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HomeHealth NewsSurgical Procedures Market Will Reach 137.5 Million Procedures in 2030

Surgical Procedures Market Will Reach 137.5 Million Procedures in 2030

The surgical procedures market was 110.0 million procedures in 2023, and it will increase to 137.5 million, advancing at a 3.3% CAGR, by 2030. 

This is mainly because of the surging incidence of chronic disorders, particularly cancer and CVDs; coupled with the increasing elderly population.  

Aging people are more vulnerable to chronic ailments like diabetes, cancer, cardiovascular diseases, and neurological disorders, which led to the growing need for surgical procedures. Likewise, the low levels of immunity make the elderly population more susceptible to infections, therefore resulting in an increase in the number of surgical procedures. 

  1. As per the World Health Organization, there were an estimated 20 million new cases of cancer and 9.7 million deaths in 2022.  
  2. The projected number of individuals who were alive within 5 years following a cancer diagnosis was 53.5 million.  
  3. Approximately 1 out of 5 people develop cancer in their lifetime, around 1 out of 12 women and 1 out of 9 men die from the ailment. 
  4. Moreover, as per a report, worldwide death counts because of CVD increase to 19.8 million in 2022 from 12.4 million in 1990 reflecting worldwide population growth as well as aging.  

Furthermore, the technological improvements in the surgical process will further assist the growth of this industry in the years to come.  

The high count of outpatient surgeries is offering significant growth opportunities to the industry. Outpatient surgeries do not mandate an overnight stay at the hospital. Currently, medical procedures are increasing at outpatient facilities due to technological improvements, counting the arrival of minimally invasive surgeries, and the accessibility of value-based care incentives. 

North America is Leading Market  

North America accounted for the largest share of the industry in 2023, of 50%. This is because of the existence of developed healthcare systems, along with the rising incidence of diseases like cardiac, orthopedic, and gastrointestinal disorders.  

Moreover, the higher acceptance rate of cutting-edge devices as well as the change in the fondness toward outpatient surgeries are also aiding the regional industry growth. 

APAC will advance at the fastest rate of approximately 3.5% in the coming years. This is because of the rising consciousness of chronic disorders, the arrival of developed surgical technologies, the increasing incidence of neurological disorders and traumatic injuries, and the flourishing healthcare and medical tourism sectors, in this region. 

Segmentation Insights  

The obstetric & gynecological category was the largest contributor to the industry in 2023, with approximately 30% share. This is ascribed to the increasing incidence of gynecological disorders, including polycystic ovary syndrome (PCOS), endometriosis, ovarian cysts, chronic pelvic pain, ovarian and uterine cancer, pelvic inflammatory disease, uterine fibroids, and adenomyosis. 

Whereas, the ophthalmic category will advance at the fastest rate, of approximately 3.7%, in the years to come. This can be mainly because of the increasing occurrence of various ophthalmic disorders, such as glaucoma, diabetic retinopathy, and cataracts. 

The hospital was the largest end user category in 2023, with approximately 45% share, and it will remain the largest throughout this decade. This is because of the high count of surgeries carried out in these healthcare settings globally; and the rising prevalence of various chronic ailments. 

With the surging occurrence of chronic diseases across the globe, the need for surgical procedures will continue to increase in the years to come. 

SOURCE: P&S Intelligence