Pune, India -- (SBWIRE) -- 01/15/2020 -- A recent report published by Infinium Global Research on Powered Surgical Instruments Market (Power Source - Electric Instruments, Battery-powered Instruments, and Pneumatic Instruments; Product - Handpieces, Power Sources, Controls, and Accessories; Application - Orthopedic Surgery, Oral and, Maxillofacial Surgery, Neurosurgery, Ent Surgery, Cardiothoracic Surgery, and Plastic, and Reconstructive Surgery): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. According to the report the global powered surgical instruments market is projected to grow at a CAGR of 2.6% over the forecast period of 2018-2024.

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Powered Surgical Instruments Market: Industry Insights

Powered surgical instruments are used to support the performance of orthopedic and neurological surgeries. Powered surgical instruments are powered by an external power source such as battery power, electrical source, and air power. Surgeons require potential skills and expertise to perform surgeries using powered surgical instruments.

The powered surgical instruments are available in reusable form as well as single-use form. The single-use powered surgical instruments reduce the risk of infection. Powered surgical instruments reduce a time for surgical procedures and improve the consistency in performing surgical procedures.  The global powered surgical instruments market is projected to grow at a CAGR of 2.6% over the forecast period of 2018-2024.

Rising Number of Surgical Procedures and Increasing Demand for Minimally Invasive Surgeries Drive the Growth of the Industry

The rising number of surgical procedures and increasing demand for minimally invasive surgeries drive the growth of the powered surgical instruments market. The growing prevalence of chronic diseases such as cardiovascular diseases, cancer, orthopedic conditions, and neurological diseases stimulate the use of powered surgical instruments. However, insufficient quality assurance hinders the growth of the powered surgical instruments market. Moreover, growing medical tourism in emerging countries is anticipated to create opportunities for the growth of the powered surgical instrument market.

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Powered Surgical Instruments Industry is Classified on the Basis of Power Source, Product, and Application

The powered surgical instruments market is classified on the basis of power source, product, and application. Based on the power source, the market is divided into electric instruments, battery-powered instruments, and pneumatic instruments. Based on the product, the market is divided into handpieces, power sources and controls, and accessories. Handpieces are further divided into drill systems, saw systems, reamer systems, staplers, shavers, and others. Power sources and controls are again segmented into batteries, electric consoles, and pneumatic regulators. Accessories are further classified into surgical, electrical and others. Rising demand for minimally invasive surgeries contributes to the growth handpieces segment in the powered surgical instrument market. Moreover, based on application, the powered surgical instruments market is divided into orthopedic surgery, oral and maxillofacial surgery, neurosurgery, ENT surgery, cardiothoracic surgery and plastic, and reconstructive surgery.

North America is Expected to Dominate the Powered Surgical Instruments Market

Geographically, the powered surgical instruments market is categorized into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the powered surgical instruments market. The increasing geriatric population and rising disposable income in the North America region contribute to the growth of the powered surgical instruments market. As per the Population Reference Bureau report, the number of Americans aged 65 and older age group's share of the total population will rise to nearly 24 percent from 15 percent by 2060. Furthermore, increasing healthcare tourism in the Asia-Pacific region stimulates the growth of powered surgical instruments in the Asia-Pacific region.

Powered Surgical Instruments Market: Competitive Analysis

The key players in the powered surgical instruments market are B.Braun Melsungen AG, Medtronic, Inc. Johnson and Johnson, Stryker Corporation, Conmed Corporation, Smith and Nephew PLC, Microaire Surgical Instruments, Inc., Peter Brasseler Holdings, LLC, Zimmer Holdings and Desoutter Medical Ltd. Key players are focusing on  mergers and acquisitions to gain competitiveness in the market. For instance, Johnson & Johnson acquired Orthotaxy. Orthotaxy develops software enabled surgery technologies and Johnson & Johnson engrosses in research and development, manufacture and sale of a variety of healthcare-related products.

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