Surgical Instrument Manufacturing in the US - Industry Market Research Report

No cutbacks: An increase in the number of surgeries due to aging baby boomers will boost industry sales

An aging population, both in the US and globally, with growing healthcare expenditures has driven demand for surgeries and necessary surgical instruments. In the beginning of the five-year period, revenue experienced significant declines as the number of physician visits inched downward and Medicaid and Medicare funding dropped, reducing the need for instruments. Starting in March 2020, COVID-19 perpetuated this falloff as total healthcare spending fell with cancellations of elective surgeries. As medical care resumed post-COVID-19, economic factors benefited growth but contributed to volatility. Exports rebounded, while imports followed with a transitory dip. But for the period as a whole, import growth is expected to swamp export growth as the cost of the industry's products surpasses imported products. Due to the stress of COVID-19 and economic factors overshadowing the pent-up demand for services, industry-wide revenue dropped at a CAGR of 3.2% over the past five years and is expected to total $442.2 billion in 2023, when revenue growth will be mild at an estimated 0.5%. Companies in this industry manufacture specially designed tools or devices for performing specific actions during a surgery or operation. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.