The global powered surgical instruments market size is expected to reach USD 2.8 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 3.8%. Increasing number of surgical procedures, coupled with technological advancements, is anticipated to drive the market. Moreover, increasing awareness and affordability of plastic or reconstructive surgeries and surgeries for sports injuries is likely propel growth over the forecast period.
Increase in factors such as demand for minimally invasive surgeries & robot-aided procedures as well as improving accessibility to healthcare is contributing to growth. In addition, increasing geriatric population and rising awareness about availability of surgical procedures are likely to boost the market.
Increase in number of road accidents and rising healthcare expenditure in emerging economies are other factors likely to boost revenue generation in the market. According to the U.S. Census Bureau, the global healthcare expenditure is expected to reach USD 18.28 trillion by 2040, growing at a CAGR of 2.6%. According to WHO, the global population aged 60 years and above is expected to reach 2 billion by 2050, from 900 million in 2015. This demographic is more susceptible to a vast number of diseases, increasing the need for effective treatments, thereby boosting the market.
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Powered Surgical Instruments Market Report Highlights
• North America accounted for the largest share of over 42.0%, owing to high prevalence of chronic disorders, favorable reimbursement policies, presence of key players, and government initiatives.
• Asian countries are estimated to show the highest growth rate of 5% over the forecast period, due to an increasing adoption of advanced technologies, increasing investments, improving reimbursement scenario, and increasing medical tourism.
• Handpiece powered surgical instruments is expected to dominate over the forecast period. It accounted for more than more than 40.0% of share in 2018.
• Based on application, orthopedic, followed by cardiovascular surgery, were leading segments in the market, owing to high use of powered instruments, rising geriatric population, and growing incidence of osteoporosis and heart conditions.
• Key players in powered surgical instruments market are opting for strategies, such as partnerships & acquisitions, introduction of new products, and investments in new technologies, to expand their product portfolio and to strengthen global footprint. For instance, in November 2018, Stryker Corporation announced acquisition of K2M Group Holdings, Inc., thereby expanding its product portfolio.
Grand View Research has segmented the powered surgical instruments market on the basis of product, application, and region