April 22, 2024
Powered Surgical Instruments Market

The Powered Surgical Instruments Market Driven By Increased Demand For Minimally Invasive Surgeries

Powered surgical instruments refer to medical devices that utilize mechanical power to aid in surgical procedures. These instruments include drills, saws, reamers, burrs, shavers, and others that are widely adopted in orthopedic, neurology, ENT, dental and other surgeries. Powered instruments help to increase precision, reduce procedure time and exert less pressure on tissues compared to conventional manually operated tools. Their advantages include controlled precision cutting, drilling and grinding abilities along with intuitive ergonomic designs. As surgical procedures move towards minimally invasive approaches, powered tools have become indispensable in specialties dealing with small and delicate anatomical structures.

The global Powered Surgical Instruments Market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing preference for minimally invasive surgeries among patients and surgeons remains a key trend driving the Global Powered Surgical Instruments Market Size. Minimally invasive procedures are associated with less pain, smaller incisions, lower risk of complications, shorter hospital stays and faster recovery times. This has boosted the uptake of powered tools across therapeutic areas. Manufacturers are also introducing software and robotics integrated powered instruments to enable surgeries requiring high precision even in difficult to reach areas of the body. This next generation of “smart” powered tools is opening new opportunities and finding applications in varied specialties. enhanced preoperative planning. Regulatory bodies are also clearing new powered instruments at an increased pace which in turn is fueling market revenues. However, high costs associated with these specialized devices continues to hinder widespread adoption in price sensitive developing regions.

Porter’s Analysis

Threat of new entrants: Low capital requirements for Surgical Instruments set a low barrier for potential entrants. However, existing major players’ strong hold in market and expertise in surgical innovations restrict new entrants.

Bargaining power of buyers: Large healthcare facilities hold higher bargaining power due to the bulk order quantities. However, availability of product alternatives from other manufacturers increases customer options.

Bargaining power of suppliers: Key components are standardized across manufacturers limiting suppliers’ control over pricing. However, dependence on few key suppliers of surgical parts increases their influence.

Threat of new substitutes: Technological advancements continue to bring in novel minimally invasive techniques as substitutes to conventional surgeries. However, affinity for familiarity restricts faster adoption of novel techniques.

Competitive rivalry: Intense competition exists among global surgical device majors to gain market share and diversify product portfolios. However, proprietary innovations and strong brands of market leaders secure their market position.

Key Takeaways

The global Powered Surgical Instruments Market is expected to witness high growth.

North America region currently dominates the market due to presence of major players, higher healthcare spending and increasing adoption of advanced medical technologies. Asia Pacific region is expected to witness fastest growth owing to increasing healthcare expenditures, growing medical tourism and rising affluence.

Key players comprise: Key players operating in the Powered Surgical Instruments market are Stryker Corporation, Johnson & Johnson, B. Braun Melsungen AG, Medtronic, Conmed Corporation, Smith & Nephew PLC, Zimmer Biomet Holdings, Inc. and Boston Scientific Corporation. Stryker Corporation offers the largest powered surgical equipment portfolio with advanced battery and electrical solutions.

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