According to Arizton’s latest research report, the surgical power tools market is growing at a CAGR of 5.20% during 2023-2029.
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Report Summary
Market Size (2029): USD 2.97 Billion
Market Size (2023): USD 2.19 Billion
CAGR (2023-2029): 5.20%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Features, Product Type, Applications, End-users, and Geography
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Surgical power tools are the latest and new equipment in surgical care that has the potential to revolutionize the surgical care sector. Their high efficiency and effectiveness in surgical procedures attract more customers worldwide. Vendors understand customer requirements and develop the most advanced surgical power tools that are expected to drive significant market growth in the future. Surgical power tools are becoming more popular across minimally invasive and robot-assisted surgery systems. Several trending factors are creating opportunities for the surgical power tools market, such as continued development and technological advances, which are leading factors in delivering revenue growth opportunities in the market. Furthermore, preference for less painful surgeries and rapid surgical recovery are trending factors associated with surgical power tools.
In 2023, multi-specialty hospitals held a 60.60% share of the global surgical power tools market. These hospitals offer a range of surgical specialties and advanced equipment, attracting a significant patient base due to their comprehensive care and convenience. They reduce travel and associated costs, minimize the risk of infections, and provide a comfortable care environment. Multi-specialty hospitals are key players in surgical volume, performing over 60% of global surgical procedures, particularly in orthopedics, ENT, and neurosurgery. Their extensive services, combined with favorable reimbursement policies and accessible health coverage, contribute to their dominance in the surgical sector.
APAC Witnessing the Fastest Growth Rate in the Surgical Power Tools Market
In the global surgical power tools market, APAC is a rapidly growing region experiencing significant development and growth of the market backed by several key elements such as the development in health infrastructure for surgical procedures, continued development in the healthcare field, increasing healthcare expenditure, and rising access for advanced surgical procedures.
In 2023, the APAC region has seen notable advancements in surgical care, driven by strategic planning to enhance access to essential and emergency surgeries. Many countries in APAC are developing national surgical, obstetrics, and anesthesia plans, incorporating next-generation and digital technologies, including robotic solutions. The demand for advanced surgical equipment, such as robotic platforms and power tools, is growing, mainly due to high volumes of knee and hip replacements.
The region is also seeing significant progress in robotic surgeries, with Japan and Singapore leading trials in robotic tele-surgeries to evaluate their effectiveness. Orthopedic care is expanding rapidly in APAC, fueled by an aging population and increasing prevalence of osteoarthritis. Major surgical power tools companies, including Zimmer Biomet, Stryker, DePuy Synthes, and Medtronic, are prominent in the region. Countries like China, India, Japan, Thailand, Indonesia, and Australia are experiencing a rise in orthopedic surgeries, particularly hip and knee replacements, due to their aging demographics and higher incidence of osteoarthritis.
Competitive Overview
Leading market players dominate the global surgical power tools market due to their extensive global reach, diverse product portfolios, and strong relationships with healthcare settings and surgeons. Continuous technological advancements, high-quality materials, and innovative product offerings reinforce their market leadership. Competition in the industry is driven by factors such as technological innovation, product quality, customer service, reputation, and pricing.
For example, Stryker faces competition in various product categories: in instruments, it competes with Zimmer Biomet Holdings, Medtronic, Johnson & Johnson, and ConMed Linvatec; and in neurotechnology, its competitors include Medtronic and Johnson & Johnson. On the other hand, Zimmer Biomet primarily competes with DePuy Synthes, Stryker, and Smith & Nephew in the orthopedic and musculoskeletal surgical power tools segment.
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Key Company Profiles
Market Segmentation
Features
Product Type
Applications
End-users
Geography
Key Questions Answered in the Report:
How big is the surgical power tools market?
What is the growth rate of the global surgical power tools market?
Who are the key players in the global surgical power tools market?
Which region dominates the global surgical power tools market share?
What are the significant trends in the surgical power tools market?
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