Powered Surgical Instrument Market Size

Powered Surgical Instrument Market Analysis

The Powered Surgical Instrument Market size is estimated at USD 2.19 billion in 2024, and is expected to reach USD 2.60 billion by 2029, growing at a CAGR of 4.06% during the forecast period (2024-2029).

The pandemic had ramifications for ways of working on various surgical procedures, including orthopedic surgeries. The volume of surgeries significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. According to the study published in the British Journal of Surgery in May 2020, it was found that based on 12 weeks of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020. More than 580,000 planned surgeries in India were canceled or delayed as a result of the COVID-19 pandemic. Thus, the COVID-19 pandemic had a significant impact on market growth. However, at the time, the market had reached its pre-pandemic nature in terms of surgical volume and was expected to witness strong growth over the forecast period.

• An increasing number of surgical procedures coupled with technological advancements, such as the introduction of robot-assisted surgical procedures, are expected to drive the growth of the powered surgical instrument market. In addition, the growth in the geriatric population worldwide and the growing prevalence of lifestyle diseases also fuel the powered surgical instruments market.
• There is an increasing focus on surgeries across various countries, which is propelling the number of surgical procedures and fueling the market growth. For instance, in April 2022, the Victorian government in Australia reported investing USD 1.5 billion to address its growing elective surgery waitlist as part of a catch-up scheme that will increase surgical capacity by a quarter. The COVID Catch-Up Plan was designed to raise capacity to 125% in 2023, with 40,000 additional surgeries to take place the next year. With the high investment in surgeries, the market studied is expected to witness significant growth over the forecast period.
• Furthermore, according to the Organization for Economic Co-operation and Development (OECD) data updated in August 2022, the number of surgeries performed in some European countries such as Portugal, Denmark, Ireland, and Norway in 2021 includes 94.87, 49.33, 32.84, 21.5 (in thousand). Such a huge number of surgeries in developed European countries will lead to increased adoption of powered surgical instruments, which is expected to propel the market growth.
• However, the lack of proper reimbursement in some countries, along with the high cost of advanced power tools and inadequately skilled professionals, are restraining the growth of the market.