The surgical equipment market size in Europe is predicted to be valued at USD 6.74 billion by 2028 from USD 4.56 billion in 2023, growing at a CAGR of 8.12% from 2023 to 2028.
The growing patient population of chronic diseases such as cancer, cardiovascular disease and arthritis in Europe is fueling the need for surgical equipment and driving the European surgical equipment market growth. Approximately 35% of the population suffers from chronic diseases in Europe. Lifestyle changes, unhealthy food consumption and genetic factors contribute to the rise of these diseases. Surgical instruments play a crucial role in performing precise actions during surgical procedures. The growing geriatric population requires specialized equipment for surgical interventions, as older individuals are more sensitive to such procedures.
The growing number of surgical procedures in Europe including heart-related surgeries, cesarean surgeries and minimally invasive surgeries further fuel the demand for surgical equipment and contribute to the European market growth. These procedures require specialized surgical equipment. Minimally invasive surgeries are preferred by patients due to shorter recovery time, fewer incisions, and shorter hospital stays. The rise in ambulatory surgical centers further contributes to the increasing demand for surgical equipment and propelling the European market growth.
The growing number of advancements in the development of surgical equipment and support from the governments of European countries in favor of surgical equipment fuel the growth rate of the European market. Manufacturers of surgical equipment in the European region are dedicated to enhancing the accuracy and performance of surgical devices by incorporating advanced technologies and actively involved in the development of robotic-assisted surgical equipment to streamline surgical procedures. The growing investments in R&D by the market participants, increasing support from pharmaceutical companies and governmental organizations and rising production of reusable products further contribute to the growth rate of the European market.
The growing aging population, increasing healthcare expenditure, growing preference for outpatient or ambulatory surgeries, stringent regulatory frameworks and standards ensure the safety and efficacy of surgical equipment, growing medical tourism and rising awareness among patients about surgical treatment options, technological advancements, and the benefits of minimally invasive surgeries contribute to the growth of the European surgical equipment market.
The high cost of advanced surgical equipment that is not unaffordable for smaller healthcare facilities or those with limited budgets is one of the key factors hampering the European surgical equipment market growth. Strict regulatory requirements and lengthy approval processes for new surgical equipment, inadequate reimbursement policies or low reimbursement rates for certain surgical procedures and the shortage of specialized surgeons, nurses, and technicians with expertise in operating advanced surgical equipment further hinder the market growth in Europe. The reluctance to adopt newer technologies and equipment by healthcare professionals, the absence of standardized protocols or guidelines for the use of specific surgical equipment and inadequate healthcare infrastructure, particularly in rural or underserved areas are other significant roadblocks to the growth of the European surgical equipment market.
This research report on the Europe surgical equipment market has been segmented and sub-segmented into the following categories.
By Product:
By Application:
By Country:
The European region held a notable share of the global market in 2022 and is expected to grow at a promising CAGR during the forecast period. Germany had the major share of the European market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to factors such as a growing patient population, increased healthcare expenditure and advancements in the medical sector. Government initiatives have facilitated the approval of novel surgical products to enhance operation success rates and reduce human errors associated with outdated surgical equipment. The growing number of awareness campaigns to promote the advantages of surgical equipment for diverse surgical procedures further contribute to the German market growth.
The UK surgical equipment captured a substantial share of the European market in 2022 and is predicted to grow at a steady CAGR during the forecast period due to the rising number of manufacturing facilities and an increasing prevalence of dental cases. With approximately 31% of the population affected by tooth decay, surgical equipment is crucial for effective dental treatments.
KEY MARKET PARTICIPANTS:
Medtronic PLC, Johnson & Johnson, Stryker Corporation, B. Braun Melsungen AG and Zimmer Biomet Holdings Inc. are some of the major players in the Europe surgical equipment market.
Frequently Asked Questions
Factors driving the growth of the Europe Surgical Equipment Market include the increasing number of surgical procedures, advancements in surgical technology, the growing geriatric population, and the rising prevalence of chronic diseases requiring surgical interventions.
Several countries in Europe have a significant presence in the surgical equipment market, including Germany, France, the United Kingdom, Italy, and Spain.
Major challenges faced by the Europe Surgical Equipment Market include the high cost of surgical equipment, stringent regulatory requirements, concerns regarding the safety and efficacy ocertain devices, and limited healthcare budgets in some countries.
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