Heavy Power Surgical Tools Market
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Despite the slowdown in the industry over the past two years, the industry is expected to grow at a significant rate. The impetus for growth in heavy power surgical tools is driven by product innovation and increasing consumer demand especially in developing regions. Asia Pacific alone accounts for over 65% of overall consumer base. Moreover, there has been a significant increase in healthcare spending along with FDI influx in medical devices in developing regions. This is expected to cut down operating cost and create a favorable market for leading players to capitalize the developing markets. Other factors including geriatrics population and favorable regulatory framework are also expected to drive the market.
On the basis of therapeutic application, heavy power surgical tool is segmented into orthopedic surgeries, dental surgeries, and ENT surgeries. Orthopedic surgery therapeutic application is expected to lead the market throughout the forecast period. According to American Academy of Orthopedic Surgeons, over 6.6 million orthopedic surgeries were conducted in North America. Expected increase in number of surgeries along with increased growth of medical tourism in the region is expected to create lucrative market opportunities for the players.
North America is the world’s leader in heavy power surgical tools. The region accounted for over 55% of global market. This is primarily attributed to presence of leading players along with high healthcare spending and better healthcare amenities. North America spends a larger percent of its GDP on healthcare compared to any other region. Moreover, various reimbursement policies and government initiatives such as Obama care has boosted overall market for medical device including heavy power surgical tools.
The region is followed by Europe and Asia Pacific. Asia Pacific is primarily driven by China and India. This region has a large consumer pool. Relaxation in FDI cap along with healthcare expenditure is expected to create lucrative opportunities for the players in the region. Though the region is expected to create significant demand, Asia Pacific market is highly volatile. As such, companies need to look at the development of heavy power surgical tools along with increased focus on direct distribution channel and cost competitiveness to increase market footprint in the region.
Latin America is expected to witness sluggish growth. The region will be primarily driven by Brazil and Mexico. MEA is expected to add a minor chunk in overall market. These regions are expected to gain upward trajectory during the latter half of the forecast period.
Some of the key players engaged in the heavy power surgical tools are Stryker, Boston Medical, Roche, DePuy Synthes, Medtronic Inc., and Zimmer Biomet, etc. The industry is highly consolidated. Companies need to emphasize on cost competitiveness and inorganic growth to capitalize on the established market.
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