LOS ANGELES, Oct. 3, 2019 /PRNewswire/ -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Powered Surgical Instrument Market (Product: Hand Piece, Power Source & Controls, and Accessories; By Power Source: Battery-Powered Instruments, Pneumatic Instruments, Electric Instruments; By Application: Orthopedic Surgery, Neurosurgery, ENT Surgery, Cardiovascular Surgery, Cardiothoracic Surgery, Plastic Surgery, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".
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In 2018, North America held the prominent share in global market for powered surgical instruments and is likely to dominate the market during forecast period. The major factors responsible for the growth of this region includes, presence of local manufacturers, efficient compensation policies for healthcare sector, government rules to improve advanced innovative technologies for surgical procedures and increasing training sessions for physician. For instance, in 2018 the global surgical team at the Department of Surgery at Massachusetts General Hospital seeks to enhance surgical education and access to sophisticated surgical care in resource-limited environments globally.
Asia-Pacific is expected to witness massive growth rate during forecast period mainly due to increasing medical tourism in this region. For instance, in 2016, around 115 million medical tourists travelled from abroad to seek healthcare services. Furthermore, in 2016, 10 million patients and near about 17 Billion Euros in revenue were spent in medical tourism sector in the region. Similarly 3.5 million foreign patients spent more than 4 billion euros on health care in 2016 in Thailand, perhaps the most advanced sector in medical tourism in Asia Pacific. In 2016, nearly 1.6 billion euros were spent in medical tourism in Singapore which had nearly 900,000 patients.
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A powered surgical instrument is specifically designed for particular surgery. Powered surgical instrument use pneumatic or electrical power source, where pneumatic power source make use of compressed gases such as nitrogen, carbon dioxide, or compressed air. The global market is expected a significant growth due to advanced technology such as advance surgical robotics which will further fuel the market growth. Mostly powered surgical instruments are used in orthopedic, ophthalmic, and cardiac surgical procedure. Furthermore, increasing number of patients for chronic diseases, cardiovascular diseases, orthopedic conditions, and neurological diseases also necessitates surgical interventions.
Rising medical tourism, growing adoption of powered surgical instruments by surgeons due to lifestyle diseases, increased healthcare investment, and rising facilities of healthcare across the globe are the major factors driving the growth of the market. On the other hand, the factors hindering the market growth are inappropriate quality assurance and inadequate sterilization processes while surgery.
- Surgical Instrument Tracking Systems Market - the global market is expected to grow at noteworthy CAGR around 18.6 % throughout the forecast period and reach around US$ 500 million by 2026.
- Surgical Stapling Devices Market - The global market is expected to reach nearly USD 8.5 billion by 2026. The market is likely to grow with 8.4% CAGR during the next eight years.
- Medical Equipment Rental Market - The global market size is expected to reach a value of USD 65.4 billion by 2026, this market is anticipated to grow with 4.5% CAGR during the forecast time period 2019 to 2026.
- Disposable Gloves Market - The global market size projected to register around USD 15.4 billion by 2026, this market is anticipated to grow with 8.4% CAGR during the forecast time period 2019 to 2026.
Increasing demand for robotic surgical process is responsible due to lack of qualified surgical professionals combined with growing amount of surgeries. In 2017, according to the Association of American Medical Colleges, up to 19,800-29,000 nurses are expected to experience important shortages in the U.S. by 2030. It is anticipated that the demand for robotic surgery in North American and European nations combined with the implementation of minimally invasive surgery that requires less post-surgical complications and decreases labor costs will promote the development of the market for electric surgical instruments. The advent of medical tourism in Asian nations owing to the accessibility of sophisticated healthcare facilities, qualified surgeons, and the use of contemporary technical equipment all at low cost in the region further propel the use of these tools, which in turn fuel the development of the market for powered surgical tools..
Some of the prominent players are AlloTech Co. Ltd., CONMED Corporation, Stryker Corporation, Zimmer Biomet, Medtronic plc, adeor medical AG, B. Braun Melsungen AG, and MicroAire Surgical Instruments, LLC., Smith & Nephew plc, GEISTER Medizintechnik GmbH and among others. Key manufacturers are mainly focused on advanced surgical instruments. For instance, advanced powered surgical instruments are electric powered and battery powered, witnessing a prominent adoption rate among physicians, due to easy handling and efficiency.
- In 2018, MicroFree surgical small bone power tool was launched by CONMED Corporation. This product was mainly designed for small bone with pencil grip
- In 2019, Stryker acquire Mobius Imaging, LLC for direct entry to imaging segment
- In 2018, Velocity Alpha for high-speed surgical drill system was launched by adeor medical AG with specific features, required for surgery.
- In 2019, Smith & Nephew plc expanded digital surgery ecosystem by acquiring innovator of optical tracking technology
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