High prevalence of chronic diseases and rise in geriatric population drive the growth of the global powered surgical instrument market. However, inadequate quality assurance and lack of proper sterilization practices hamper the market growth. On the contrary, increasing healthcare expenditure is expected to create lucrative opportunities for the market players in the coming years.
Rising demand of non-invasive & minimally invasive surgery and growing geriatric population play a major role in the growth of the powered surgical instrument market. Furthermore, rise in medical tourism in developing countries is expected to boost the market growth in the coming years.
The global powered surgical instrument market generated $1,943 million in 2017 and is projected to reach $2,731 million by 2025, growing at a CAGR of 4.2% from 2018 to 2025. The handpieces segment accounted for more than three-fifth of the total market share in 2017.
Plastic surgery segment to manifest rapid growth by 2025
The plastic surgery segment is estimated to register the fastest CAGR of 6.2% from 2017 to 2023, owing to the growing demand for cosmetic surgeries, increasing incidence of cancer, and growing age-related surgeries across the globe. However, the orthopedic surgery segment accounted the largest share, contributing about 21% share of the market, owing to increased demand for minimally invasive surgery in orthopedics and rise in geriatric population. The other segments analyzed in the report include neurosurgery, ENT surgery, cardiovascular surgery, cardiothoracic surgery, and others.
North America governs the market in 2017
North America held the largest share in the global powered surgical instrument market, garnering about half of the total revenue in 2017, owing to highly sophisticated healthcare infrastructure and high adoption rate of technologically advanced surgical tools in the region. However, Asia-Pacific region is expected to portray the fastest CAGR of 5.4% during the forecast period, owing to high prevalence of chronic diseases and rise in demand of minimally invasive surgery. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Key Findings of thePowered Surgical Instrument Market:
- Based on power source, the battery-powered instruments segment is expected to experience rapid growth in the market and is projected to grow at a CAGR of 4.9% from 2018 to 2025.
- Depending on application, the cardiovascular surgery segment is expected to exhibit the highest CAGR during the forecast period.
- By product, the handpieces segment was the major revenue contributor in 2017 and is anticipated to continue this trend during the forecast period.
- The U.S. generated the highest revenue in the global powered surgical instrument market in 2017, accounting for almost two-fifth of the global market in 2017.
- Asia-Pacific is estimated to grow at a CAGR of 5.4% during the forecast period.
Torchbearers of the market
The key players analyzed in the report include De Soutter Medical Ltd., Peter Brasseler Holdings, LLC, Intrauma S.p.A., GEISTER Medizintechnik GmbH, and Ruijin Medical Instrument & Device Co., Ltd.
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