Global Powered Surgical Instrument Market Size is Estimated to Reach USD 3.05 billion by 2031, Growing at a CAGR of 3.5%: Straits Research

North America and Europe will dominate the regional market, with North America leading the powered surgical market at a 4.8% CAGR. Factors such as an aging population and increased surgical procedures drive market expansion in North America. The region sees a rise in minimally invasive procedures and technological advancements like robot-assisted surgery. In the United States, prevalent cancer cases and chronic diseases boost market growth.

New York, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) — During surgery or an operation, a surgical instrument is a tool or device used to perform specific actions or achieve desired results, such as modifying biological tissue or allowing access for viewing it. Powered surgical instruments are sophisticated instruments that increase the consistency and efficiency of critical surgical procedures. These instruments are commonly used in orthopedic, cardiovascular, neurosurgical, plastic reconstruction, and other surgical procedures. These instruments are intended for cutting, drilling, sculpting, shaving, and ultrasonic cell disruption. The development of powered surgical instruments has coincided with an increase in surgical procedures involving hard tissue, such as bone and teeth. This development was significant as procedures became more complex and demanding, necessitating implants.

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The Growing Surgical Procedures and Technological Development to Drive the Global Powered Surgical Instrument Market

According to Straits Research, “The global powered surgical instrument market size was USD 2.24 billion in 2022. It is expected to reach USD 3.05 billion by 2031, growing at a CAGR of 3.5% during the forecast period (2023-2031).” As the number of surgeries performed worldwide increases, the demand for powered surgical instruments increases. People want shorter hospital stays and faster recovery after surgery, and powered surgical instruments are becoming more affordable and applicable to all procedures. According to an article by Eureka 2019 published in Woodward Study, over 4.3 million people in the United Kingdom were awaiting surgery. Research indicated that the number of surgeries required annually would steadily increase. Even though hacksaws and scalpels are reliable surgical instruments, the increasing number of procedures performed on the operating table requires surgeons to have access to instruments that consistently provide high levels of control and precision.

In a highly technical healthcare setting, surgical techniques are evolving rapidly. Specifically, the market for powered surgical instruments is undergoing revolutionary and inventive developments in surgical procedures involving the nervous system, eyes, joints, mouth, and heart. The search for improved instruments that will allow surgeons to perform a variety of surgical interventions rapidly and effectively without jeopardizing patient safety continues. Each year, new and improved powered surgical drills and screwdrivers are introduced, providing an unprecedented level of control, precision, and performance in the operating room. Developing cutting-edge tools, instruments, and systems for various surgical procedures is a top priority for industry leaders. Therefore, introducing such cutting-edge products into the market is predicted to propel the growth of the medical micro-surgical drills market over the forecast period. These factors drive the global market for powered surgical instruments.

Recent Developments to Create Global Powered Surgical Instrument Market Opportunities

Orthopedic surgery, ENT surgery, neurosurgery, oral and maxillofacial surgery, and other types of surgery are performed with powered surgical instruments. Powered surgical instruments are indispensable for medical device manufacturers under increasing pressure to increase productivity and reduce expenses. As a result of recent advances in powered instruments, the surgical field has changed. Current minimally invasive procedures that employ powered surgical instruments include orthopedic, ENT, dental, and neurosurgery, among others.

The market for powered surgical instruments is expanding, and new innovations and technologies are consistently introduced. The transition from conventional surgical procedures to minimally invasive procedures has contributed to the expansion of this market segment. The introduction of robotic surgery and rising demand for surgical power tools are the leading four emerging trends driving the global surgical power tool market. A paradigm shift has occurred toward the use of single-use power tools. Increasing demand is being seen for minimally invasive procedures. Medical tourism from emerging markets is growing. Thus, technological advancements are driving the development of powered surgical instruments.

Regional Insights

North America’s powered surgical market share is expanding at a CAGR of 4.8%. Population aging and an increase in surgical procedures are two factors driving market expansion in North America. The increase in surgical procedures and technological advancements, such as robot-assisted surgical procedures, the prevalence of chronic diseases, the number of new devices receiving FDA approval, and the increase in minimally invasive surgical procedures in the United States are expected to drive the growth of the market for power surgical instruments.

GLOBOCAN predicted that in the United States in 2020, there would be an estimated 2,281,658 new cancer cases and 612,338 cancer-related deaths. The most prevalent cancers in the United States were breast, lung, prostate, colorectal, bladder, and skin cancer. Moreover, other chronic diseases are spreading. Heart disease is a leading cause of mortality. The market expansion in the United States is bolstered by several developments, such as introducing new products or forming strategic alliances between significant market participants. The regional market is anticipated to grow faster than the national average due to the rising demand for minimally invasive procedures and the increasing prevalence of chronic diseases.

Europe will hold a share of USD 755 million, growing at a CAGR of 4.4%. The rising awareness of healthcare, the availability of reimbursements, and the improvement of infrastructure are a few factors positively affecting the European market. The region’s market for powered surgical instruments has expanded due to economic growth, which has also contributed to the development of insurance policies. Demand for powered surgical instruments is increasing in tandem with the number of surgical procedures performed in the region. According to Eurostat, 233,300 Caesarean sections were performed in Germany in 2018, fueling the market growth.

Key Highlights

  • By power source, the electric instrument section is forecasted to advance at a CAGR of 4.67% and hold the largest share.
  • By product type, the disposable section is forecasted to proliferate at a CAGR of 4.11% and hold the largest share of the market.
  • By application, the orthopedic section is forecasted to hold the largest revenue share, growing at a CAGR of 4.2%.
  • By regional segmentation, North America is likely to command the powered surgical market while expanding at a CAGR of 4.8%.

Competitive Players in the Market

  • Johnson & Johnson
  • Braun Melsungen Ag
  • Stryker Co.
  • Medtronic Incorporated
  • Smith & Nephew
  • Zimmer Holdings
  • ConMed Co.

Market News

  • In 2022, with the groundbreaking of a new factory, B. Braun expanded its presence in Vietnam. A cutting-edge hemodialysate concentrate factory was officially opened by B. Braun in Hanoi, Vietnam’s Thanh Oai Industrial Complex.

Global Powered Surgical Instrument Market: Segmentation

By Power Source

  • Electric Instruments
  • Battery Powered Instruments
  • Pneumatic Instruments

By Product Type

  • Handpiece
  • Disposables
  • Drill System
  • Saw Systems
  • Reamer Systems
  • Staplers
  • Shaver’s
  • Other Disposables
  • Accessories
  • Surgical
  • Electrical
  • Other Accessories

By Application

  • Orthopedic
  • Dental
  • Neurosurgery
  • ENT Surgery
  • Other Applications

By Region

  • Asia Pacific
  • Europe
  • North America
  • South America
  • MEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/powered-surgical-instrument-market/segmentation

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