Powered surgical instruments are instruments driven by electricity and batteries to perform various functions during surgical procedures. These instruments consist of drills, saws, reamers, burrs and other equipments, which are powered by integrated batteries or corded power source to facilitate their functioning. They aid in performing tasks like cutting, grinding, drilling, cobbling, and sawing bones and tissues more efficiently as compared to conventional hand-powered tools. Powered instruments optimize speed, precision and reduce workload, thereby improving efficiencies and clinical outcomes for increasingly complex minimally-invasive surgical procedures.
The global Powered Surgical Instruments Market is estimated to be valued at US$ 2.10 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the powered surgical instruments market is the rising preference for minimally invasive surgeries (MIS). Technological advancements are enabling surgeons to carry out complex surgical procedures using small incisions as compared to open/invasive surgeries. Powered instruments play a critical role in MIS by aiding tasks like tissue fragmentation, resection and reconstruction through narrow access points. They provide better ergonomics, precision and visibility to surgeons for procedures like arthroscopy, laparoscopy and GI endoscopy. This is expected to drive the demand of powered instruments in the coming years. Another trend is growing adoption of robotic surgery systems. Usage of robotic platforms allows surgeons to perform complex procedures more accurately through tiny incisions with better vision and more flexibility. Powered instruments are an integral component of such robotic surgical systems and their increased uptake will contribute to market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier for new surgical items like drill bits, however high investment for new complete systems.
Bargaining power of buyers: Large healthcare providers bargaining for pricing and customization can impact profits of suppliers.
Bargaining power of suppliers: Suppliers of key components like motors have some control over pricing.
Threat of new substitutes: Alternative energy devices like ultrasonic instruments pose competition.
Competitive rivalry: Major players compete on technology and brand while smaller firms focus on niche segments.
Key Takeaways
Global Powered Surgical Instruments Market demand is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period 2023 to 2030, due to increasing robotic surgeries globally. North America dominates the market currently due to high healthcare spending and regulatory approvals for advanced technologies.
The North America region accounts for more than 35% of the global market currently due to large surgical volume and growing ageing population demanding minimally invasive surgeries. Asia Pacific region is expected to be the fastest growing market during the forecast period supported by developing healthcare infrastructure and increasing medical tourism.
Key players operating in the powered surgical instruments market include Stryker Corporation, Johnson & Johnson, Medtronic plc, and CONMED Corporation. Stryker Corporation offers a wide range of powered surgical instruments across specialties like orthopedics, ENT and neurosurgery.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it