As the number of minimally invasive surgical procedures grows, the value of the surgical equipment market is expected to escalate as well, to more than $20 billion by 2025.
A new report on the growth was released Jan. 2 by Grand View Research, a research and consulting company based in San Francisco. The surgical equipment market’s compound annual growth rate is expected to top 7 percent over the next decade to a total of $20.3 billion.
The report showed that surgical sutures and staplers were the highest grossing tools in the market in 2015. The market made $4 billion in 2015 and $3.9 billion in 2014.
Chronic diseases, neurological and cardiovascular problems are some of the biggest factors contributing to surgery increases. Additionally, obstetrics and gynecology held the largest market share because of the growing number of caesarean surgeries performed in 2015. There were more than one million caesarean deliveries performed in the U.S. in 2014, according to the Centers for Disease Control and Prevention.