(I-BusinessNews.Com, August 09, 2021 ) Powered surgical instruments Market size was estimated at $2.1 billion in 2020, projected to grow at a CAGR of 3.9% during the forecast period 2021-2026. Powered surgical instruments industry has witnessed huge demand owing to the increase in number of global surgical procedures and rising demand for minimally invasive surgeries. Powered surgical devices instruments are sophisticated devices that aid in the efficiency and accuracy of critical surgeries like plastic surgery, orthopedic surgery and various other types of surgeries.
Powered surgical instruments have a long history that has paralleled their use in surgery, especially surgery involving hard tissues such as bone or teeth. This breakthrough was crucial as the complexity of procedure became more demanding, necessitating the use of implants. The fields of orthopedics, neurosurgery, dentistry and otology have all played a vital role in development of high-powered surgical instruments that are now used in almost all surgical and dental sub-specialty. The development of interchangeable accessories, as well as power modalities such as pneumatic and electric sources, have revolutionized the surgical field, and making the procedures safer and faster.
Several dentists, physicians and the companies continue to contribute to this rapidly evolving industry. Surgical robots for example has led a positive impact on the industry as a result of transformative and innovative technological advancements in surgical instruments. They provide precision cutting, drilling, ultrasonic cell disruption, and other practices that are performed during neurosurgery, plastic surgery, orthopedic surgery and other surgeries. However, factors like lack of quality assurance and constant pressure on healthcare professionals to cut costs are poised to hamper the powered surgical instruments market growth.
Powered surgical instruments Market Segment Analysis Ã‚Â– By Product Type
Based on Product Type, Powered surgical instruments Market is segmented into Power Source & Control, Handpieces and Accessories. Handpieces segment is accounted for the largest revenue market share in 2020 owing to its features such as high power with better efficiency, lightweight frames and the ease of use when compared to other instruments that boosts the growth of the segment in the powered surgical instruments market globally.
Power source & Control is anticipated to grow with the fastest CAGR of 4.4% in the forecast period 2021-2026. This is attributed to the reimbursement systems, government support in some countries with health policies, growing incidence of sports injuries, and rise in number of reconstruction surgeries, technological advancements in medical instruments and the rising preference for minimal invasive surgeries.
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Powered surgical instruments Market Segment Analysis Ã‚Â– By Application
Based on Application, Powered surgical instruments Market is segmented in to Neurosurgery, Orthopedic Surgery, Plastic Surgery, ENT Surgery, Cardiothoracic Surgery, Cardiovascular Surgery, and others. Orthopedic powered surgical instruments accounted for largest revenue market share in 2020. This is mainly attributed to the increasing demand and preference for minimally invasive surgery in orthopedic owing to the growing incidence of various accidents, sports injuries and bone diseases.
Further, rise in aging population is anticipated to augment the demand for powered surgical instruments. Plastic surgery is projected to grow with the fastest CAGR of 4.6% in the forecast period 2021-2026 owing to the socio-psychological factors, growing consciousness about body features, social media influence, self-improvement, growing number of road accidents.
Powered surgical instruments Market Segment Analysis Ã‚Â– By Geography
Based on Geography, North America Powered surgical instruments Market accounted for the 35% revenue share in 2020. This is majorly attributed to the rising number of accidents and presence of local key market players in this region. According to Association for Safe International Road Travel, in US 38,000 and more people die each year in road accidents. Around 4.4 million are severely injured and require medical attention. It is estimated that road accidents are the leading cause of death in the United States for the people aged 1-54.
Moreover, it is estimated by Association for Safe International Road Travel that around 1.35 million people die in road accidents every year and on an average around 3,700 individuals lose their lives on the roads every day. In addition, 20-50 million people suffer non-fatal injuries that often result in long-term disabilities. Asia-Pacific is poised with the fastest CAGR in the forecast period owing to its increase in geriatric population, increasing health care expenditure coupled with government initiatives and other health policies in this region is contributing to the growth of the market in this region. Further, growing demand of plastic surgery and orthopedic surgery is further set to buoy the market growth.
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Powered surgical instruments Market Drivers
Increasing Geriatric Population:
Rising geriatric population is the factor boosting the Powered surgical instruments market growth. Geriatric population is exponentially rising globally, that has contributed to increase in chronic diseases. In the United States most of the deaths are caused by chronic diseases. According to WHO, the global burden of chronic diseases like gastrointestinal tract disorders, cardiac diseases and other is 57% in 2020, more than 13% of adults population are diagnosed with heart diseases in the United States. People in this region are health conscious that has contributed to increase in healthcare expenditure in this region. The most affected regions are the emerging economies where the population growth is poised to be most significant and owing to this there is a huge demand for diagnostic services including diagnostic imaging services.
Growing preference for minimal invasive surgeries
The increasing demand for Powered surgical instruments in various surgeries including Neurosurgery, Orthopedic Surgery, Plastic Surgery, ENT Surgery, Cardiothoracic Surgery, Cardiovascular Surgery, and others is boosting the market growth. Rising preference for minimal invasive surgeries is one of the biggest drivers leading the Powered surgical instruments market. There is a huge increase in the number of minimal invasive surgeries as most of the healthcare professional are recommending such surgeries to treat various chronic diseases. Moreover, people are becoming more aware to the benefits of minimal invasive surgeries is boosting the market growth.
Powered surgical instruments Market Challenges
High Cost of Minimally Invasive Surgeries:
The cost of minimally invasive surgical procedure is higher than that of open surgeries owing to the extensive usage of specialized equipment and high surgical time. The investments costs of a Powered surgical instruments are high for many hospitals in the developing nations. It requires a high investment for healthcare professionals in the developing countries that have lower financial resources to invest in such equipment. Owing to the high capital investment, training and maintenance costs, Powered surgical instruments are highly expensive. Moreover, in Asian countries there is very limited reimbursement for such procedures. This makes physicians and patients to opt for an alternative procedure with lower price, thus hindering the market for Powered surgical instruments systems.
Powered surgical instruments Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Powered surgical instruments Market. Powered surgical instruments Market top 10 companies are CONOMED Corporation, AlloTech Co. Ltd., Medtronic Plc, Stryker Corporation, Adeor Medical AG, Zimmer Biomet, Smith & Nephew Plc, MicroAire Surgical Instrument, LLC, B. Braun Melsungen AG.=
In 2019, Stryker has acquired Mobius Imaging LLC, a leader in point-of-care technology. This acquisition offers StrykerÃ‚Â’s spine sector with a direct entry to the imaging and navigation offerings.
Geographically, North America Powered surgical instruments Market held the largest revenue share of 35% in 2020 owing to the rising number of pediatric cases suffering from various respiratory and genetic disorders in this region.
Increase in demand for R&D made by the key players in different regions coupled with growing FDA approvals for Powered Surgical Instruments is boosting the market growth.
Increase in prevalence of chronic diseases, increasing aging population, growing medical tourism in various developing countries are the other factors boosting the market growth and provide lucrative growth opportunities for the global market expansion.
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