The surgical procedures market size is expected to advance at a CAGR of 3.3% during 2024–2030, to reach 137.5 million procedures by 2030.
This is primarily due to the increasing prevalence of cancer. Moreover, the surging rate of technological advancements in surgical procedures, including the introduction of robotic surgeries, is a major factor driving the growth of the market.
Along with the development of the healthcare infrastructure, there has been a significant improvement in outpatient surgical procedures, which has increased the demand for surgical implants and devices.
Additionally, the market is expected to be driven by the rising prevalence of chronic disorders, such as heart disease, chronic lung disease, chronic kidney disease, stroke, Alzheimer’s disease, and diabetes. For instance, according to the CDC’s National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), 6 in 10 adults have a chronic disorder in the U.S. Moreover, as per the same source, 4 in 10 adults have two or more chronic disorders in the country. Since chronic disorders are the leading causes of death and disability, the annual health spending of the nation was estimated at USD 4.1 trillion in 2021, thus hinting at massive growth in the market over the forecast period.
The expansion of the surgical procedures market is projected to be driven by the opportunities in the untapped emerging economies, due to the unmet healthcare demands and an increase in the cases of chronic diseases. In addition, the healthcare business in emerging economies is expanding at a rapid rate due to the surging demand for better care and governments’ substantial investments in their healthcare infrastructure.
Moreover, the expanding medical tourism industry in developing nations, such as China, India, Brazil, Mexico, Malaysia, Thailand, and Singapore, pushes up the number of surgical procedures. Consequently, the increase in the count of surgical operations in emerging economies would create a lucrative potential for the market growth throughout the forecast period. This would, in turn, provide lucrative growth opportunities to the manufacturers of surgical instruments.
Additionally, healthcare awareness has increased in these economies due to the advancements in technologies and the rise in government funding. Thus, people tend to opt for surgeries and treatments for several diseases that they would ignore in the past.
The Asia-Pacific region is expected to be the fastest-growing surgical procedures market, with a CAGR of about 3.5%, during the forecast period. This can be attributed to the increasing awareness about chronic disorders, rising prevalence of traumatic injuries and neurological disorders, advent of advanced surgical technologies, growing medical tourism sector, and booming healthcare industry in the region.
In addition to that, the surging preference for outpatient surgeries and growing adoption of minimally invasive procedures, including the cost-effective laparoscopies, in the region are providing lucrative opportunities in this region. Minimally and non-invasive procedures are projected to witness a strong demand from the elderly population since they enable a quicker recovery and offer a lower risk to their overall health than the conventional invasive procedures.
Moreover, the attractive reimbursement environment across the region and the presence of major surgical equipment manufacturers, who are concentrating on acquiring a competitive edge in the developing countries of the region, are promoting the market expansion in Asia-Pacific.