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Powered Surgical Handpieces Global Market Size, Competitors Strategy, Regional Analysis and Industry Growth by Forecast to 2033 | 3M Company, Medtronic plc, Stryker Corporation, KLS Martin Group, Exactech Inc.
Powered Surgical Handpieces Market
According to The Business Research Company's, the powered surgical handpieces market size has grown steadily in recent years. It will grow from $2.09 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increasing aging population, rising incidence of orthopedic, ENT, neurosurgical, and plastic and reconstructive surgeries, growing adoption of minimally invasive procedures and arthroscopy, rising health consciousness and disposable income among consumers, and expanding use of smart and automatic control features in powered surgical staplers.
The powered surgical handpieces market size is expected to see steady growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to increasing volume of global surgical procedures, rise in healthcare spending, increasing geriatric population, rising lifestyle disease burden, and high prevalence of chronic disorders requiring surgical interventions. Major trends in the forecast period include technological advancements, increased accessibility to healthcare and medical tourism, increasing adoption of minimally invasive surgical techniques, advancements in imaging and navigation technologies, and shift towards single-use and disposable powered instruments.
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Market Drivers and Trends:
The increasing volume of surgical procedures is expected to propel the growth of the powered surgical handpieces market going forward. The advances in healthcare and living standards have led to longer life expectancies. The increase in robotic-assisted surgeries has made surgical procedures less invasive, reducing recovery times and increasing patient willingness to undergo surgery. Powered surgical handpieces help in surgeries by providing surgeons with precise control and efficiency in performing tasks like cutting and drilling and reducing fatigue, ultimately improving surgical outcomes and patient recovery. For instance, in December 2023, according to the Australian Institute of Health and Welfare, an Australia-based government agency, there were 735,500 patient admissions for surgery from public hospital elective surgery waiting lists in the 2022-23 period, an up from 623,000 admissions reflecting an 18% increase compared to the previous year, 2021-22. Therefore, the increasing volume of surgical procedures is driving the growth of the powered surgical handpieces market.
Major companies operating in the powered surgical handpieces market are developing surgical stapling devices to enhance surgical efficiency, reduce operation time, and improve patient outcomes. These advanced stapling devices are designed to provide precise and consistent staple formation. Surgical stapling devices are specialized medical instruments used to close wounds or surgical incisions with staples rather than sutures. For instance, in June 2022, Ethicon, a Johnson & Johnson US-based MedTech company, launched the ECHELON 3000 Stapler in the U.S. It is a digitally enabled device offering simple, one-handed powered articulation with 39% greater jaw aperture and 27% greater articulation span, enhancing access and control in tight spaces and challenging tissues. These features give surgeons better access and control during procedures, even in tight spaces and challenging tissue. The ECHELON 3000 also includes powered firing and articulation and software that provides real-time haptic and audible feedback to enable critical adjustments.
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Major Key Players of the Market:
Johnson & Johnson Services Inc., 3M Company, Medtronic plc, Stryker Corporation, B. Braun, NSK Ltd, Zimmer Biomet Holdings Inc., Smith & Nephew plc, Arthrex Inc., CONMED Corporation, KLS Martin Group , Exactech Inc., Brasseler GmbH & Co., Panther Healthcare Pvr Ltd., Maxon Corporation Inc, MicroAire Surgical Instruments LLC, Desoutter Medical Ltd, MatOrtho Limited, Wuhu Ruijin Medical Instrument & Device Co. ltd., Aygun Surgical Instruments, AlloTech Inc., Adeor Medical AG, Orthopromed Inc., iMedicom Co. Ltd., PUSM Medical Device Co. Ltd
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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