The global surgical equipment market is expected to hit $12.1 billion by 2020, growing at a compound annual growth rate of 11.1 percent from 2014 to 2020, according to a new Allied Market Research report.

Surgical sutures and staples make up most of the market right now, but that portion of the market is expected to decline from 2013 to 2020 due to emerging minimally invasive surgical equipment.

Instead, electrosurgical devices and robotic technology are expected to propel the market. The increasing prevalence of chronic diseases around the world is intensifying the need for innovative surgeries.

By 2020, the technology will be more widely used and it will revolutionize operating room procedures, according to the report. Additionally, the manufacturing companies that are developing the technologies will make up a significant portion of the market over the years.

However, poor quality assurance regarding performance, improper sterilization procedures for reusable equipment and a lack of regulations in some regions, especially developing economies, may hinder the market's growth.

North America is the leader in the global market and Europe and Asia-Pacific are next in line. North America and Europe are experiencing growth because of the emergence of new technologies, the growing elderly population, good regulatory frameworks and consumers' high disposable incomes.

Asia-Pacific is anticipated to experience significant growth due to an increase in medical tourism, the rise in unmet health care needs, prevalence of chronic diseases and favorable reimbursements.

Medtronic Inc., Stryker Corporation, ConMed Corporation, CareFusion Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Ethicon Inc., Zimmer Holdings Inc., and KLS Martin Group are the main players in the market and make up about half of the global revenue. More specifically, Stryker, Zimmer and CareFusion are leading the electrosurgical device market.

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