Powered Surgical Instruments Market - Industry Segment and Global Forecast Up to 2020
Transparency Market Research Report Added "Powered Surgical Instruments Market" to its database.
Albany, NY -- (SBWire) -- 01/23/2015 --A powered surgical instrument is a specifically designed device that utilizes power sources for carrying out specific action during surgery. Power sources may be electrical (line current or battery operated), or pneumatic - which make use of compressed medical gasses, such as nitrogen, carbon dioxide or compressed air. The powered surgical instrument market is experiencing significant growth with the advent of technological innovations and a major focus on minimally invasive surgical procedures.
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Powered surgical instruments can be classified based on:
- Battery-powered Equipment
- Electric-powered Equipment
- Pneumatic Equipment
- Orthopedic Surgery
- ENT Surgery
- Oral surgery
- Thoracic surgery
- Plastic and Reconstructive Surgery
- Cardiac surgery
- Ophthalmic surgery
- Hand pieces
- Ultrasound tissue disruptors
- Laparoscopic instruments
- Wire/Pin Drivers
The powered surgical instruments market has been witnessing an increasing and continuous growth. Many factors are responsible for the growth of powered surgical instrument market such as increasing volume of surgical procedures, aging population, increasing demand for non-invasive as well as minimally invasive surgeries, rise in healthcare spending, increased accessibility to healthcare, growing prevalence of lifestyle diseases and medical tourism. However, insufficient quality assurance, constant pressure on healthcare providers to reduce costs and lack of proper sterilization practices are restricting the growth of this market.
Geographically, the global powered surgical instrument market is segmented into four major regions: North America, Europe, Asia-Pacific and Rest of the World (RoW). In terms of geography, North America followed by Europe accounted for the largest market share of powered surgical instruments market due to advent of new technologies, high disposable income, growing aging population and favorable regulatory framework. However, Asia Pacific market is also witnessing a very positive growth due to the development of medical tourism industry, growing unmet medical and healthcare needs, increasing prevalence of chronic diseases that necessitate surgical procedures, encouraging reimbursement scenarios and high adoption rate of precise surgical instruments.
The global powered surgical instrument market is witnessing an admirable growth due to the transformative and innovative technological advancements, for instance introduction of surgical robotics have positively impacted the market growth. Powered surgical instruments are majorly utilized in orthopedic, ophthalmic and cardiac surgeries. Rise in prevalence of chronic diseases such as cardiovascular diseases, neurological diseases, orthopedic conditions and cancer across the globe require surgical interventions, thus leads to increase in surgical procedures. The advancing medical tourism industry, in developing economies is likely to drive this market in coming years.
The powered surgical instrument market is highly fragmented due to the participation of many established as well as new players in this market. New entrants in the market are giving a tough competition to the existing players. In order to maintain their position existing players are adopting new technologies and introducing new product into the market. Also, the market is expected to witness a high growth rate due to growing demand for non invasive techniques. Thus, all the above mentioned factors collectively drive the growth of powered surgical instruments market during the forecast period from 2014 – 2020.
Some of the key players operating in the powered surgical instruments market include Alcon Laboratories Inc., Conmed Corporation, Carefusion Corporation, Ethicon Inc., KLS martin group, MicroAire, Medtronic Inc., Smith & Nephew PLC, Stryker Corporation, and Zimmer Holdings Inc.
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