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Hand-Held Surgical Instruments Market 2024: Industry Size, Trends, and Insights
Hand-Held Surgical Instruments Global Market Report 2024
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According to The Business Research Company's, The hand-held surgical instruments market size has grown strongly in recent years. It will grow from $6.59 billion in 2023 to $7.2 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to advancements in minimally invasive surgery, aging population, healthcare infrastructure development, surge in chronic diseases, regulatory compliance.
The hand-held surgical instruments market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to personalized medicine, telemedicine and remote surgery, healthcare expenditure growth, emerging healthcare market, surgical training and skill development. Major trends in the forecast period include surgical robotics integration, eco-friendly and sustainable solutions, advanced materials and coatings, telemedicine and remote surgery, smart and connected instruments.
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Market Drivers and Trends:
An increase in the geriatric population is driving the hand-held surgical instruments market. The geriatric population consists of adults 65 years of age and older. People at this age are more prone to fall ill and catch a severe disease that needs proper treatment and surgical intervention. Surgical instruments are used in surgeries and carrying out treatment for various diseases. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, globally, 1 in 6 individuals would be 60 or older by 2030 and is expected to reach 2.1 billion elderly people by 2050. Therefore, the increasing geriatric population will propel the hand-held surgical instruments market.
Technological advancement is a key trend gaining popularity in the hand-held surgical instruments market. Major players in the hand-held surgical instruments market are adopting smart surgical instruments to treat various diseases. Smart surgical instruments are user-friendly, advanced tools that save time and money. For instance, in November 2021, OrthAlign, a US-based medical equipment manufacturer, introduced a new, hand-held smart surgical instrument called Lantern for full and partial knee replacements. The solution offers streamlined workflows to reduce operating room wait times and support numerous operating rooms at once without requiring the investment in hardware or pre-operative imaging required by various computer-assisted surgical systems.
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Major Key Players of the Market:
Johnson & Johnson, B. Braun Melsungen AG, Medtronic plc, Zimmer Biomet Holdings Inc., KLS Martin Group, Aspen Surgical Products Inc., CooperSurgical Inc., Thompson Surgical Instruments Inc., Becton, Dickinson and Company, Swann-Morton Limited, Peters Surgical SAS, Huaiyin Medical Instruments Co. Ltd., ConMed Corp., Stryker Corporation, Integra LifeSciences Corporation, Smith & Nephew plc, Aesculap AG, Scanlan International Inc., Sklar Surgical Instruments, Symmetry Surgical Inc., Millennium Surgical Corp., Surgipro Inc., Teleflex Incorporated, Wexler Surgical, Grena Ltd., Surgmed Group, Surtex Instruments Ltd., Instrumed International B.V., Surgitrac Instruments UK Limited, Sontec Instruments Inc.
Hand-Held Surgical Instruments Market 2024 Key Insights:
• The hand-held surgical instruments market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Rising Geriatric Population Drives Surge In Hand-Held Surgical Instruments Market
• Innovative Technology Revolutionizes Hand-Held Surgical Instruments Market
• North America was the largest region in the hand-held surgical instruments market in 2023
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