Powered surgical instruments are essential equipment used in modern surgery for tasks such as cutting, drilling, sawing, reaming and stapling. They are powered by electricity, batteries or pneumatic air pressure and help surgeons perform procedures quickly and precisely by offering control, endurance and protection. Some common powered instruments include drill systems, saws, staplers and resection systems. The demand for such tools is driven by an increase in the number of surgical procedures performed globally each year due to the growing incidence of chronic diseases and road accidents. According to statistics, over 312 million major surgical procedures are conducted annually worldwide.
The global powered surgical instruments market is estimated to be valued at US$ 2.42 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the powered surgical instruments market is the rising adoption of robotic surgery systems. Robotic systems offer surgeons improved control, precision and views of surgical sites through miniaturized instrument tips, EndoWrist instruments and 3D high-definition imaging. The da Vinci surgical robot is currently dominating the market. Manufacturers are further developing new robotic systems with updated features such as improved ergonomics and intricate suturing capabilities. This is expected to help overcome some of the limitations of traditional laparoscopy and drive the evolution of minimally invasive surgery. Intuitive Surgical, Medtronic and Johnson & Johnson have already received FDA clearance for various robotic surgery platforms.
Threat of new entrants: The threat of new entrants is moderate as the surgical instruments industry requires high capital investments and the presence of established players make it difficult for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate as the industry is highly fragmented with the presence of many established manufacturers. However, buyers can negotiate on prices to some extent due to the availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is low as the industry sources raw materials like surgical steels, plastics, and electronics components from a large number of suppliers globally.
Threat of new substitutes: The threat of new substitutes is moderate as there are no close substitutes available for powered surgical instruments. However, conventional non-powered instruments pose a mild threat.
Competitive rivalry: The competitive rivalry in the powered surgical instruments market is high owing to the presence of many global and regional players competing on product development, quality, and price.
The Global Powered Surgical Instruments Market Share is expected to witness high growth. The global powered surgical instruments market is estimated to be valued at US$ 2.42 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
North America is expected to hold the largest share in the powered surgical instruments market during the forecast period. This is attributed to the rising number of general surgical procedures coupled with the increasing aging population suffering from chronic diseases in the US and Canada.
Key players operating in the powered surgical instruments market are Aries Chemical, Inc., Arakawa Chemical Industries, Ltd., Atlas Organics Private Limited, GO YEN Chemical Industrial Co., Ltd., Haihang Industry, Kemira Oyj, Longkou Longpai Fine Chemical Industry Co., Ltd., Oleon NV, Plasmine Technology, Inc. and SEIKO PMC Corporation. Key players are focusing on new product launches and regulatory approvals to expand their market share.