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| Powered Surgical Instruments Market Growth |
The powered surgical instruments market is estimated to be valued at US$ 2,147.6 Mn 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 powered devices used in surgical procedures to
perform various tasks more efficiently and effectively than conventional manual
instruments. These include drills, saws, reamers and other tools used for
orthopedic, ENT, neurosurgery and other procedures. Powered instruments allow
for more precise cuts and improved visibility for surgeons during procedures.
They help complete delicate surgical procedures faster with improved outcomes
for patients.
Market Dynamics:
The global powered surgical instruments market is expected to grow
substantially over the forecast period, driven by the rising burden of chronic
diseases and number of surgical procedures being performed worldwide. According
to the WHO, chronic diseases accounted for over 70% of all deaths globally in
2020. The increasing prevalence of conditions like cardiovascular diseases,
diabetes and cancers is driving the demand for surgical treatment of such
diseases. Furthermore, technological advancements have improved functionality,
versatility and ease-of-use of powered instruments over conventional manual
tools. Miniaturization of components and incorporation of robotics has enabled
procedures through minimally invasive techniques. This has allowed for faster
recovery times and reduced hospital stays for patients. However, high costs
associated with powered instruments and lack of reimbursements in developing
regions may restrain market growth to a certain extent over the forecast
period.
Segment Analysis
The Powered
Surgical Instruments Market Growth is dominated by handpieces accounting
for over 35% share in 2023. Handpieces help surgeons perform diverse procedures
with control and precision. Advanced battery-powered handpieces provide longer
runtimes without interruptions during surgeries.
PEST Analysis
Political: Regulations regarding approval processes for new powered surgical
instruments are well defined, helping players introduce innovations.
Economic: Developed markets will continue dominating powered surgical
instrument sales due to higher healthcare spends and adoption of advanced
devices.
Social: Growing awareness about Effective surgical procedures and minimal
invasive surgeries will propel the market growth.
Technological: Key players are focusing on developing devices integrated with
robotics, IoT, and artificial intelligence to perform complex surgeries
efficiently.
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 CAGR of 3.0% over the forecast period. Factors such as increasing
volume of complex surgeries and rising popularity of minimally invasive
procedures will fuel the market expansion.
Regional analysis indicates North America dominated with over 40% revenue share
in 2019 led by large surgical instrument manufacturers presence and
availability of advanced infrastructure. Asia Pacific powered surgical
instruments market is expected to witness fastest growth during the analysis
period owing to increasing healthcare expenditures, large patient pool and
developing healthcare infrastructure in major countries.
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. The market is concentrated and
characterized by presence of few large players holding major share. Companies
are focusing on new product innovations and geographical expansions to
strengthen market position.
Read More: https://www.rapidwebwire.com/powered-surgical-instruments-market/