The global precision surgery device market is expected to grow from USD 5.14 billion in 2021 to USD 18.99 billion by 2030, at a CAGR of 15.63% during the forecast period 2022-2030, according to a new report by The Brainy Insights.
A sedentary lifestyle, lack of exercise, bad eating habits, and a rise in the number of hours spent in front of laptops and smartphone displays have all contributed to an increase in the number of people with acute and chronic diseases. Cardiovascular, respiratory, and orthopedic diseases are becoming more common among the aging population. Precision surgery devices are increasingly used in surgical procedures due to their minimally invasive nature and quicker healing times. The global market is driven during the forecast period by the rising usage of precision surgery equipment and the rising prevalence of disorders. Accidents are also among the leading causes of death worldwide, which will drive the market's growth. Major players have invested capital into research and system development to meet the growing need for precision surgery technologies. Robust technological advancements and developments in precision surgery equipment will boost industry efficiency and competitiveness, fostering the sector's expansion and creating profitable prospects for market participants. However, the high cost of precision surgery devices can hamper the market's growth. Stringent government guidelines and regulations will also challenge the market forecast period. The lack of skilled professionals to operate these devices will also limit the market's growth. Innovations and comprehensive approval mechanisms can help overcome these challenges and provide an impetus to the global precision surgery device market.
To enhance their market position in the global precision surgery device market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The rise in accidents, sports injuries, and other conditions requiring surgical intervention will fuel the market for precision surgery devices. The medical sector is witnessing an increase in the study, research, and development of novel wound closure devices, which is anticipated to drive product innovations in the market. Precision surgery devices are becoming more widely used in healthcare due to their minimally invasive design and improved post-operative healing. Precision surgery gadgets are less painful than open operations, so the aging population will drive the market for them. Additionally, it lessens discomfort and enables the patient to reduce scarring. The dangers of open surgery, such as harm to internal organs, are minimized. Medical experts can also use precision surgery tools to repair the little anomalies that were previously impossible to fix. Advances in artificial intelligence and machine learning are creating lucrative opportunities in the market. Precision surgery equipment is becoming more widely used due to the use of robotics and the internet of things (IoT) in medicine to increase hospital success or survival rates.
The application segment is divided into orthopedic, neurosurgery, cardiovascular, wound closure, and others. In 2021, the cardiovascular segment dominated the market with the largest market share of 45% and market revenue of 2.31 billion.
The type segment is divided into handheld surgical devices, electrosurgical devices, and others. Over the forecast period, the handheld surgical devices segment is expected to grow at the fastest CAGR of 17.15%.
The end-user segment is divided into hospitals, specialty clinics, ambulatory settings, long-term care centers, and others. In 2021, the hospitals' segment accounted for the largest share of the market, with 53% and a market revenue of 2.72 billion.
Regional Segment Analysis of the Precision Surgery Device Market
Among all regions, the North American region emerged as the largest market for the global precision surgery device market, with a market share of around 37.66% and 1.93 billion of the market revenue in 2021. Healthcare is more readily available and more reasonably priced for the populace due to the high per capita income and the established insurance market with favorable reimbursement policies in the region. The growing elderly population also fuels the growing need for surgery. The market for precision surgery devices has benefited from the growing need for reconstructive, plastic, and other procedures to enhance body aesthetics. Furthermore, the rising government spending on healthcare infrastructure will influence the market's growth in the upcoming years.
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Key players operating in the global precision surgery device market are:
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global precision surgery device market based on the below-mentioned segments:
Global Precision Surgery Device Market by Application:
Global Precision Surgery Device Market by Type:
Global Precision Surgery Device Market by End User:
About the report:
The global precision surgery device market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.