Market Trends of Powered Surgical Instrument Industry
The Orthopedic Surgery Segment is Expected to Have a Notable Growth Rate
- The orthopedic surgery segment is poised for significant growth during the forecast period. This growth is primarily driven by the rising prevalence of bone and joint cancer, a surge in orthopedic and musculoskeletal injuries from road accidents, and an increasing incidence of arthritis and obesity, which necessitate procedures like knee and hip replacements. Additionally, introducing new products by industry players further catalyzes this segment's expansion.
- The global prevalence of bone and joint cancer underscores the demand for orthopedic surgeries, consequently amplifying the necessity for advanced surgical instruments. For example, the American Cancer Society's projections for 2024 indicate an estimated 3.97 thousand cases of bone and joint cancers in the United States, with 2.27 thousand in females and 1.7 thousand in males.
- Also, the prevalence of sports injuries and road accidents predominantly results in orthopedic and musculoskeletal injuries, further fueling the demand for orthopedic surgeries. India's Ministry of Road Transport and Highway, in its October 2023 report, highlighted this, revealing 461.31 road accidents in 2022, causing injuries to 443.36 individuals.
- Notably, Stryker's introduction of the CD NXT System in March 2023, a tool aiding surgeons' in-depth measurement during drilling, exemplifies how new product launches are bolstering the market.
- Thus, the orthopedic surgery segment is set for continued growth due to the above-mentioned factors, including the rising burden of orthopedic ailments and the momentum from key players' product launches.
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North America is Projected to Have a Significant Share During the Forecast Period
- North America is poised to dominate the market, owing to its robust medical device industries, extensive healthcare facilities, and the presence of key players in the powered surgical instruments sector.
- With many surgical procedures being conducted in North America, the demand for powered surgical instruments is expected to rise during the forecast period. Notably, data from the International Society of Aesthetic Plastic Surgery published in June 2024 revealed that 1.79 million surgical aesthetic procedures were performed in the United States in 2023, while Mexico recorded 0.93 million. This surge in reconstructive surgeries fuels the demand for powered surgical instruments, bolstering the market's growth.
- Moreover, the introduction of new products by industry players is further propelling market expansion. For example, in May 2023, Hubly Surgical's Hubly Drill received 510k clearance from the US Food and Drug Administration. This cranial drill, tailored for burr hole procedures, is versatile for use across various healthcare settings. The clearance certificate allows the company to market, particularly in the United States.
- Moreover, market players in the region are driving growth through strategic initiatives to develop innovative products. For instance, in February 2023, Arbutus Medica, a Canadian company, secured a significant boost with a USD 1.13 billion investment from Genome British Columbia (Genome BC). This investment was specifically earmarked for advancing their innovative surgical drill technology and procedure kits.
- Hence, owing to the high volume of surgeries in the region and the new product launches, the market is believed to grow significantly in North America.
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