Surgical Cutting Tool Market, Growth, Size, Share, and Industry Analysis, By Type (Cobalt Carbide, Niobium Carbide, Titanium Carbide), By Application (Tungsten Steel Plate, Cutting Tools, and Others), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Surgical Cutting Tool Market REPORT OVERVIEW

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The global surgical cutting tool market size was USD 12260 million in 2021 and market is projected to touch USD 25132 million by 2032, at a compound annual growth rate (CAGR) of 6.7% during the forecast period.

Surgical cutting tools are also harmonic scalpels, and handheld surgical medical equipment is used during surgeries to cut the tissues. Surgical tools are powered with batteries electrically, and the frontal end of surgical cutters is enabled with blades. The temporal end is equipped with handles to hold the device. The handle of the surgical tools has removable grips and is used according to the operator's needs. The type segment consists of cobalt and titanium carbides whereas the application segment consists of tungsten steel plates, cutting tools, and other equipment.

The blade of the frontal end passes through the ultrasonic surgical waves, mainly used for tissue cutting. These tools improve the surgeon's efficiency during the surgical process and reduce the risks during the process. Surgical cutters have made the complicated surgery process more comfortable due to the ease of handling, raising the demand for this product in the market. Thus, this will lead to market growth and share of the product.

COVID-19 Impact: Diversion of Healthcare to the Virus Restrained Market Growth

The shift of attention in the healthcare industry to the virus during the pandemic severely impeded the market growth and share of the product, which led to heavy losses for investors and manufacturers worldwide. The market also witnessed a production slump due to inflation, rising prices of surgical devices, and the collapse of the healthcare industry due to the pandemic. Thus, the market faced severe consequences; however, it will witness an unprecedented demand post the pandemic.  

LATEST TRENDS

"Increasing Post-Pandemic Demand to Drive Market Share"

The increasing demand for surgical tools after the pandemic will drive the industry's market share, leading to massive profits and revenues for companies and manufacturers worldwide. The post-pandemic resumption of healthcare activities after two years will significantly drive the product's market growth in developed countries. This will lead to increased product manufacturing, thus causing profits for the industry during the forecast period.

Surgical Cutting Tool Market SEGMENTATION

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• By Type

The market is subcategorized into types and consists of cobalt carbide, niobium carbide, and titanium carbide.

• By Application

The market is subcategorized based on other applications in tungsten steel plates, cutting tools, and others.

DRIVING FACTORS

"Increasing Healthcare Expenditure to Propel Market Growth"

The main factors driving the surgical cutting tool market growth are increasing healthcare expenditures and growing hospital spending to improve their healthcare facilities. An increasing number of surgical procedures due to rising chronic diseases is fueling the development of the surgical cutters market over the forecasted period. Leading manufacturers and producers are focusing on increasing manufacturing with improved and specialized features of surgical cutters to gain momentum for surgical tools by investors worldwide. This will drive the industry's worldwide market share significantly in developed countries.

"Adoption of Surgical Tools by Developed Countries to Drive Growth"

The global surgical cutting market will show significant growth and opportunities during the forecast period owing to the increased adoption of improved healthcare facilities in developed countries. The adoption of surgical tools is rising as surgeons feel comfortable using them during the surgical process. Several manufacturers in the market supply surgical instruments to hospitals and clinics in developed countries with discounts on bulk purchases. Thus, the market will see an unprecedented boom in demand during the period.

RESTRAINING FACTORS

"Lack of Funding by Developing Countries to Hamper Market Growth"

The lack of funding by hospital management and clinics for procuring secondary tools needed by hospital staff professionals will impede the growth of surgical cutters and tools in the industry. The risk associated with ultrasonic waves while using surgical instruments is further expected to be accountable for the worldwide industry's sluggish growth of surgical cutters. Thus, investors and manufacturers should consider these factors accurately before investing in these countries.

Surgical Cutting Tool Market REGIONAL INSIGHTS

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"Asia Pacific to Lead Market Share Owing to Rising Production Capacity"

The Asia Pacific region will lead the surgical cutting tool market share owing to technological and medical innovations, rise in the healthcare capacity of developing countries, and increased production capacity. This is due to the government initiatives being taken worldwide to support the healthcare expenditure in countries post the pandemic. This will benefit the investors and manufacturers worldwide, leading to profits and revenues for the market. China and Japan are the significant manufacturers in the region with innovative technologies and production capacities.

KEY INDUSTRIAL PLAYERS

"Developing Countries to Lead Market Growth with Innovations"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the industry. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change. The Asia Pacific region will lead the shares, with China and Japan driving the market with massive production.

List of Market Players Profiled

• Kennametal (U.S.)
• Baosteel (China)
• Sumitomo (Japan)
• FUJI Heavy Industries (Japan)
• MTS (U.S.)
• Heheng Metallurgy Machinery (China)

INDUSTRY DEVELOPMENT

May 2022: The leading surgical instrument manufacturer, Surgical Holdings, launched a new worldwide company green initiative to reduce its carbon footprint, which includes founding the latest Ethical Duty Smart Repair service. This service actively promotes the repair and reconstruction of surgical instruments and other medical equipment to tackle global steel wastage. The development will significantly benefit investors and manufacturers by driving the company's market share.

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After thoroughly evaluating the market and industry factors, the report provides an extensive, comprehensive SWOT and PEST analysis. The information estimates all the factors mentioned, taken into consideration after thorough research and analysis. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the surgical cutting tool industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.