The global powered surgical instruments market, by Product Type (Hand-pieces (Drill System, Saw Systems, Reamer Systems, Staplers, and Others) and Accessories), by Power Source (Electrical Instruments, Battery Powered Instruments, and Pneumatic Instruments), by Application (Orthopedic Surgery, Oral and Maxillofacial Surgery, Neuro Surgery, ENT Surgery, Plastic & Reconstructive Surgery, Cardiothoracic Surgery, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was valued at US$ 2,085.1 million in 2018 and is projected to exhibit a CAGR of 3.0% over the forecast period (2019–2027).
Increasing demand for powered surgical instruments for performing surgeries and technological advancements in powered surgical instruments are expected to drive the global powered surgical instruments market growth over the forecast period.
Manufacturers are focusing on innovation, gaining regulatory approval, and new product launches to enhance their product portfolio (including instruments, accessories, and others) and expand its presence. For instance, in March 2018, Stryker Corporation instruments division launched Stryker F1 Small Bone Power System. This system provides surgeons with a cordless, balanced, lightweight solution for performing procedures of the extremities.
Moreover, in December 2016, Medtronic Plc. received 510(k) premarketing approval from the U.S. Food and Drug Administration (FDA) for its product MR7 Pneumatic: Triton Pneumatic Drill System including various Pneumatic Hand pieces. Such increasing product launches and approvals is expected to boost the global powered surgical instruments market growth.
Increasing adoption of powered surgical tools and instruments by hospitals for performing critical surgeries and improving clinical outcomes is enhancing the trend of medical tourism, globally. Major hospitals such as Fortis, Columbia Asia, Apollo, and others are well-known hospitals for medical tourism, which uses such technologies and instruments for surgeries. Such increasing demand for powered surgical procedures is expected to drive the global powered surgical instruments market growth.
Browse 45 Market Data Tables and 30 Figures spread through 180 Pages and in-depth TOC on the Global Powered Surgical Instruments Market, by Product Type (Hand-pieces (Drill System, Saw Systems, Reamer Systems, Staplers, and Others) and Accessories), by Power Source (Electrical Instruments, Battery Powered Instruments, and Pneumatic Instruments), by Application (Orthopedic Surgery, Oral and Maxillofacial Surgery, Neuro Surgery, ENT Surgery, Plastic & Reconstructive Surgery, Cardiothoracic Surgery, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2027
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Manufacturers are focused on adopting strategies such as acquisitions to strengthen their product portfolio related to powered surgical instruments, which is expected to drive the global powered surgical instruments market growth. For instance, in December 2018, Medtronic plc acquired Mazor Robotics and its robot-assisted surgery platform. This acquisition will enhance Medtronic’s powered surgical instruments platform.
Moreover, in January 2019, Smith & Nephew plc, the global medical technology business, acquired Ceterix Orthopaedics Inc, the developer of NovoStitch Pro Meniscal Repair System. The acquisition supports the company’s strategy to invest in innovative technologies that meet unmet clinical needs in healthcare.
Key takeaways of the market:
- The global powered surgical instruments market is expected to exhibit a CAGR of 0% over the forecast period (2019–2027), owing to increasing demand for powered surgical instruments, frequent product launches, and adoption of technologies by physicians
- Among region, North America is expected to hold dominant position in the global powered surgical instruments market, owing to increasing product approval from the U.S. FDA and product launches
- Asia Pacific region is also expected to witness significant growth over the forecast period, owing to increasing number of surgery procedures such as ophthalmic, orthopedic, oral, and cardiac surgical procedures in the region, which require powered surgical tools
- Some of the major players operating in the global powered surgical instruments market include 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
