Powered Surgical Instruments Market Is Estimated To Witness High Growth Owing To Increasing Demand for Minimally Invasive Surgeries
SWOT Analysis
Strength: Powered surgical instruments are more precise and require less manual effort compared to conventional instruments. They increase efficiency and outcomes of complex surgeries. Powered instruments allow surgeons to function effectively for longer durations due to reduced physical strain.
Weakness: Powered surgical instruments require substantial upfront investments and have high maintenance costs. Their complexity also increases the risk of technical malfunctions during critical procedures.
Opportunity: Growing geriatric population prone to degenerative diseases and rise in number of complex minimally invasive surgeries present an opportunity for powered instruments. Increase in medical tourism in developing nations boosts market growth.
Threats: Strong bargaining power of buying groups increases pricing pressure. Shortage of skilled professionals restricts broader adoption of powered instruments.
Key Takeaways
Global Powered Surgical Instruments Market is expected to witness high growth, exhibiting a CAGR of 4.0% over the forecast period, due to increasing burden of chronic diseases. It is projected that the market size will reach US$ 2.54 billion by 2023.
Regional analysis
North America dominated the global market in 2023, and is expected to maintain its lead throughout the forecast period. This can be attributed to rapid uptake of advanced technologies and presence of major players in the region. The Asia Pacific market is likely to grow at the fastest rate owing to rising medical tourism, growing hospital infrastructure and improving reimbursement scenarios in emerging countries of the region.
Key players
Key players operating in the powered surgical instruments market are Stryker Corporation, Johnson & Johnson, Medtronic plc, and CONMED Corporation. Stryker Corporation is a prominent player with a strong global footprint and product portfolio.
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