Market Overview:
Powered surgical instruments are medical devices that are powered by electricity and assists surgeons in performing complicated surgeries efficiently and accurately. These instruments include drills, saws, reamers, shavers, and others. They offer advantages such as controlled cutting and coagulation with precision, reduce procedure time and improve surgical outcome. With the growing prevalence of chronic diseases and number of complex surgeries, powered surgical instruments have become integral part of modern healthcare facilities.
Market key trends:
One of the key trends in the powered surgical instruments market is technological advancements in medical devices. Major players are focusing on developing innovative battery-powered instruments with advanced features. For instance, Stryker Corporation launched Stryker Drill System that features precision, control and accessibility for surgical procedures. Similarly, Zimmer Biomet introduced the Rosa One Knee System with smart computers and robotics to optimize surgical planning. Furthermore, the increasing adoption of minimally invasive surgeries globally is another major trend as they offer benefits like reduced treatment costs, fewer complications, and faster recovery times. This is expected to drive the demand of powered surgical instruments in the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Powered Surgical Instruments Market Growth is moderate. Existing players have strong brand recognition and controls distribution channels. New entrants will require significant investment to compete effectively.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have moderate preference and switching costs. However, the availability of alternative players provides buyers with negotiating power to influence pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials have established themselves as experts in their domains. However, the availability of substitute materials and new small suppliers balances their bargaining power.
Threat of new substitutes: The threat of substitutes is low. Powered surgical instruments offer unique advantages over conventional surgery tools that are difficult to substitute. Their precision and high quality outcomes differentiate them from other alternatives.
Competitive rivalry: Competition in the powered surgical instruments market is high due to the presence of large players offering innovative products. Players differentiate through advanced technologies and strong distribution networks globally.
Key Takeaways
The global powered surgical instruments market is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing adoption of minimally invasive surgeries.
Regional analysis: North America dominates the powered surgical instruments market owing to the advanced healthcare infrastructure and rising medical tourism in the US and Canada. Asia Pacific is expected to grow at a fast pace during the forecast period due to improving access to healthcare and rapidly developing medical technology in China and India.
Key players: Key players operating in the powered surgical instruments market are Stryker Corporation, Conmed Corporation, Zimmer Biomet Holdings, Inc., MicroAire Corporation, Medtronic Plc, KLS Martin L.P., DePuy Synthes, Smith & Nephew, Arthrex, Inc, and B. Braun Melsungen AG. Many companies are focusing on new product development and acquisitions to strengthen their market position. For instance, Stryker Corporation offers a comprehensive range of powered surgical instruments for orthopedic and ENT applications.
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