New York, United States , March 11, 2023 (GLOBE NEWSWIRE) -- The Global Powered Surgical Instruments Market Size to grow from USD 2.50 billion in 2021 to USD 3.10 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.51% during the forecast period. Over the past few years, the powered surgical instruments market has been witnessing continuous growth. Factors such as aging population, increasing volume of global surgical procedures and increasing demand for minimally invasive surgeries is fuelling market growth. The market has also witnessed transformative and innovative technological advancements, such as surgical robotics, that have positively impacted the market. Moreover, increasing geriatric population and growing awareness about the advantages of these instruments are expected to further boost the market.
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The prevalence of chronic diseases such diabetes, cancer, cardiovascular disease, and bone-related disorders is on the rise, which is driving the market. The need for these tools is also being driven by an ageing population and a greater awareness of their benefits. As a result of the growing demand for minimally invasive and non-invasive surgical techniques, the global market for powered surgical equipment is also growing. Powered Surgical Instruments are precision-engineered equipment used during surgical procedures. These instruments are used to improve surgical processes in a very effective and precise manner. These pieces of equipment are operated by electric or pneumatic power sources. Complex equipment that enhance the accuracy and dependability of crucial surgical procedures are known as powerful surgical instruments. These instruments are often used in orthopaedic, cardiovascular, neurosurgery, cosmetic restoration surgery, and other procedures for cutting, grinding, sculpting, shaving, and ultrasonic cell death. The market for powered surgical tools is expanding significantly as a result of an ageing population and an increase in illness incidence. The rise in health consciousness among the general public, as well as the increased use and adoption of arthroscopy and minimally invasive procedures, are what are driving the market's growth. The rise in medical tourism worldwide is another factor driving the growth of the global market for Powered Surgical Tools. The expansion of businesses is also expected to be aided by rising financial support and investments in the global healthcare industry. One example of a technological advancement that is influencing the expansion and development of businesses is the use of surgical robots. Issues with insufficient quality guarantees and payment troubles are a couple of the barriers preventing the market's growth. Moreover, problems like subpar quality control and ongoing financial pressure on healthcare providers are anticipated to restrain market expansion. The rise in medical tourism in developed countries is predicted to favour the global expansion of the Powered Surgical Tools Market.
Browse key industry insights spread across 199 pages with 106 market data tables and figures & charts from the report “Global Powered Surgical Instruments Market Size, Share, and COVID-19 Impact Analysis, By Product (Handpieces, Power Source & Control, Accessories), By Application (Plastic Surgery, Orthopedic, Cardiovascular Surgery), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents.
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The Handpiece Instruments holds the largest market share over the forecast period.
On the basis of product, the powered surgical instruments market is segmented into Handpieces, Power Source & Control, Accessories. Among these, the handpiece instruments segment holds the largest market share over the forecast period. The market segment is expected to hold onto its lead throughout the projection period due to features including increased power, better efficiency, lighter frames, and ease of use when compared to other instruments. Drilling systems, reamers, saws, staplers, shavers, and other handpiece tools are among the several varieties available. The power source & control sector consists of the categories of batteries, electric instruments, and pneumatic instruments. The market for accessories is made up of electrical and medical accessories.
The plastic surgery segment is witnessing the fastest market growth over the forecast period.
Based on the application, the global powered surgical instruments market is segmented into Plastic Surgery, Orthopedic, Cardiovascular Surgery. Due to increased consumer awareness of these options, social media's propensity to promote cosmetic treatments, an increase in traffic accidents, and an ageing population, the plastic surgery segment is expected to grow at the fastest rate of all throughout the projection period. Moreover, new product releases, mergers and acquisitions, improvements in imaging technology, and favourable reimbursement policies are anticipated to fuel market expansion.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The growth of the region has increased due to the liberal reimbursement regulation, strong presence of the market leaders in the area as well as the government initiatives which improve the use of highly advanced power equipment for training sessions and surgical processes for doctors.
The Asia-Pacific region represents the fastest-growing market for powered surgical instruments equipment and accessories, primarily due to the increasing medical tourism, rising prevalence of chronic diseases that require surgical procedures, and increased accessibility to healthcare facilities in the region. Government initiatives to incorporate improvements in reimbursement policies and growing awareness are other factors anticipated to support market growth during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The major players covered in the powered surgical instruments market report are Medtronic, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Stryker, Smith & Nephew Inc., Zimmer Biomet, CONMED Corporation, Abbott, DePuy Synthes, De Soutter Medical, Allotech Inc., adeor medical AG, Exactech Inc., Apothecaries Sundries Mfg. Co., Star Medical, Surtex Instruments Limited, RIMEC S.R.L., MicroAire Surgical Instruments LLC., GEISTER MEDIZINTECHNIK GmbH and Wuhu Ruijin Medical Instrument & Device Co, ltd among other domestic and global players.
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