Powered Surgical Instruments Market Outlook 2031
The Powered Surgical Instruments Market size was USD 2.14 Billion in 2022 and is likely to reach USD 2.81 Billion by 2031, expanding at a CAGR of 3.07% during 2023–2031. The growth of the market is attributed to the rising numbers of surgical requirements along with technological advancements.
In the operating room, Powered Surgical Instruments (PSI) serve a distinctive function. They save time during surgical operations and give functionality and consistency in surgical processes. PSIs are intricate surgical instruments, and the methods for cleaning, inspecting, and sterilizing them are equally complicated. These devices are widely used in orthopedic, cardiovascular, neurosurgery, plastic reconstruction surgery, and other operations for cutting, drilling, sculpting, shaving, and ultrasonic cell disruption.
Inorganic growth tactics such as acquisitions, mergers, and partnerships are being used by companies to expand their product ranges. For example, Aesthetx, a medical and cosmetics company, used power tools for Rhinoplasty in 2017, resulting in little soft tissue damage. The Piezo method is the name for this operation. Piezo is a device that slices bones and detects soft tissue.
Powered Surgical Instruments Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for minimally invasive operations is expected to boost market growth in the coming years.
- Rapid growth of the medical tourism industry is a key factor driving the market growth during the forecast period.
- Increasing geriatric population and growing awareness of these surgical instruments are anticipated to propel the market growth during the forecast period.
- Lack of sterilizing procedures and experienced professions present major challenges that can hamper the market expansion in the coming years.
- High maintenance cost of these surgical instruments is estimated to impede the market growth.
- R&D investment and technological advancements for surgical instruments are anticipated to create immense opportunities for the market players.
Scope of the Powered Surgical Instruments Market Report
The report on the power surgical instruments market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Powered Surgical Instruments Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Power Source & Control, Accessories, and Handpiece) and Applications (ENT Surgery, Neurosurgery, Orthopedic Surgery, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Johnson & Johnson, B. Braun Melsungen Ag, Stryker Co., Medtronic Incorporated, Smith & Nephew, Conmed Co., Desoutter Medical Ltd, and Zimmer Holdings
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Powered Surgical Instruments Market Segment Insights
Handpiece segment is anticipated to register at a substantial CAGR
On the basis of products, the power surgical instruments market is segregated into power source & control, accessories, and handpiece. The handpiece segment is expected to account for a key share of the market during the forecast period owing to characteristics such as increased power, improved efficiency, lightweight frames, and simplicity of use over other instruments.
On the other hand, the power source & control segment is anticipated to expand at a rapid pace during the forecast period due to factors like government assistance in some countries, attractive reimbursement systems, technological improvements, and rising demand for less invasive surgical treatments. Furthermore, the rise in the prevalence of sports injuries, as well as the number of reconstructive procedures are expected to augment the growth of the market.
Orthopedic Surgery segment is projected to hold a key market share
In terms of applications, the power surgical instruments market is divided into ENT surgery, neurosurgery, orthopedic surgery, and others. The orthopedic surgery segment is expected to constitute a key share of the market in the coming years owing to the world's big senior population and the rising occurrence of accidents and bone illnesses.
Asia Pacific is expected to dominate the market
On the basis of regions, the power surgical instruments market is classified/categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at a healthy CAGR during the forecast period.
The regional market growth can be attributed to due to factors such as increased accessibility to healthcare facilities in the region, rising prevalence of cardiovascular diseases, chronic diseases like cancer, medical tourism, orthopedic conditions, and neurological diseases, rising investment in health care, and growing prevalence of lifestyle-related diseases.
However, the market of North America is expected to exhibit a rapid growth rate in the coming years owing to the region's growing elderly population and technological developments. Furthermore, favorable reimbursement regulations, the local presence of important market players, and government programmes that enhance access to modern power equipment for surgical operations and training sessions for physicians are all contributing to the region's growth.
Segments
The power surgical instruments market has been segmented on the basis of
Products
- Power Source & Control
- Accessories
- Handpiece
Applications
- ENT Surgery
- Neurosurgery
- Orthopedic Surgery
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the power surgical instruments market include Johnson & Johnson, B. Braun Melsungen Ag, Stryker Co., Medtronic Incorporated, Smith & Nephew, Conmed Co., Desoutter Medical Ltd, and Zimmer Holdings.
Smith & Nephew Plc paid USD 105 million for Ceterix Orthopaedics, Inc. in December 2018. Novostitch Pro, a meniscal repair method created for arthroscopic knee repair, is one of the company's products. Smith & Nephew may be able to offer surgeons a unique therapeutic option that addresses unmet medical requirements as a result of the purchase.
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