Albany, NY -- (SBWIRE) -- 08/13/2015 -- The global powered surgical instruments market has registered healthy growth in the last decade and this is attributed to the increasing incidence of lifestyle diseases, rising healthcare expenditure, increasing volume of surgical procedures conducted all over the world, and technological development.

The expanding geriatric demographic around the world has correspondingly resulted in the rising prevalence of chronic ailments, which primarily comprise cardiovascular diseases, neurological disorders, and orthopedic conditions. A majority of these conditions require surgical interventions, thereby significantly increasing the total number of surgical procedures performed in a year. The evolving medical tourism industry, growing prevalence of chronic ailments that require surgical interventions, and favorable reimbursement policies, especially across developed countries, are expected to propel the demand from the global powered surgical instruments market in the forthcoming years.

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Moderate Growth Forecasted for Powered Surgical Instruments Market

Powered surgical instruments are precisely designed instruments, commonly used to perform cranial, orthopedic, spinal, and ENT procedures. These devices perform functions such as drilling, reaming, and cutting and are powered using sources such as battery, pneumatic, or electric power. Each instrument encompassed within the category of powdered surgical instruments consists of one or more hand pieces and related accessories. These instruments may also include disposable and limited reusable items such as saw blades, burrs, reamers, and drills.

Recently released reports to study the market feasibility for powered surgical instruments project a moderate compound annual growth rate for the global powered surgical instruments market. However, factors such as mounting pressure to reduce overhead expenses in the healthcare sector, scant quality assurance standards, and inadequacy in sterilization practices have the ability to inhibit the growth of the powdered surgical instruments market.

North America Leads the Market but Asia Pacific Expected to Register Fastest Growth

North America, Europe, Asia Pacific, and Rest of the World constitute the key regional segments of the global powered surgical instruments market. Of these, North America emerged as the largest market for powered surgical instruments in 2013, followed by Europe. North America boasts arguably one of the best developed healthcare infrastructures in the world. Factors such as the advent of revolutionary technologies, growing geriatric population, and favorable regulatory frameworks across the developed economies of North America and Europe have led these regions to dominate the global landscape of the market. However, Asia Pacific is poised to exhibit the most promising growth opportunities for the market in the near future. According to recently conducted market studies, the region is expected to register the highest CAGR in the next four to five years.

Asia Pacific is gradually becoming the hub of the powered surgical instruments market. The region has a booming medical tourism industry. This, alongside the rising incidence of chronic diseases and unmet medical needs, is expected to boost demand from the powered surgical instruments market in Asia Pacific.

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Competition Increasing in the Powered Surgical Instruments Market

The global powered surgical instruments market is highly fragmented, with the presence of a large number of established companies and new entrants alike. While a majority of the market is held by the leading vendors, the increasing presence of new entrants is intensifying the prevailing competition in the market. Some of the leading companies operating in the market are Carefusion Corporation, Conmed Corporation, Zimmer Holdings Inc., Alcon Laboratories Inc., Stryker Corporation, MicroAire, KLS martin group, Smith & Nephew PLC, Medtronic Inc., and Ethicon Inc.

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