Powered Surgical Instruments Market Worth 2.2 Billion USD by 2020
The global powered surgical instruments market is estimated to be worth around USD 1.7 Billion in 2014 and is expected to reach around USD 2.2 Billion to grow at a CAGR of 4.1% during the forecast period of 2015 to 2020.
Pune, Maharashtra, December 21, 2015 (Newswire.com) - The powered surgical instruments market registered a healthy growth rate during the last decade primarily attributed to the rising aging population, increasing volume of surgical procedures performed, and technological developments. The demographic trend of rise in aging population across the globe has caused a corresponding rise in the prevalence of chronic disorders that primarily includes cardiovascular diseases, orthopedic conditions, and neurological diseases. All of these conditions require surgical interventions, thus leading to an increase in the number of surgical procedures performed.
The advancing medical tourism industry, rising prevalence of chronic diseases that require surgical procedures, and favorable reimbursement scenarios in developing economies is expected to drive this market in coming years. However, the intense pressure to reduce healthcare costs, inadequate quality assurance standards, and lack of sterilization practices for equipment are likely to hinder the growth of the market to a certain extent.
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In this report, the powered surgical instruments market is segmented by power source, products, applications, and geography. The report also discusses key market drivers, restraints, opportunities in this market and its submarkets. The market is expected to grow at a moderate CAGR from 2015 to 2020.
In 2014, North America was the leader in this market, followed by Europe. The highly developed healthcare infrastructure, advent of new technologies, growing aging population, and favorable regulatory framework in the North American and European region has led to the large market shares of these regions. However, the highest growth opportunities for this market are in the Asia-Pacific region. The Asia-Pacific region represents the fastest-growing market for powered surgical instruments equipment and accessories, primarily due to the increasing medical tourism, rising prevalence of chronic diseases that require surgical procedures, and increased accessibility to healthcare facilities in the region.
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The major players in the powered surgical instruments market include Stryker Corporation (U.S.), Johnson & Johnson (U.S.), Medtronic, Inc. (U.S.), B. Braun Melsungen AG (Germany), Conmed Corporation (U.S.), Smith & Nephew (U.K.), and Zimmer Holdings (U.S.).
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