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Powered Surgical Instrument Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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Global Powered Surgical Instrument Market is registering a CAGR of nearly 4. 41% during the forecast period. An increasing number of surgical procedures, coupled with technological advancements, such as the introduction of robot-assisted surgical procedures, is expected to drive the growth of the powered surgical instrument market.

New York, June 27, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Powered Surgical Instrument Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" -
In addition, the growth in the geriatric population worldwide and growing prevalence of lifestyle diseases, also fuel the powered surgical instruments market.

The Pandemic has had ramifications for ways of working, of various surgical procedures including orthopedic surgeries. There are strict guidelines specific to each specialty that has to be implemented and followed, for orthopedic surgeons to be able to continue to provide safe and effective care to their patients during the COVID-19 pandemic. The volume of orthopedic surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries.

According to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide will be cancelled or postponed in 2020. ? More than 580,000 planned surgeries in India cancelled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020,

In addition,lack of proper reimbursement in some countries, along with the high cost of advanced power tools and inadequate skilled professionals, is restraining the growth of the market.

Key Market Trends

Orthopedic Surgery Segment Expected to Have Notable Growth Rate

Orthopedic surgery is a specialty that deals with acute injuries, congenital, and acquired disorders and chronic arthritic or overuse conditions of the bones, joints, and their associated soft tissues, including ligaments, nerves, and muscles.?

The burden of OA (osteoarthritis) is expected to increase across the world in the coming decades. According to the State of Musculoskeletal Health 2019 report, around 8.75 million people aged between 45 years and over (33%) in the United Kingdom sought treatment for osteoarthritis. ?

Accidents are also a major cause for the growing demand of orthopedic surgeries. For instance, there is a rise in the incidence of road accidents in the United States, which is a leading cause of injuries among people. According to the estimates of the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), in 2017, there were 34,247 motor vehicle crashes in the United States, causing around 37,133 deaths.??

Furthermore, market players are focusing on continuous developments and launch of novel products to gain the competitive edge in the market. in March 2017, Stryker Instruments has launched System 8 power tools.

However, there will be a short-term negative impact on the segment growth, as there will be a temporary halt on the surgical procedures globally due to the COVID-19 pandemic. According to the research conducted by the CovidSurg Collaborative in the year 2020, a research network, orthopedic procedures will be canceled the most frequently, with 6.3 million orthopedic surgeries canceled, worldwide, over a 12-week period?,

North America Projected to Have Significant Share Over the Forecast Period.

In North America, especially the United States, the market for powered surgical instruments is driven by technological advancement, prevalence of chronic diseases, increasing surgeries volume, elderly patients expecting higher levels of function, and reimbursement models that incentivize complex fusion surgery.According to the Global Health and Wellness Report published in 2018, nearly 40% of the adult population in the United States was diagnosed with a cardiovascular condition, which directly resulted in higher demand for highly efficient and immediate treatments, like cardiovascular surgeries, which will propel the usage of surgical staplers.

?According to the 2017 updates of the Centers for Disease Control and Prevention (CDC), approximately 27 million surgical procedures are performed in the United States each year.?Similarly, According to the American Joint Replacement Registry, there were more than 498,817 primary hip replacements performed during 2012 and 2018. Moreover, the average age of hip arthroplasty patient was 67.4 years. Thus, an increasing number of surgical procedures is increasing the demand for studied market in the country.?

However, owing to the COVID 19 pandemic, total number of surgical procedures are significantly affected in 2020, which has caused slide decline in market, especially first three quarters of the year.

Asia-Pacific is also expected to propel the powered surgical instruments market, due to factors, such as increasing accessibility to healthcare facilities in the region, rising prevalence of cardiovascular diseases, chronic diseases like cancer, medical tourism, orthopedic conditions and neurological diseases, rising investment in health care and growing prevalence of lifestyle related diseases among others.

Competitive Landscape

Market players focus on continuous product development and offering wide range of products at competitive prices especially in developing countries. Companies are focusing on expansion of their product portfolios by adopting inorganic growth strategies such as acquisitions, mergers and partnerships. Some of the Major Players are Johnson & Johnson, B. Braun Melsungen Ag, Stryker Co., Medtronic Incorporated, Smith & Nephew, Conmed Co., Desoutter Medical Ltd, Zimmer Holdings, and among others.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
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