The Powered Surgical Instruments Market is estimated to be valued at US$ 2,147.6 million in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Powered surgical instruments are advanced medical devices used in surgical procedures to perform cutting, sawing, reaming, drilling, and clipping of bone and tissue. Common powered surgical instruments include drills, saws, reamers, burrs, and other powered tools.
Market Dynamics:
Growing number of surgical procedures globally is expected to drive the growth of the powered surgical instruments market over the forecast period. According to the Lancet Commission on Global Surgery Report, about 143 million additional surgical procedures are needed to meet the current disease burden globally. Moreover, rising geriatric population prone to orthopedic conditions will further augment the demand for powered surgical instruments. It is estimated that around 67 million people in the United States will be aged 65 years or older by 2030.
Market key trends:
The Powered Surgical Instruments Market Growth has been witnessing notable growth driven by increasing adoption of powered surgical equipment. One of the key trends is the rise in minimally invasive surgeries globally which has fueled the demand for advanced powered instruments. Minimally invasive procedures offer benefits like smaller incisions, less pain, quicker recovery times, and lower risk of surgical site infections. This has driven healthcare providers and patients to prefer such surgeries thus driving utilisation of powered tools. Furthermore, technological advancements like battery powered instruments, robot-assisted surgical systems etc. have enhanced the capabilities of surgeons and optimised surgical outcomes.
SWOT Analysis
Strengths: Powered instruments offer improved control, accuracy and precision during surgeries compared to conventional manual tools. This has helped achieve better clinical outcomes.
Weaknesses: High costs associated with powered surgical equipment and need for technical know-how to operate these tools are some limitations.
Opportunities: Growing geriatric population prone to orthopaedic conditions and rise in hospitals in developing nations present market opportunities.
Threats: Entry of local players offering low-cost products and risk of product recalls due to quality issues pose threats.
Key Takeaways
The global powered surgical instruments market size was valued at US$ 2,147.6 million in 2023 and is expected to witness high growth, exhibiting a CAGR of 3.0% over the forecast period. The growth is attributed to the rising preference for minimally invasive procedures owing to benefits like reduced post-surgery recovery time and lower risk of surgical site infections.
On the regional front, North America dominated the global market in 2023 led by major market players in the US and higher adoption of advanced surgical technologies. However, Asia Pacific is anticipated to be the fastest growing region due to growing healthcare infra, rising medical tourism and increasing orthopaedic surgeries in countries like China and India.
Key players operating in the powered surgical instruments market are Stryker Corporation, Conmed Corporation, Zimmer Biomet Holdings, Inc., MicroAire Corporation, Medtronic Plc, KLS Martin L.P., DePuy Synthes, Smith & Nephew, Arthrex, Inc, and B. Braun Melsungen AG. These players are focusing on new product launches and strategic partnerships with hospitals to strengthen their market position.
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