May 21, 2024

Powered Surgical Instruments Market is Estimated to Witness High Growth Owing to Growing Geriatric Population

These instruments are used in various surgical procedures like orthopedic, ENT, dental and other surgical specialties for tasks like cutting, coagulation and drilling. Powered ultrasonic surgical devices use high-frequency ultrasonic vibrations to cut, fragment and emulsify tissues. Powered dental drills utilize rotating diamond or carbide-tipped burrs at high speeds for dental procedures like cavity preparation and tooth removal. The key advantages of powered surgical instruments are increased precision, control and reduced procedure time compared to conventional manual instruments. With rapid aging of population globally, there is growing prevalence of conditions like arthritis and dental diseases requiring surgical intervention, thus driving the demand for powered instruments in surgical specialties.

The Global Powered Surgical Instruments Market is estimated to be valued at US$ 2.42 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the powered surgical instruments market are Aries Chemical, Inc., Arakawa Chemical Industries, Ltd., Atlas Organics Private Limited, GO YEN Chemical Industrial Co., Ltd., Haihang Industry, Kemira Oyj, Longkou Longpai Fine Chemical Industry Co., Ltd., Oleon NV, Plasmine Technology, Inc. and SEIKO PMC Corporation. These key players are focusing on new product development and geographical expansion especially in emerging economies to capitalize on market opportunities.

The growing geriatric population prone to conditions requiring surgical treatment and rising number of ambulatory surgical centers globally present significant growth opportunities in the powered surgical instruments market. Furthermore, increasing healthcare expenditure and medical tourism in developing regions of Asia Pacific and Latin America is facilitating broader access to advanced surgical procedures, thus aiding regional market expansion.

Owing to evolving medical technologies, growing awareness and expanding insurance coverage, the global adoption of minimally invasive surgeries utilizing powered instruments is on the rise. This trend is positively impacting the market and it is expected that powered instruments will continue gaining market share from conventional manual alternatives in the coming years.

Market drivers
The primary driver for the Powered Surgical Instruments Market Size is the rapidly growing geriatric population globally that is more prone to degenerative diseases like arthritis requiring surgical treatment. As per WHO, the number of people aged 65 years and above is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Secondly, powered instruments enhance procedural efficacy, consistency and efficiency compared to manual tools, which is encouraging greater uptake across surgical specialties. Furthermore, increasing healthcare expenditure per capita in major countries is facilitating wider access to newer advanced surgical technologies like powered instrumentation.

PEST Analysis
Political: Regulations regarding use of powered tools in surgery along with sterilization guidelines will impact adoption.

Economic: Healthcare spending and availability of funding for new surgical tools will drives market. Economic conditions impacting discretionary capital will influence purchases.

Social: Growing geriatric population undergoing various surgeries along with rising lifestyle diseases pushing up surgical volumes. Increased patient acceptance for newer techniques.

Technological: Continued innovation in battery life, ergonomics and functionality of powered instruments is expanding applications in complex surgeries. Integration with robotics and augmented reality solutions is gaining interest.

In terms of value, the market is concentrated highly in North America and Europe due to advanced healthcare infrastructure and higher expenditure on surgical tools in the regions. Procedures like orthopedic and ENT surgeries using powered instruments are commonly performed.

The powered surgical instruments market in Asia Pacific region is growing the fastest owing to rising medical tourism, increasing healthcare expenditure and rapidly expanding private healthcare facilities across major countries. Awareness about benefits of powered instruments over conventional tools is pushing adoption in Asia Pacific surgical centers and hospitals.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it