Surgical Power Tools Market to Observe Fastest Growth in Asia-Pacific
The surgical power tools market is estimated to generate USD 383.9 million in 2023, which will rise to USD 583.6 million, with a 6.3% CAGR, by 2030.
The progression of this industry is because of the increasing number of technological inventions coupled with the rising count of injuries on the face and head. Furthermore, the rising occurrence of health problems associated with age like osteoporosis, is also boosting the industry expansion.
The hand pieces category, based on product, is the major contributor to the industry, because of their comfortability, ease of usage, effectiveness, and accurate results. They are highly employed in orthopedic procedures for drilling, fixing, as well as placing bone screws.
The battery category, based on power source, will propel at the highest rate, of 6.6%, during this decade. This is because these variants can be transported anyplace, as no lead is linked to them, which also makes them suitable to utilize.
Orthopedic surgery is a key application of these devices due to the rising occurrence of problems associated with the bones. As per some government reports, approximately 1.71 billion individuals are suffering from musculoskeletal disorders all over the globe.
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Whereas, the neurosurgery category will propel at the fastest rate during this decade. This is because of the high complexity of the nervous system, which necessitates equally technologically developed equipment to be operated upon.
The hospitals category, based on end users, is the largest contributor to the surgical power tools market. This is because most accidental incidents that need surgeries are admitted to hospitals. Furthermore, hospitals have expert specialists, as well as developed facilities, because of which patients favor them for treatment.
Furthermore, governments are increasing their investment in improving hospitals, making quality care inexpensive as well as easily available. Additionally, hospitals have direct links with manufacturers/providers so they can attain products in bulk at low prices.
North America is leading the industry, and it is likely to remain leading during this decade, generating a value of USD 0.2 billion by 2030. This can be because of the enhanced healthcare system as well as high disposable salary.
Furthermore, significant investments are assigned for medical device R&D every year by different private administrations and governments, to make surgeries faster, effective, safer, and cost-effective.
APAC will propel at the fastest rate, of 6.5%, during this decade, because of the rising populace above 65 years of age, coupled with the increasing pace of technological developments.
Furthermore, the growing count of patients with brain disorders as well as bone-related problems is also boosting the regional industry growth.
With the growing number of technological inventions, the surgical power tools industry will continue to advance in the coming years.