Powered Surgical Instrument Market Size to garner $2.73 billion by 2025 | AlloTech Co. Ltd., Conmed Corporation, Depuy Synthes, Medtronic plc
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:According to the report, 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.
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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.
Based on application, the market is segmented into neurosurgery, plastic surgery, ENT surgery, cardiovascular surgery, cardiothoracic surgery and others. The orthopedic surgery segment contributed to the major revenue in 2017 and is anticipated to continue its leadership status during the forecast period. The growing demand of minimally invasive surgery in orthopedics and increase in geriatric population augment the demand of powered surgical instruments.By region, North America is anticipated to maintain its dominance during the forecast period due to cutting-edge healthcare infrastructure and high adoption rate of innovative surgical tools.
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.
Battery-powered instruments segment to portray fastest growth through 2025
The battery-powered instruments segment is expected to register the fastest CAGR of 4.7% during the forecast period. This is attributed to the fact that battery-powered instruments are coreless, lightweight, efficient, and chargeable that provide comfort during surgery, which have boosted their demand. However, electric instruments segment held the largest share in the market in 2017, contributing about 41% of the total revenue, owing to the low cost of electric surgical handpieces and higher power output compared to pneumatic and battery-powered instruments. Pneumatic instruments segment would exhibit steady growth during the forecast period.
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.
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Asia-Pacific is estimated to grow at a CAGR of 5.4% 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.
The report provides a comprehensive analysis of the key players operating in the global powered surgical instrument market, namely, AlloTech Co. Ltd., Conmed Corporation, Depuy Synthes (Johnson & Johnson), Medtronic plc, Stryker Corporation, Zimmer Biomet, adeor Medical AG, Smith & Nephew plc, B. Braun Melsungen AG, and MicroAire Surgical Instruments, LLC.
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