Powered Surgical Instrument Market to reach $3.5 billion by 2030; The increasing prevalence of chronic diseases, advancements in minimally invasive surgery, rising healthcare spending, and innovations within the healthcare industry are collectively d

The Powered Surgical Instrument Market size is predicted to reach $ 3.5 Million by 2030, growing at a CAGR of 3.9% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC, titled “Powered Surgical Instrument Market - By Product Type (Handpieces, Accessories, Power Sources), By Power Source (Electric powered, Pneumatic powered, Hydraulic powered), By Application (Orthopaedic Surgery, Cardiothoracic Surgery, Neurosurgery, ENT (Ear, Nose, Throat) Surgery, Plastic and Reconstructive Surgery, Dental Surgery, Others), By End User (Hospitals, Ambulatory Surgical Centers (ASCs), Specialty Clinics, Others), By Geography - Opportunity Analysis & Industry Forecast, 2024-2030”.

The aging population's increased risk of chronic diseases like cancer, cardiovascular disease, and orthopedic disorders, along with the development of more accurate, smaller instruments with robotic systems and rising healthcare spending on medical technology, are driving the market for powered surgical instruments.

Literature shows that in the Powered Surgical Instrument Market, North America holds a major share with 40% of the market share. Such huge investment in the healthcare industry facilitates and enables various hospitals and other medical centers to grow and be at par with the latest surgical technologies, one of which involves powered tools. A report from The Commonwealth Fund, January 2023, describes that the healthcare spending of the United States reached 17.8% of the country's GDP in 2021. This is significantly higher than, for example, the average OECD country, which spends approximately half this share of funds on health care. Substantial government funding, insurance coverage, and investments by the private sector go into ensuring that North American hospitals are adequately fitted-out with the latest devices, further fueling demand for powered surgical instruments.

The market for powered surgical instruments is expected to grow significantly, thanks to several factors. These include the rising number of chronic illnesses, advances in technology for minimally invasive surgery, increased healthcare spending, and supportive regulations. Powered surgical instruments play a vital role in enabling these procedures, which offer patients reduced recovery times and lower risk of complications compared to traditional methods. More patients are choosing minimally invasive surgeries, which are generally preferred for their precision and less invasive nature. As a result, the demand for powered surgical instruments continues to grow in parallel with these preferences.

Robotics and automation are really changing the game for powered surgical instruments. These tools help make surgeries more precise, cutting down on mistakes and allowing for less invasive procedures, which means better results for patients. Surgeons get more control and accuracy with robotic systems, while automation helps make surgeries smoother and quicker. With healthcare focusing more and more on advanced tech, the demand for these high-tech surgical tools is only going to grow, shaping how surgeries will be done in the future.

Key companies profiled in the Powered Surgical Instrument Market are Medtronic, Intuitive Surgical, Johnson & Johnson, Stryker Corporation, Zimmer Biomet, Olympus Corporation, Conmed Corporation, Terumo Corporation, Accuray Incorporated, Smith & Nephew and other.

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