Hand-held Surgical Instruments Market to Hit Around USD 12.90 Bn By 2033
The global hand-held surgical instruments market size was exhibited at USD 6.48 billion in 2023 and is projected to hit around USD 12.90 billion by 2033, growing at a CAGR of 7.13% during the forecast period 2024 to 2033.
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Rising prevalence of chronic disorders, such as cardiovascular, urological, neurological and infectious diseases are key factors driving the market. In addition, growing geriatric population prone to various diseases is expected to indirectly propel the uptake of these instruments. The COVID-19 pandemic had a significant negative impact on the hand-held surgical instruments market. The lockdowns, restrictions and guidelines led down by government authorities across the globe in order to curb the spread of the COVID-19 virus led to a sudden downfall in the sales of hand-held surgical instruments.
The healthcare guidelines led by the authorities suggested postponement of elective surgical procedures in order to avoid any potential compromise on hospital and intensive care unit capacity and shortages in personal protective equipment. However, with the situation finally being under control in second half of the pandemic, hospitals and other settings started performing surgical procedures in full volume. This has helped the market to recover in 2021. Significant backlogs in surgical procedures and increasing demand for elective surgeries is further expected to surge the demand for hand-held surgical instruments market.
As compared to other chronic disorders, prevalence of heart disorders is increasing worldwide due to lack of physical activities, overweight, smoking, poor nutrition, or family history. Other risk factors for cardiovascular disorders comprise diabetes, hypertension, or hyperlipidemia. According to CDC, about 20.1 million adults aged 20 and older had coronary artery disease in 2020. People aged 60 and above are at a high risk of diseases such as cardiovascular, orthopedic, and neurological diseases. Thus, increase in geriatric population is expected to boost the demand for handheld surgical equipment. In addition, increase in the number of road accidents is one of the high-impact rendering factors leading to increase in the demand for handheld surgical instruments.
Increasing number of surgical procedures along with growing demand for aesthetic surgeries is another driver of the hand-held surgical instruments market. Procedures, such as breast surgery, eyelid, liposuction, nose reshaping, tummy tuck surgeries have been witnessing high demand in over the past few years, which is propelling the uptake of hand-held surgical instruments, thereby driving the market.
Growing innovations in the surgical instruments and increasing adoption of advanced devices by surgeons is also predicted to drive the hand-held surgical instruments market over the forecast period. Surgeons are constantly focusing on using superior quality instruments that would allow them to perform surgeries smoothly and speedily with no compromise on the patient’s health. One such innovative surgical instrument is technologically improved powered screwdriver specially designed for extremely sensitive surgeries. It has sensors incorporated with software that offers intelligence to the surgeon.
Introduction: The realm of surgical procedures has witnessed a profound transformation in recent years, with advancements in technology revolutionizing the tools and techniques used by medical professionals. Among these innovations, hand-held surgical instruments have emerged as indispensable tools, facilitating intricate procedures with precision and efficiency. In this article, we delve into the evolving landscape of the hand-held surgical instruments market, exploring key insights by product, application, and end-use segments.
Product Insights: In 2023, the forceps segment asserted its dominance in the hand-held surgical instruments market, capturing a significant market share of 19.6%. This supremacy can be attributed to the increasing utilization of forceps, driven by their inherent advantages. Notably, forceps aid in eliminating the manual handling of minute objects during procedures, thereby reducing the risk of contamination. However, the retractors segment is poised for remarkable growth, projected to experience a notable compound annual growth rate (CAGR) of 9.4% over the forecast period. This surge is fueled by continuous advancements in retractor technology tailored for diverse surgical applications. For instance, the introduction of the TITAN CSR retractor in September 2021 exemplifies the innovative strides in this segment, offering enhanced exposure and efficiency without the need for table mounting.
Application Insights: Orthopedic surgery emerged as the dominant application segment in 2023, capturing a substantial market share of 18.4%. This prominence is underscored by the escalating prevalence of musculoskeletal ailments globally, coupled with advancements in minimally invasive surgical techniques. With approximately 1.71 billion individuals affected by musculoskeletal conditions worldwide, the demand for precise orthopedic instruments continues to soar. Conversely, the plastic surgery segment is poised for rapid expansion, with a projected CAGR of 7.7% over the forecast period. Technological innovations in plastic surgery have revolutionized procedures, making them safer, more affordable, and with reduced recovery times. Factors such as increasing disposable income and the pervasive influence of social media have contributed to the surging popularity of plastic surgeries, driving growth in this segment.
End-use Insights: Hospitals emerged as the primary end-users of hand-held surgical instruments in 2023, commanding a substantial revenue share of 70.0%. The ubiquity of surgical procedures in hospital settings, coupled with the availability of comprehensive surgical instrumentarium and skilled medical professionals, propels the dominance of this segment. Moreover, the escalating burden of chronic disorders and the rising incidence of trauma necessitate the continual demand for surgical equipment in hospitals. Conversely, ambulatory surgical centers are poised for exponential growth, offering a compelling alternative for aesthetic and cosmetic procedures. The cost-effectiveness and reduced post-procedural stay make ambulatory centers an attractive option for patients, driving market demand. Additionally, the proliferation of specialty clinics, particularly in orthopedics and dermatology, contributes to the burgeoning growth of the clinics segment. These specialized facilities offer tailored services and expert care, catering to the evolving healthcare needs of patients worldwide.
Conclusion: The hand-held surgical instruments market is characterized by dynamic shifts driven by technological innovations, evolving healthcare dynamics, and changing patient preferences. As medical professionals strive for precision, efficiency, and patient-centric care, the demand for advanced hand-held surgical instruments is poised to escalate further. By understanding the nuanced insights across product, application, and end-use segments, stakeholders can navigate this vibrant market landscape and capitalize on emerging opportunities for growth and innovation.
Hand-held Surgical Instruments Market By Regional Insights
North America dominated the global hand-held surgical instrument market with an overall market share of 40.0% in 2023. Increasing prevalence of neurological, cardiovascular, cancer and autoimmune disorders is the key factor driving the market growth in this region. Some of the common surgeries performed in North America include circumcision, C-section, cataract removal, joint replacement, gallbladder removal, angioplasty, broken bone repair and cardiovascular disorders. According to research article published in the Journal of the American Medical Association, the U.S. had more than 13 million U.S. surgical procedures from the start of 2019 to Jan 30th, 2021.
Europe is expected to capture the second position owing to increasing demand for safe surgical instruments that are used in minimally invasive surgeries. Growing demand for less time consuming and cost-effective medical solutions are also expected to augment the demand for hand-held surgical instruments, thereby driving the market. According to WHO, the European region has the highest burden of non-communicable diseases and is expected to grow at a high rate in the near future.
Asia Pacific is expected to witness lucrative growth owing to growing population, high prevalence of chronic disorders, and increasing spending power of consumers. In addition, growing medical tourism in the developing economies due to lower cost of procedures as compared to other developed countries is driving the growth of the market in the Asia Pacific region. According to the Malaysia Healthcare Travel Council, a coronary artery bypass graft that would cost $92,000 in the United States costs less than $10,000 in India.
Key Takeaways:
Some of the prominent players in the Hand-held surgical instruments market include:
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Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global hand-held surgical instruments market.
Product
Application
End-use
By Region
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