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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Further key findings from the report suggest:
- 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.
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Grand View Research has segmented the powered surgical instruments market on the basis of product, application, and region:
Powered Surgical Instruments Product Outlook (Revenue, USD Million, 2015 – 2026)
- Drill system
- Reamer system
- Saw system
- Power Source and control
- Electric instruments
- Battery power instruments
- Pneumatic instruments
- Surgical accessories
- Electrical accessories
Powered Surgical Instruments Application outlook (Revenue, USD Million, 2015 – 2026)
- Orthopedic surgery
- ENT surgery
- Cardiovascular surgery
- Plastic surgery
Key Topics Covered
Table of Content
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Information Procurement
1.2.1 Purchased Database
1.2.2 Gvr’s Internal Database
1.2.3 Secondary Sources
1.2.4 Primary Research
1.2.5 Details Of Primary Research
126.96.36.199 Data for primary interviews in North America
188.8.131.52 Data for Primary Interviews in Europe
184.108.40.206 Data for Primary Interviews in APAC
220.127.116.11 Data for Primary Interviews in Latin America
18.104.22.168 Data for Primary Interviews in MEA
1.3 Information or Data Analysis
1.3.1 Data Analysis Models
1.4 Market Formulation & Validation
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Market Variables, Trends, & Scope
3.1 Market lineage outlook
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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