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.
The global powered surgical instrument market was pegged at $1.94 billion in 2017 and is expected to garner $2.73 billion by 2025, registering a CAGR of 4.2% through 2025. High prevalence of chronic disease rise in global geriatric population and increase in healthcare expenditure are expected to propel the growth of the global powered surgical instrument market.
Based on product, the market is divided into power source & controls, accessories and handpieces. Handpieces section is further segmented into six sub divisions namely reamer systems, saw systems, drill systems, shavers, stapler, and others. Power source & controls segment has three sub sections including electric consoles, pneumatic regulators and batteries. Surgical accessories and electrical accessories round off the accessories segment. The accessories segment is expected to garner the highest CAGR throughout the forecast period. This is due to low cost and bulk purchase.
Handpieces segment to dominate the market throughout the study period
The handpieces segment held the largest share in 2017, contributing about two-thirds of total market revenue, owing to the growing demand for minimally invasive surgery and rapid adoption of technologically advanced surgical instruments. However, the accessories segment is expected to register the fastest CAGR of 5.1% during the study period, owing to frequent change of surgical and electrical accessories due to occurrence of wear and tear of accessories over time. The power source & controls segment is expected to witness steady growth during the forecast period.
The report includes an in-depth analysis of research methodology, market scope, market dynamics, market share analysis, product pipeline analysis, key market segments, key growth factors & opportunities, market size & forecast, business performance, key strategic moves and operating business segments. Rise in geriatric population, increase in the number of chronic diseases, growing rate of surgical procedures across the globe and especially, mounting demand for minimally invasive surgeries have rocketed the growth of global powered surgical instrument market. On the other hand, high-price rivalry and unfavorable taxation policy have happened to restrain the growth to certain extent. Nevertheless, various growth opportunities from emerging economies have spurred the growth yet again.
Plastic surgery segment to manifest rapid growthby 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).
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.
SOURCE Allied Market Research