Powered Surgical Instruments Market expected to attain around $2.1 billion by 2019 – New Research Report by MarketsandMarkets
(PRWEB) March 14, 2015 -- The global powered surgical instruments market is poised to grow at a moderate CAGR from 2014 to 2019. The rapid surge in the aging population and the high prevalence of chronic disorders requiring surgical intervention are major factors driving the growth of the powered surgical instruments market.
The prevalence of musculoskeletal disorders is driven by aging population and lifestyle factors, such as obesity and lack of physical activity. The most common geriatric orthopedic problems include osteoporosis, fractures and degenerative joint diseases. Also, the increased availability of minimally invasive procedures for these disorders is driving the demand for powered surgical instruments. Increasing healthcare expenditure across the globe is also expected to assist the growth of the powered surgical instruments market during the forecast period of 2014 to 2019.
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In the applications segment, orthopedic surgery accounted for the largest share of the total powered surgical instruments market in 2014. Recent technological advancements and increasing efforts by a growing number of surgical device manufacturing companies to develop high-performance and reliable products is driving the growth of the orthopedic surgery segment.
Geographically, in 2014, the global powered surgical instruments market was dominated by North America. This was primarily attributed to the better healthcare infrastructure, increasing number of surgical centers, favorable reimbursement scenario and increasing volume of surgical procedures performed in the region. North America dominates the market in 2014 with a market share of nearly 30-35%.
During the forecast period, a majority of the growth in the global powered surgical instruments market will be driven by the increase in the number of surgical procedures performed due to the rise of medical tourism in developing economies, particularly in Asian countries. Economies such as China, India and Korea are witnessing an increase in the number of specialty hospitals focusing on intense treatments of a single therapeutic segment, which is expected to boost the Asian powered surgical instruments market. On the other hand, the European market is largely driven by increasing healthcare spending.
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