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Surgical Kits Market Size is expected to reach $40 Billion and Growing at 7% CAGR by 2031

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Surgical Kits Market Size is expected to reach $40 Billion and Growing at 7% CAGR by 2031

October 09
08:30 2021
Surgical Kits Market Size is expected to reach $40 Billion and Growing at 7% CAGR by 2031
Surgical Kits Market
Surgical Kits Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Surgical Kits Market: Introduction

According to the report, the global surgical kits market was valued at ~US$ 17 Bn in 2020 and is projected to contract at a CAGR of ~7% from 2021 to 2031. Surgical kits comprise an assortment of surgical tools for a particular type of a procedure or surgery. Surgical kits are required for procedures, including lacerations, life-saving surgeries (heart surgery, brain surgery, etc.), cosmetic surgeries, and exploratory surgeries. Hospitals require multiple surgical kits to have the necessary tools for operating procedures. Investments by key players to strengthen their position are likely to create significant opportunities in the global surgical kits market. For instance, on January 182019, 3i announced the sale of OneMed for GBP 100 Mn. 3i Group plc (“3i”), and funds managed by 3i, entered into a sale and purchase agreement to sell their investment in OneMed, the leading medical supplies distributor in Northern Europe to Nalka Invest AB for GBP 100 Mn.

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Most end users are moving toward disposable surgical kits. Surgical kits have been witnessing a paradigm shift toward disposable facemasks over reusable ones. This shift can be attributed to the advantages of disposable surgical kits such as high protection from cross-contamination and elimination of the need to sterilize. Additionally, these kits are cost-effective. Hence, key players are engaged in offering disposable surgical kits. This, in turn, is likely to offer significant opportunities in the global surgical kits market.

Increase in Number of Minimally Invasive (MI) Surgeries

Minimally invasive surgeries involve less post-surgery complications, shorter hospital stays, minimal incisions, and shorter recovery time. These benefits increase the number of people opting for minimally invasive surgeries. For instance, MEMS-built pacemakers are less invasive and inexpensive. According to iData’s robotic surgery statistics, in 2019, minimally invasive surgeries accounted for around 86% of total robotic surgeries performed in the U.S. More physicians are being trained in minimally invasive techniques, and the technology has become more acceptable.

Disposable Surgical Kits to Dominate Market

In terms of type, the global surgical kits market has been bifurcated into reusable and disposable. The growth of the disposable segment can be attributed to increase in usage in hospitals, nursing homes, and specialty clinics. North America and Europe contribute significantly to the growth of the disposable segment. The segment held larger share of the surgical kits market in these regions. Reusable kits and devices are soiled, and contaminated with microorganisms when used by patients. This drives the disposable segment. Inadequate cleaning in between patient usage can result in retention of blood, tissue, and other biological debris (soil) in certain types of reusable medical kits and surgical instruments.

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High Use of Surgical Kits in General Surgeries

Based on procedure, the global surgical kits market has been classified into ophthalmology, orthopedic, neurosurgery, cardiac surgery, general surgery, gynecology, urology, ear, neck, and head, and others. General surgery is projected to be a highly attractive segment during the forecast period. The growth of the segment can be attributed to the increase in the number of general surgeries. Other factors driving the segment are increase in the number of day surgeries for some procedures so that people can return home more quickly, better use of data to reduce dissimilarity in general surgery performance, and categorize treatment pathways with the most effective outcomes for patients.

Hospitals to be Major End User

In terms of end user, the global surgical kits market has been divided into hospitals, specialty clinics, ambulatory surgical centers, and others. Hospitals is an important channel for usage of multiplexed surgery kits. According to government healthcare facilities, hospitals have reimbursement plans and advanced technology systems for disease treatment. The growth of the segment can be attributed to the rise in the number of surgeries and hospital facilities across the world.

North America to Dominate Surgical Kits Market

In terms of region, the global surgical kits market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global surgical kits market in 2020, followed by Europe. North America accounted for a major share of the global surgical kits market in 2020. Well-established healthcare infrastructure, presence of key players, and increase in focus of companies on the expansion of production capabilities of surgical kits to cater to the rising demand are anticipated to boost the market in the region. On January 162020, Medline Industries, Inc. announced the acquisition of Médi-Sélect, a Quebec City-based medical and dental supplies distributor to join its Medline Canada operations.

Competition Landscape

The global surgical kits market is fragmented in terms of number of players. Key players in the global surgical kits market include Kimberly-Clark Corporation, Medline Industries, Inc., Cardinal Health, Paul Hartmann AG, Mölnlycke Health Care AB, Hogy Medical, 3M, OneMed, Stradis Healthcare, and Zimmer Biomet.

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