The US Powered Surgical Instruments market is witnessing huge growth in terms of expansion and revenue. The primary growth drivers of this market are advancements in technology, rising healthcare expenditures, minimally invasive surgery (MIS) trends, growing prevalence of chronic diseases.
STORY OUTLINE
- As the market for UDI keeps increasing, the demand for compliance-enabling technology, such as surgical tool monitoring systems will increase 10% by 2024.
- Technological advancements in this sector boosted remote and robotic-assisted surgeries, in 2022, 16% of robotic surgeries were recorded in the USA.
- To remain competitive in the market for the long term, companies are investing hugely in the R&D department to gain a competitive edge over their rivals.
According to Ken Research, innovations and advancements in technology are one of the major variables that are synergistic affecting the expansion and growth of US Powered surgical instruments. In America, nearly 50% the adults have one or more chronic health conditions and one in four adults have more than two chronic health conditions. Additionally, around 40% of Americans suffer from cardiovascular diseases that include hypertension and Cancer.
1. Impact of Covid-19 on US Powered Surgical Instruments Market
- In 2020, when the pandemic was at its peak, to diminish infectious risk the government announced a temporary ban on elective surgery across the country.
- During the pandemic time, the powered surgical instruments market witnessed a drop of around 12% as the supplies of surgical instruments were temporarily stooped. Low availability and increased struggles in terms of transport of surgical instruments resulted in a sudden shortfall in raw materials.
- Major hubs of research facilities for powered surgical instruments across America were shut down. Additionally, the requirement for social distancing and infection control provoked the investigation of remote and robotic-assisted surgeries. This move has quickened the adoption of technologies that require powered surgical instruments.
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2. Current Situation of US Powered Surgical Instruments Market
- Post-pandemic the market is set to reach a record market value by the end of 2028. The US Powered Surgical Instruments Market is projected to grow at a CAGR of 8.0 % from 2022 to 2028.
- As the number of instruments subject to UDI keeps increasing, it is projected that the demand for compliance-enabling technology, such as surgical tool monitoring systems, would expand by 20% in the forecast period. Regulating standards for traceability from supplier to patient have also been established by numerous different governmental entities.
- The demand for OEMs is estimated to further increase because original equipment manufacturers (OEMs) and medical technology have a lot of chances in the surgical equipment market across the nation. This is due to the rising demand for surgical sutures and staples.
3. Growth Drivers of the US Powered Surgical Instrument Market
- The US Powered Surgical Instrument Market is driven by various variables. Some of the major growth drivers of this market are advancements in technology, rising healthcare expenditures, minimally invasive surgery (MIS) trends, growing prevalence of chronic diseases.
- Technological advancements in this sector have made remote and robotic-assisted surgeries possible, in 2022 16% of robotic surgeries were recorded in the USA. Surgeons and healthcare suppliers look for the latest instruments to improve patient outcomes and upgrade surgical methods.
- The expanding healthcare spending within the US has contributed to the selection of advanced surgical technologies, counting powered surgical instruments. Hospitals and healthcare offices invest in cutting-edge equipment to supply superior patient care and draw in top medical experts.
- The shift towards minimally invasive surgeries (MIS), which offer diminished patient trauma, shorter recovery times, and fewer complications, has driven the request for powered surgical instruments.
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4. Major Players of the US Powered Surgical Instruments Market
- Johnson & Johnson., B. Braun Melsungen Ag., Stryker Corporation., Medtronic PLC., Smith & Nephew., Zimmer Biomet., ConMed., Smith & Nephew, Ethicon US, LLC, and Desoutter Medical Ltd are active in the US Powered Surgical Instruments.
- Stryker Corporation, Medtronic, and Johnson & Johnson are the leading players in the US Powered Surgical Instruments. Alongside America, these companies hold a major market share of the Powered surgical instruments industry in North America
- The market is set to become more competitive as due to rising market size industry will face several new entrants. This will help the market to remain competitive and invest more in the R&D department.
Conclusion
The US Powered surgical instruments market is expected to grow positively in the next five years with a projected CAGR of 8.0%. The market is reaching new heights due to several factors affecting the market like advancements in technology, rising healthcare expenditures, minimally invasive surgery (MIS) trends, growing prevalence of chronic diseases. The market was impacted negatively due to the widespread of covid-19 but it showed remarkable growth in the post-pandemic period. Leading players in the market like Johnson & Johnson, Stryker, and Medtronic are dominating the market and the industry will get more competitive with the arrival of new entrants in coming years.