The powered surgical instruments market is estimated to be valued at US$ 2,147.6 million 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 motorized medical devices that are used in various surgical procedures for tasks such as cutting, sawing, reaming, grinding, drilling, sharpening, and cauterizing. These instruments provide greater precision, consistent performance, improved ergonomics and increased safety compared to conventional hand-powered surgical tools. Powered surgical instruments include reusable and single-use devices powered by electricity, batteries or pneumatic systems. They are used across various clinical specialties such as orthopedics, neurology, ENT, plastic surgery and dental.
Market Dynamics:
Technological advancements in powered surgical instruments to enhance precision, safety and efficiency during surgical procedures are expected to surge their adoption rate. Various manufacturers are focused on developing next-generation instruments integrated with robotics, artificial intelligence and virtual reality capabilities. Rising prevalence of chronic diseases such as cardiovascular diseases, cancers and musculoskeletal disorders globally is also anticipated to fuel the demand for associated surgical procedures, thus propelling the powered surgical instruments market growth over the forecast period. Additionally, growing geriatric population prone to degenerative joint diseases and injuries will augment the volume of orthopedic procedures performed using powered instruments in the coming years.
SWOT Analysis
Strength: Powered surgical instruments provide accuracy and consistency during surgery which reduces chances of errors. Precision and control offered by powered instruments allow for minimally invasive procedures. Growing demand for MI surgeries is driving adoption of powered instruments.
Weakness: High costs associated with purchase and maintenance of powered instruments limits their adoption in low resource settings. Stringent regulatory approvals and quality standards increase time to market for new products.
Opportunity: Rapid adoption of robot-assisted surgery creates opportunities for powered instrument manufacturers to develop technologies for robotic platforms. Growing geriatric population susceptible to orthopedic conditions will boost demand.
Threats: Reusable powered instruments require high level of reprocessing which if not done properly can cause infections. Trade wars and import tariffs can negatively impact prices.
Key Takeaways
The global Powered Surgical Instruments Market Growth is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing preference for minimally invasive surgeries. Powered instruments enable surgeons to perform complex surgeries through small incisions leading to less post-operative pain and quick recovery times for patients.
The US dominates the global market due to presence of major players, higher healthcare spending, and growing geriatric population undergoing various surgeries. Asia Pacific exhibits highest growth led by China, India and Japan on back of expanding medical tourism industries,Improving access to healthcare, and growing affluence.
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. Players are focuses on developing multifunctional powered instruments and digital surgical solutions for use across different clinical applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it