Surgical Power Tools Market To Generate $583.6 Million Revenue by 2030
- Published: November 2023
The surgical power tools market size is expected to advance at a CAGR of 6.3% during 2024–2030, to reach USD 583.6 million by 2030. This is ascribed to the rising number of surgeries and the ease of use, improved reliability, and high precision of powered surgical instruments. Moreover, the usage of surgical power tools aids in saving time over using the traditional methods.
Increasing Prevalence of Brain Cancer Boosts Product Demand
The rising prevalence of neurological disorders propels the demand for powered surgical tools. According to government reports, in 2023, around 24,810 malignant tumors will be diagnosed in the U.S., out of which 14,280 will be in males and 10,530 will be in females. On every June 8, World Brain Tumor Day is observed in order to increase the awareness related to brain tumors as well their treatment. Brain cancers have high metastasis and high mortality rates. Hence, with powered surgical instruments, several surgeries on the central nervous system are performed to remove the tumors. It has been predicted that with the increasing number of brain cancer patients, the number of surgeries will increase, which will, in turn, propel the market over the coming years.
APAC Is Expected To Witness Fastest Growth over Forecast Period
APAC is expected to witness the fastest growth, at a CAGR of 6.5%, over the forecast period, ascribed to the increasing population above 65 years of age and the rising rate of technological advancements. Moreover, the increasing number of patients suffering from brain disorders and bone-related issues is contributing toward the market growth. Among APAC countries, China holds the major share, attributed to the growing medical tourism industry and increasing geriatric population. In addition, healthcare expenditure has increased in the country in recent years due to the rising prevalence of lifestyle diseases, to make healthcare easily accessible.
Apart from China, Japan, India, Singapore, and South Korea are rapidly investing in advanced healthcare infrastructure. The region also has highly proficient medical professionals, because of which patients are able to receive quality treatment.
Europe is also growing at a significant pace owing to the increasing geriatric population and rising research and development activities. In 2022, more than one-fifth of the population, or around 21%, in the European region was aged above 65 years. Additionally, the advancements in the medical devices offered by various key manufacturers to ease the work of surgeons are a major reason due to which the market is growing. Moreover, because of the favorable reimbursement policies for various types of surgeries in several countries of Europe, such as Germany, France, and Italy, the volume of surgical procedures is increasing, which is fueling the demand for surgical power tools.
The most-significant surgical power tools market players are Stryker Corporation, CONMED Corporation, Medtronic plc, Medical Devices Business Services Inc., MicroAire Surgical Instruments LLC, Zimmer Biomet Holdings Inc., De Soutter Medical Limited, Nouvag AG, and Arthrex Inc.