Market Trends of Powered Surgical Instrument Industry
The Orthopedic Surgery Segment is Expected to Have a Notable Growth Rate
- Orthopedic surgery is a specialty that deals with acute injuries, congenital and acquired disorders, and chronic arthritic or overuse conditions of the bones, joints, and their associated soft tissues, including ligaments, nerves, and muscles.
- According to World Health Organization (WHO) data published in February 2021, around 1.71 billion people had musculoskeletal conditions worldwide as of the year 2021. Furthermore, the rising prevalence of osteoporosis and osteoarthritis, the increasing incidence of road accidents and sports injuries, and the rising aging population are expected to increase the procedural count, driving the market growth. All these conditions require surgical interventions, thus leading to an increase in the demand for orthopedic devices. Thus, owing to all the factors mentioned above, the market is expected to propel at high growth rates.
- Furthermore, market players are focusing on continuous developments and the launch of novel products to gain a competitive edge in the market. For instance, in December 2021, DePuy Synthes launched the UNIUM System as the newest addition to its Power Tools portfolio. The system is designed for ergonomics, reliability, and efficiency in the trauma setting and can be used across small bone, sports medicine, spine, and thorax procedures.
- Thus, all aforementioned factors, such as the increasing geriatric population and the product launches by key market players, are expected to boost the segment over the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
North America is Projected to Have a Significant Share Over the Forecast Period
- The North American region is expected to hold a significant share of the market studied, which is majorly attributed to the well-established medical device industries and the presence of key companies providing powered surgical instruments.
- In the region, the United States is believed to dominate the market due to the increasing number of surgical procedures across the country. For instance, as per the American Academy of Orthopedic Surgeons (AAOS) Annual Report 2021, around 2.24 million primary and revision hip and knee arthroplasty procedures were performed in the last eight years.
- Primary knee (54.5%) and primary hip (38.6%) procedures made up most of the orthopedic surgeries in the country during the period. In addition, as per the American Joint Replacement Registry (AJRR) 2021, there were around 105,743 hip arthroplasty procedures for femoral neck fractures in the United States. Therefore, the rising number of orthopedic surgical procedures is anticipated to support the market's growth in the United States.
- Additionally, the data updated by Cedars-Sinai in January 2022 showed that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass or bypass surgery, is the most common heart surgery, and more than 300,000 people have successful bypass surgery in the United States each year.
- New product launches by the key companies from the region are expected to boost the market growth. For instance, in March 2021, Ethicon announced the global launch of the ECHELON+ Stapler with GST Reloads, a new powered surgical stapler designed to increase staple line security and reduce complications through more uniform tissue compression and better staple formation.
- Hence, owing to the increasing disease burden and the new product launches, the market studied is believed to grow significantly in North America.
Get Analysis on Important Geographic Markets
Download Sample
