by Powered surgical instruments are advanced electromechanical devices that are used to perform various surgical procedures, particularly minimally invasive surgeries. These instruments use electric motors and batteries to power mechanical movements such as sawing, cutting, stapling, and drilling with precision. Their advanced functions allow surgeons to perform complex operations through small incisions leading to reduced blood loss, pain, scarring and shorter hospital stays for patients. Key powered instruments include drill systems, saw systems, staplers, reamers, shavers, and bone removal systems.
The Powered Surgical Instruments Market is estimated to be valued at US$ 2.10 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Technological advancements – Ongoing R&D by key players is leading to continuous innovations and new product launches in powered surgical devices. Companies are focusing on developing industry 4.0 technologies such as robotics, AI, IoT in surgical tools to improve precision and outcomes. This is expected to drive the market growth over the forecast period.
Growing adoption of minimally invasive surgeries (MIS)- Powered instruments play a crucial role in MIS by facilitating complex internal procedures through small incisions. Increasing awareness about benefits of MIS such as less pain, quicker recovery times is propelling the adoption of powered tools in hospitals worldwide. This growing preference for MIS will boost the demand for powered surgical instruments.
Segment Analysis
The powered surgical instruments market can be broadly segmented into handpieces, power sources and accessories. The handpieces segment currently dominates the market due to the wide availability and use of drills, saws, and reamers that require powered operation during surgical procedures. Advances in materials and engineering have led to more powerful and versatile handpieces that can perform intricate tasks with improved precision.
PEST Analysis
Political: Regulations regarding the use of powered instruments in surgery are well defined to ensure patient safety. Standards and guidelines are enforced for innovation and new product approval.
Economic: Growth in the medical device industry and rising healthcare spending are fueling investments in advanced surgical technologies. Reimbursement policies also influence market trends.
Social: An aging population and growing disease burden are leading to greater demand for streamlined surgery worldwide. Powered tools help meet this need by enhancing surgical outcomes.
Technological: Innovations in miniaturization, battery life and cloud connectivity are expanding the applications of powered instruments. Developments in robotics are also transforming surgical workflows.
Key Takeaways
Global Powered Surgical Instruments Market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing prevalence of chronic diseases and rise in surgical procedures.
Regional analysis: North America currently dominates the market owing to a large base of surgeons and favorable reimbursements. However, Asia Pacific is emerging as the fastest growing region buoyed by growing medical tourism and health expenditures in countries like China and India.
Key players: Key players operating in the powered surgical instruments market are Stryker Corporation, Johnson & Johnson, Medtronic plc, and CONMED Corporation. Stryker maintains a strong position through its diversified product portfolio that includes drills, saws and shavers. Similarly, Johnson & Johnson has a wide presence across segments like electrosurgery, power equipment and energy systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
