by Powered surgical instruments refer to medical devices used for surgical procedures that are powered by electric motors or battery. These instruments aids surgeons in performing precise cuts, grinding, drilling, reaming and sawing bones with great control and consistency. They provide greater precision and consistency during surgical procedures.
The global Powered Surgical Instruments Market is estimated to be valued at US$ 2.10 Bn in 2023 and is expected to exhibit a CAGR of 4.0 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the powered surgical instruments market is growing adoption of robot-assisted surgery. Robot-assisted surgical systems provide surgeons with enhanced vision, greater precision and flexibility through instrument movement and minimally invasive access during surgery. Various robotic systems such as da Vinci Surgical System by Intuitive Surgical are being used for cardiac, gynecological, urological, and general surgical procedures. Their adoption is growing due to advantages such as smaller incisions, lesser blood loss, fewer infections and scars, quicker recovery times and greater accuracy and control over minimally invasive surgeries. This growing adoption of robot-assisted surgery will support the growth of powered surgical instruments market over the forecast period.
SWOT Analysis
Strength: Powered surgical instruments offer precision and control to surgeons during procedures. They allow for smaller incisions leading to faster recovery times for patients.
Weakness: High costs associated with powered surgical instruments can limit their adoption, especially in price sensitive markets. Stringent regulations also increase time to market for new products.
Opportunity: Growing geriatric population and rising prevalence of lifestyle diseases will drive the need for various surgical procedures. This increases demand for powered instruments that improve surgical outcomes.
Threats: Entry of local and generic manufacturers offering low cost alternatives can erode sales of established brands. Developments in other emerging medical technologies pose competition to powered instruments.
Key Takeaways
Global Powered Surgical Instruments Market is expected to witness high growth, exhibiting a CAGR of 4.0% over the forecast period, due to increasing surgical volumes worldwide. Growth in healthcare spending and spending on surgical centers also supports market rise.
Regional analysis: North America dominates the global market and is expected to retain its leading position during the forecast period. This is attributed to rapid adoption of advanced medical technologies and strong reimbursement structure in the region. Asia Pacific will exhibit the fastest growth owing to rising medical tourism, healthcare infrastructure expansion and growing GDPs of Asian countries.
Key players operating in the powered surgical instruments market are Stryker Corporation, Johnson & Johnson, Medtronic plc, and CONMED Corporation. The market is consolidated in nature with top players accounting for majority share. Stryker Corporation leads the global powered instruments market with strongest foothold in orthopedic and ENT powered devices segments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
