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Precision Surgery Device Market is Slated to Witness Tremendous Growth in Coming Years | by Conmed Corp, Integra LifeSciences, Smith & Nephew

11-01-2022 12:47 PM CET | Health & Medicine

Press release from: INFINITY BUSINESS INSIGHTS

Precision Surgery Device Market is Slated to Witness Tremendous

New Jersey, United States - Analysis of Precision Surgery Device Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the global market for Precision Surgery Device, estimated at USD 14.75 billion in 2021, is anticipated to increase at a CAGR of 8.29% from 2022 to 2030. The number of surgeries carried out throughout the projection period will increase due to rising patient awareness levels, a high frequency of cardiac disorders, gastrointestinal diseases, and the prevalence of osteoporosis, as well as other factors. In addition, the business is projected to be driven by technology advancement and the uptake of advanced surgeries by developing nations. The robotics and computer-assisted industry has just recently begun to take off.

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As a result of industrialization and considerable lifestyle changes, the health issues afflicting the global population are changing from being diseases related to lifestyle to being ailments caused by infections and plagues.The number of people killed in accidents has also increased as there are more cars and other cutting-edge devices on the road. The demand for Precision Surgery Device is expected to rise significantly in the near future as a result of these trends. Additionally, rising road accidents and sports injuries worldwide as well as a growing use of robots in the medical field are all contributing to the Precision Surgery Device market revenue growth. Healthcare practitioners are beginning to see the advantages of robotic surgery. The Da Vinci system, the most popular robotic system, includes a surgeon's station, a patient cart, and a vision cart.

Together, these components enable the surgeon to watch what is happening and then imitate movements to direct instruments. Furthermore, because incisions are substantially smaller during robotic surgery than during conventional surgery, patients feel less pain. Another factor boosting the Precision Surgery Device market revenue growth is the rising demand for novel products that facilitate wound closure. Devices for closing wounds, including as elastic skin closures, topical skin adhesives, strengthened skin closures, and anti-microbial skin closures, are projected to provide Precision Surgery Device market enterprises a variety of enticing options for expansion.

Segmentation

The global industry has been further divided based on type into medical robots and computer-assisted surgery equipment, Precision Surgery Device supplies, open surgery instruments, energy-based & powered instruments, minimally invasive surgery instruments. In 2021, the Precision Surgery Device supplies market segment led the entire industry, contributing more than 51.70 percent of the total revenue. The increased need for disposable Precision Surgery Device supplies including needles, syringes, and catheters is to blame for the segment's expansion. Additionally, the demand for disposable items is projected to increase as people become more aware of the diseases that may be contracted by Precision Surgery Device and government rules that ensure the safety of Precision Surgery Device procedures.

The global industry has been further divided into orthopaedic surgery, cardiology, ophthalmology, wound care, audiology, thoracic surgery, urology and gynaecological surgery, plastic surgery, neurosurgery, and others on the basis of applications. In 2021, the orthopaedic surgery market category held the largest market share, contributing more than 17.40% of the total revenue. Because of the increasing number of bone disorders and the increasing number of elderly people around the world, the Precision Surgery Device market will continue to be dominant during the projection period. The segment is also projected to be driven by product advancements, attractive reimbursement, and increasing orthopaedic surgery diagnosis techniques & imaging technologies.

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Regional analysis

In 2021, North America dominated the industry globally, with more than 39.90% of the total revenue. Throughout the projection period, the region is anticipated to hold onto its top spot. Favorable reimbursement rules, the presence of significant market participants, and government efforts that provide access to cutting-edge technology for Precision Surgery Device & training sessions for doctors are major contributors to the region's success. The Massachusetts General Hospital Department of Surgery established the Global Surgery Initiative (GSI) in 2015 to assist in developing global alliances and advance medical technologies for effectively performing surgeries.

On the other hand, the Asia Pacific area is predicted to experience the quickest growth rate over the projection period. The increasing investments in the area are to blame for the quick expansion. The main nations driving market expansion in the Asia Pacific area are Singapore, Australia, China, India, and Japan. Additionally, it is projected that a number of regional government initiatives to reform reimbursement regulations and raise public awareness of reconstructive and cosmetic surgery will boost regional growth throughout the course of the projection period.

Key Players

Conmed Corp.
Integra LifeSciences
Smith & Nephew
Medtronic Plc
Johnson & Johnson Service, Inc.
Becton, Dickinson, and Company (Bd)
B. Braun Melsungen AG
Olympus Corp.
Stryker
Boston Scientific Corp.
Cadence Inc
Integer Holdings Corp.
Erbe Elektromedizin GmbH
3M Healthcare

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Infinity Business Insights is a market research company that offers market and business research intelligence all around the world. We are specialized in offering services in various industry verticals to recognize their highest-value chance, address their most analytical challenges, and alter their work.

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