticipated that these issues will limit the market's growth for surgical procedures.

Surgical Procedures Market Highlights

Surgical Procedures Market Top Companies

• CONMED Corporation
• Terumo Corporation
• Karl Storz
• Cook Medical
• Smith & Nephew
• Intuitive Surgical
• Ethicon (a subsidiary of Johnson & Johnson)
• Boston Scientific Corporation
• Abbott Laboratories
• Zimmer Biomet
• Olympus Corporation
• Becton, Dickinson and Company (BD)
• Stryker Corporation
• Medtronic
• Johnson & Johnson

Recent Innovation in the Surgical Procedures Market by Medtronic

• In April 2024, Medtronic, a medtech giant, announced the launch of remote live streaming to its Touch Surgery Ecosystem (TSE) for surgical procedures. The aim behind this launch was to evolve surgical training by allowing remote and real-time observation of procedures in operating rooms in more than 20 countries and allowing trainees to attend and conduct live broadcasts of surgical procedures.

Recent Innovation in the Surgical Procedures Market by Stryker Corporation

• In September 2023, one of the world’s leading medical technology companies, Stryker Corporation, launched a new internal fixation minimally invasive procedure, PROstep MIS Lapidus. This procedure is intended for treating bunions using a minimally invasive surgical reduction of hallux valgus deformity and substantial fusion of the metatarsal cuneiform joint.

Regional Insights

North America dominated the surgical procedures market in 2023. The increasing presence of well-developed healthcare systems, increasing prevalence of diseases such as orthopedic disorders, cardiac and gastrointestinal diseases, and increasing preferences towards outpatient surgeries are expected to drive the market growth in North America. The U.S. and China are the major leading countries in North America. The U.S. contributed the highest share in the market. The growing health consciousness among individuals, rising awareness regarding minimally invasive processes, and increasing burden of diseases needing surgical procedures are considered to enhance the market growth in the U.S. Among all types of cancers, the most common are pelvic cancer, bladder cancer, kidney & renal cancer, colon & rectum cancer, lung & bronchus cancer, prostate cancer, and breast cancer in the U.S.

• For instance, in November 2023, in the U.S., a single-use surgical arthroscope, Summit 4K, was launched by Pristine Surgical in centers around the U.S. after the first-in-human surgical procedure. This surgical arthroscope is designed to meet the difficulties created by traditional surgical visualization procedures.

Asia Pacific is expected to grow fastest during the forecast period. The increasing access to advanced medical technologies, rising healthcare investments, growing large patient population, increasing focus on medical tourism, rising improvements in healthcare infrastructure, growing incidence of chronic diseases, and growing geriatric population are anticipated to accelerate the growth of the surgical procedures market in the Asia Pacific region. China, India, Japan, and South Korea are the largest countries in this market. China has the largest market share of surgical procedures in this region. The increasing use of robotic systems is revolutionizing surgical procedures in China and offering patients the benefits of faster recovery and greater precision. The Chinese organizations have made significant donations to the literature on robot-assisted surgical procedures.

• For instance, in March 2024, under the Chinese Academy of Sciences, a Hong Kong-based research center launched a new artificial intelligence tool to assist in complicated brain surgery. In addition, the healthcare industry also deals with an insufficient number of specialized databases for this surgical procedure.

Market Potential and Growth Opportunity

Growing robotic surgery

Robotic surgery is an innovative surgical technique that helps robotic systems guide surgeons during complicated surgery. The high level of precision of the robotic system enables intricate movements and allows surgeons to perform surgical procedures with enhanced accuracy. As compared to traditional open surgery, robotic surgery typically needs smaller incisions, resulting in a quicker recovery for patients, reduced blood loss, and less tissue damage. Robotic surgery provides a high-definition and 3D view that allows surgeons to see the surgical site, which helps enhance decision-making during the surgical procedure. The robotic arms have a higher range of flexibility and motion than human hands and allow surgeons to perform complicated maneuvers with ease. These are the major advanced factors that are expected to drive the growth of the surgical procedures market in the coming future.

Surgical Procedures Market News

• In January 2024, India’s first state-of-the-art advanced 4th Gen robot machine, DaVinci, for world-class robotic surgical procedures was launched by Seer of Sri Saradapeetham Swamy Swaroopananda. This advanced robotic machine is intended to revolutionize surgical procedures. Surgeons have the opportunity to successfully perform surgery with the smallest incision with the help of this robot.
• In April 2024, Osso VR, a virtual training company, announced the launch of a surgical training app, Osso Health. This app leveraged the Apple Vision Pro to focus on common orthopedic procedures, such as total knee replacement and carpal tunnel release.

Market Segmentation

By Type

• Gastrointestinal
• Cardiovascular
• Dental, Cosmetic
• Urologic
• Ophthalmic
• Orthopedic
• ENT
• Nervous System
• Obstetric/Gynecologic

By Channel

• Physician Offices
• Hospitals
• ASCs

Buy this Research Report@ https://www.precedenceresearch.com/checkout/3620

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308