Powered Surgical Instruments Market Expected to Exceed US$ 2,720.5 Million by 2027 | CAGR: 3.0%: Coherent Market Insights
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global powered surgical instruments market, by product type (Hand-pieces (Drill System, Saw Systems, Reamer Systems, Staplers, and Others) and Accessories), by power source (Electrical Instruments, Battery Powered Instruments, and Pneumatic Instruments), by application (Orthopedic Surgery, Oral and Maxillofacial Surgery, Neuro Surgery, ENT Surgery, Plastic & Reconstructive Surgery, Cardiothoracic Surgery, and Others), and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was assessed at US$ 2,085.1 million in 2018 and is further estimated to exhibit a CAGR of 3.0% during the forecast period (2019-2027).
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Some of the major factors inducing the growth of the global powered surgical instruments market are the escalating demand for powered surgical instruments for performing surgeries and the penetration of technologically advanced powered surgical instruments. Hospitals across the globe have been increasingly adopting powered surgical tools and equipment for performing critical surgeries. The efficacy and proficiency of these devices are resulting in highly improved clinical outcomes, which in turn, is boosting the trend of medical tourism around the world. Globally renowned hospitals, including Fortis, Columbia Asia, Apollo, and others, are widely known for medical tourism, as they make extensive use of these technologies and instruments for surgeries. Therefore, the rising demand for powered surgical procedures is expected to significantly drive the global market growth over the forecast period.
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Significant Takeaways:
- Surging demand for powered surgical instruments across healthcare institutions, frequent new product launches, and adoption of novel technologies by physicians are some of the major growth driver for the global market.
- Among regions, North America is expected to lead the global powered surgical instruments market, owing to the increasing product approvals from the U.S. FDA and new product launches taking place in the region.
- The Asia Pacific region is foreseen to witness massive market growth in the near future, owing to the increasing surgical procedures, such as ophthalmic, orthopedic, oral, and cardiac surgeries, being carried out in the region.
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Key Players
The leading players operating in the global powered surgical instruments market include 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 manufacturers are actively focused on product innovation, gaining regulatory approvals, and novel product launches for the extension of their product portfolios, and to strengthen their market presence. For instance, in March 2018, the instruments division of Stryker Corporation launched the Stryker F1 Small Bone Power System, which is a cordless, lightweight solution for intensive surgical procedures. In December 2016, Medtronic Plc. Received the 510(k) premarketing approval from the U.S. Food and Drug Administration (FDA) for its product, called MR7 Pneumatic: Triton Pneumatic Drill System.
With the adoption of strategies, such as acquisitions, to strengthen their product portfolios, these manufacturers can gain a strong foothold in the global market. For instance, in December 2018, Medtronic Plc acquired Mazor Robotics, along with its robot-assisted surgery platform. This acquisition strengthened Medtronic’s powered surgical instruments platform. Furthermore, in January 2019, Smith & Nephew Plc acquired Ceterix Orthopaedics Inc., which is known for its NovoStitch Pro Meniscal Repair System. This acquisition helped the company invest in innovative technologies to cater to the unmet clinical needs in the healthcare industry.
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