Global Powered Surgical Instruments Market, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Global Powered Surgical Instruments Market


The global powered surgical instruments market size was valued at USD 2.05 billion in 2018 and is expected to grow at a CAGR of 3.8%. Rising incidence of chronic diseases, such as diabetes, cancer, cardiovascular diseases, and bone-related disorders, coupled with rise in number of surgical procedures, is expected to propel the market over the forecast period. Moreover, increasing geriatric population and growing awareness about the advantages of these instruments are expected to further boost the market.

Powered surgical instruments are complex devices beneficial useful for improving efficiency and consistency during critical surgical procedures.These instruments are designed for cutting, drilling, sculpting, shaving, and ultrasonic cell disruption and are commonly used in orthopedic, cardiovascular, neurosurgery, plastic reconstruction surgery, & other surgeries.

Technological advancements and innovations in robotic surgery have significantly aided growth. Some of the key drivers are increase in prevalence of lifestyle diseases, rise in healthcare spending, increase in medical tourism, and improvement in accessibility to healthcare facilities. In addition, increasing adoption of minimally invasive and robotic & computer-assisted surgeries is expected to further propel the market.

The availability of powered instruments in various forms allow surgeons and medical staff to choose the right instrument for a surgical procedure. However, increasing pressure on healthcare providers for reducing costs, inadequate sterilization processes, and insufficient quality assurance may hamper the market over the forecast period. Rise in the number of conventional surgeries has created a massive demand for modern surgical tools and techniques. Electric powered instruments, such as electrosurgical units, facilitate easy surgical interventions at Ambulatory Surgical Centers (ASCs) or clinics, eliminating the need for a designated hospital setting. Outpatient settings usually reduce the cost of surgery and facilitate shorter surgery time, thereby minimizing hospital stay.
According to OMICS International Conferences, 2015, approximately 234 million surgical procedures are performed annually. Furthermore, the 2017 Plastic Surgery Report released by the American Society of Plastic Surgeons stated that 17.5 million minimally invasive surgical procedures were performed in 2017, indicating a 2% rise from the previous year. These facts highlight that there will be a steadily increasing demand for plastic surgeries in the coming years. As a result, the usage of powered surgical instruments is anticipated to rise over the forecast period. According to an article by the Agency for Healthcare Research and Quality, in 2012, the ratio of surgical visits or stays was 46.9% for inpatient settings and 53.1% for ambulatory settings across 28 states. All these factors are expected to boost demand for surgical instruments in the forecast years.

Product Insights of Global Powered Surgical Instruments Market

By product, the market has been segmented into handpiece instruments, power source & control, and accessories. Handpiece instruments accounted for the largest share, at over 40%, in 2018. The segment is anticipated to maintain its lead over the forecast period, owing to features such as higher power, better efficiency, lightweight frames, and ease of use over other instruments. Handpiece instruments are further divided into drill systems, reamers, saws, staplers, shavers, and others. Power source & control segment is divided into batteries, electric instruments, and pneumatic instruments. Accessories segment is divided into surgical and electric accessories.

Power source & control is expected to be the fastest growing segment over the forecast period. Factors such as government support in certain countries, favorable reimbursement systems, advancements in technology, and growing preference for minimally invasive surgical procedures are expected to drive growth of this segment. Demand for power source & control products is further boosted by the growth in incidence of sports injuries and number of reconstruction surgeries, augmenting growth.

Application Outlook

Based on application, the market is segmented into orthopedic, neurosurgery, ENT, cardiology, plastic surgery, and others. Orthopedic powered instruments accounted for highest share in 2018, owing to a globally large geriatric population and increasing prevalence of accidents & bone diseases.

The plastic surgery segment is expected to grow at a rapid pace over the coming years, owing to rising awareness about these options, social media influence in favor of plastic surgeries, increase in number of road accidents, and growing geriatric population. In addition, improving diagnosis methods & imaging technologies, introduction of new products, mergers & acquisitions, and favorable reimbursement policies are likely to boost market growth.

Regional Insights of Global Powered Surgical Instruments Market

North America dominated the powered surgical instruments market in 2018 and is expected to maintain its position over the forecast period. Key factors contributing to the regions growth include favorable reimbursement policies, local presence of key market players, and government initiatives that improve access to advanced power instruments for surgical procedures & training sessions for physicians. In 2015, Global Surgery Initiative (GSI) was launched by Department of Surgery at Massachusetts General Hospital to help establish international partnerships that may enhance medical technologies and improve surgical efficiency.

Asia Pacific is anticipated to grow at maximum pace during the forecast period, owing to increasing investment by governments and global players in the region. Japan and China are major contributing countries in APAC. Government initiatives to incorporate improvements in reimbursement policies and growing awareness are other factors anticipated to support market growth during forecast period.
Powered Surgical Instruments Market Share Insights

Some of the prominent players are Allotech Co., Ltd., Conmed Corporation, Medtronic PLC, Stryker Corporation, Zimmer Biomet, adeor medical AG, Smith and Nephew plc, B Braun Melsungen AG, MicroAire Surgical Instruments, LLC, and De Soutter Medical Ltd. Major companies are increasingly focusing on the introduction of technologically advanced surgical instruments. For instance, powered surgical instruments, such as battery powered and electric powered, are witnessing a high adoption rate among surgeons, owing to their ease of usage and effectiveness.

In December 2018, Smith & Nephew Plc acquired Ceterix Orthopaedics, Inc. for USD 105 million. The company is a developer of Novostitch Pro, a meniscal repair system developed for arthroscopy knee repair. The acquisition could help Smith & Nephew provide surgeons with a novel treatment option that can cater to unmet medical needs.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Powered Surgical Instruments Market Research Report

This report forecasts revenue growth at global, regional, & country levels as well as provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the powered surgical instruments market report on the basis of product and application.

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Handpiece
  
Drill system
  
Reamer system
  
Saw system
  
Stapler
  
Shaver
  
Others
  
Power source and control
  
Electric instruments
  
Battery power instruments
  
Pneumatic instruments
  
Accessories
  
Surgical accessories
  
Electrical accessories

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
Orthopedic
  
Neurosurgery
  
ENT surgery
  
Cardiovascular surgery
  
Plastic surgery
  
Others