Market Dynamics
The North American powered surgical instruments market is expected to benefit significantly from the favorable government initiatives towards healthcare infrastructure upgrades, adoption of technologically advanced instruments, rising focus on safety and security in Hospitals/clinics and the demand for cost-effective and efficient solutions. The increasing geriatric population, rising technological advancements, and a growing number of ambulatory surgical centers are likely to further boost the demand of the powered surgical instrument market. In 2017, the North American market for powered surgical instruments share was US$ 346 million and is estimated to reach a value of US$ 724 million in 2032, at a CAGR of 6.6%. The largest market share is held by the US due to the well-developed healthcare infrastructure and availability of more advanced surgical instruments. Canada is the second-largest market in North America, registering a CAGR of 5.8%. The demand for powered instrument systems is increasing due to its accurate, faster, precise, and smoother cutting operations over manual instruments. The surgeons are using powered instruments for advanced treatments, such as orthopedic surgery, cardiac surgery, neurosurgery, and plastic surgery, and these instruments are expected to have a greater penetration rate over the forecast period.
The technological advancements in powered instruments have enabled healthcare professionals to perform complex surgeries accurately and efficiently for treating multiple disorders. The key players in the North American market are Medtronic, Stryker Corporation, and Johnson & Johnson, overlooking the production of powered surgical instruments. These companies are focusing on innovation, product differentiation, and strategic pricing to expand its presence and generate more revenue. Moreover, these companies also offer financial benefits to hospitals and physicians, thereby increasing demand for powered instruments. The increasing surgical procedures and growing focus on enhanced safety and hygiene are likely to further amplify the demand for powered surgical instruments. Apart from this, the rising demand for minimally invasive surgeries and increasing disposable incomes of people are also favoring the market's growth.
