April 22, 2024

Powered Surgical Instruments Market is Estimated to Witness High Growth Owing to Advancements in Battery Technology

Powered instruments provide higher precision and control during surgical interventions and significantly reduce surgeon fatigue compared to conventional hand-held tools. Features like adjustable speeds, replaceable blades and high battery life have made them indispensable across varied specialties including orthopedics, ENT, neurosurgery and plastic surgery.

The Global Powered Surgical Instruments Market is estimated to be valued at US$ 2.42 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period of 2024 to 2030.

Key Takeaways
Key players operating in the Powered Surgical Instruments market are Aries Chemical, Inc., Arakawa Chemical Industries, Ltd., Atlas Organics Private Limited, GO YEN Chemical Industrial Co., Ltd., Haihang Industry, Kemira Oyj, Longkou Longpai Fine Chemical Industry Co., Ltd., Oleon NV, Plasmine Technology, Inc. and SEIKO PMC Corporation. The emergence of new battery technologies enabling longer runtimes on a single charge as well as compact and lightweight form factors provide significant opportunities for manufacturers to improve ergonomics and design of powered surgical devices. Advancements in fields of battery management systems and microcontrollers are enabling enhanced functionality, precision and intelligence in powered surgical tools.

Market drivers
The increasing volume of surgical procedures due to rising disease prevalence and the growing geriatric population amplify the demand for automated surgical tools that save time and provide consistent outcomes. Powered devices simplify complex surgical steps, reduce variations between surgeons and minimize training requirements. Continued innovations in battery technology facilitating longer usage hours per charge as well as lightweight and compact form factors are major drivers for adoption of powered surgical instruments across varied clinical specialties.
Current Challenges in Powered Surgical Instruments Market:

Powered Surgical Instruments Market Size is facing numerous challenges currently. Stringent regulations and high costs of regulatory compliance pose major difficulties. Intense competition and pricing pressures from local players also significantly impact the market. Ensuring product quality and safety is an ongoing challenge due to quality-related issues with battery failures and instrument malfunctions in some cases. Increasing healthcare costs and financial constraints on the healthcare systems worldwide further challenge market growth to some extent.

SWOT Analysis

Strength: Powered surgical instruments provide enhanced control, accuracy and precision to surgeons compared to conventional handheld tools. They reduce physical strain on surgeons and enable minimally invasive surgeries.

Weakness: High costs of powered instruments limit their widespread adoption. Infrastructure and training needs for effective usage also increase costs burden for healthcare facilities. Reliability issues and technical failures with some tools act as a constraint.

Opportunity: Rising volume of surgeries globally due to chronic diseases and aging populations expands the potential market. Ongoing technological advancements offer opportunities to develop next-gen solutions. In emerging countries, increasing healthcare investments create new growth avenues.

Threats: Economic slowdowns can negatively impact the market. Stringent regulations delay product approvals and market entries. Competition from alternative surgical techniques like robot-assisted surgeries poses threats.

Geographical Regions of Concentrated Value

North America currently dominates the global powered surgical instruments market in terms of value, owing to factors like well-established healthcare infrastructure, high surgery volumes and advanced medical technologies adoption. Europe accounts for a major share as well on similar grounds. Both regions together hold over 65% of the total market value currently.

Fastest Growing Geographical Region

The Asia Pacific region is poised to witness the fastest growth in the powered surgical instruments market during the forecast period from 2024 to 2030. This is attributed to vast unmet surgical needs of large patient populations, improving access to healthcare, increasing healthcare expenditures, expanding private hospital sectors and growing medical tourism in the region especially in India and China. Infrastructure investments further support the market growth in Asia Pacific.

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