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The global precision surgery device market was valued at USD 5.14 billion in 2021, likely to reach USD 18.99 billion by 2030 is growing at a CAGR of 15.63% from 2022 to 2030. North America is expected to grow the fastest during the forecast period.
The manual use of medical devices, instruments, tools & procedures to operate pathological conditions such as cardiovascular diseases or accident/trauma injuries is surgery. Surgeries are undertaken to repair injured or malfunctioning organs, improve the functions of organ systems, or enhance one's appearance. Cardiothoracic, ophthalmic, orthopedic, neurological & general surgeries are some of the standard surgical procedures performed worldwide. When an instrument, machine, appliance, or apparatus is used for medical purposes in combination with software or on a standalone basis, it is termed a medical device. Globally, they are classified into three categories: class I devices, Class II devices & class III devices, with class I being the low-risk devices, class II as intermediate risk, and class III as high-risk devices. A precision surgery device is a medical device used in surgical procedures. It can help avoid the significant risks & other concerns associated with open surgical procedures. Precision surgery devices are minimally invasive and leave no large scars. New technological advancements in precision surgery devices will propel the market's growth in the forecast period with its growing applications in various surgical procedures.
Precision surgery device market growth would be driven by the increasing incidence of accidents, sports injuries, and other diseases that require surgical intervention. The growing research and development of innovative wound closure devices are gaining traction in the medical industry. The minimally invasive nature of precision surgery devices with enhanced healing post-op contributes to the growing adoption of these devices in the healthcare industry. The growing geriatric population will lead to the demand for precision surgery devices as they are less painful compared to open surgeries. It also causes less discomfort and allows the patient to minimize scarring. The risks associated with open surgeries, like causing damage to healthy organs, are minimized. Precision surgery devices also enable healthcare professionals to treat minute abnormalities that were previously impossible with other means. The technological advancements in artificial intelligence and machine learning have created state-of-the-art medical devices, thereby offering lucrative opportunities in the precision surgery device market. Integrating robotics and the internet of things (IoT) in medicine has improved hospital success or survival rates, thereby contributing to the increasing adoption of precision surgery devices.
On May 13, 2022, Medtronic plc, a medical technology, solution, and service company, announced plans to acquire Intersect ENT, Inc., a California-based business. The acquisition will expand the company's extensive ENT portfolio with cutting-edge products used in sinus procedures to enhance postoperative outcomes and treat nasal polyps.
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Drivers:
Increase in incidence of acute and chronic diseases - An increase in hours spent in Infront of laptops and mobile screens combined with a sedentary lifestyle, no physical exercise & unhealthy diet has led to an increase in the number of individuals suffering from acute and chronic diseases. The growing geriatric population has witnessed an increasing prevalence of cardiovascular, respiratory, and orthopedic conditions. The minimally invasive nature of precision surgery devices, followed by faster healing processes, has led to the rising adoption of these devices in surgical procedures. The increasing prevalence of diseases, coupled with the rising adoption of precision surgery devices, will drive the global market in the forecast period. Furthermore, accidents are among the most prominent reason for deaths globally. Rash driving, drinking and driving, and poor implementation of traffic rules and regulations in developing economies have led to an exponential increase in the number of accidents and untimely deaths of citizens. The increasing number of trauma and accident cases will drive the precision surgery device market.
Restraints:
Precision surgery devices are expensive - Extensive capital is utilized in the research and development of precision surgery devices. Precision surgery devices use the latest technologies to improve their application; such technologies are expensive, making precision surgery devices costly. For instance, using artificial intelligence and machine learning to develop IoT devices and their integration in the hospital involves large sums of capital. The complex regulatory approvals and trials add to the costs of these systems. The high costs of precision surgery devices will hamper the market's growth.
Opportunities:
Technological advancements - With the increased demand for precision surgery devices, major players have invested capital in researching and developing better systems. For example, the innovation of precision surgery devices integrated with augmented reality to improve imaging & navigation during the procedure has contributed to the uptick in demand for precision surgery devices in neurological surgical procedures. Other such advancements in precision surgery devices will make the industry competitive and help it become more efficient, providing the necessary impetus to its growth and lucrative opportunities for the market players.
Challenges:
Regulatory guidelines - The innovations in precision surgery devices or the trials that must be conducted to study and test the success of such innovations need to be approved by relevant authorities. These authorities maintain high compliance and accountability standards as they need to safeguard the target audience's interests and save them from any ill effects and fraudulent claims. The scrutiny that the market players have to go through is time-consuming. The timely launch of products and benefits associated with it are affected due to these regulations, leading to a drop in profits.
Lack of skilled professionals - precision surgery devices are delicate pieces of instruments, mishandling of which could cause capital losses for the stakeholders. In extreme cases, it could also lead to loss of life. Therefore, the lack of skilled health personnel to operate precision surgery devices will challenge the market's growth.
Regional segmentation analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global precision surgery device market, with a 37.66% share of the market revenue in 2021.
North America currently dominates the precision surgery device market due to significant market players in the region. The major market players in the region are involved in the research and development of advanced medical devices, given the extensive capital available to them. The product innovations in the region are complemented by streamlined federal approvals and the highest level of compliance standards governing the trials, manufacturing, approval, distribution, and use of medical devices. The high prevalence of neurological devices, cardiovascular devices, sports injuries, accidents, and trauma cases also contribute to the region's growth. The high per-capita income and well-established insurance market with positive reimbursement policies make healthcare more accessible and affordable for the citizenry. Also, the increasing geriatric population contributes to the growing demand for surgeries. The increasing social media influence has fueled the demand for reconstructive, plastic, and other surgeries to improve body aesthetics, thereby contributing to the precision surgery device market. Furthermore, the increased government expenditure on healthcare infrastructure will drive the development of the market in the coming years.
North America Region Precision Surgery Device Market Share in 2021 - 37.66%
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Application segment analysis
The application segment is divided into orthopedic, neurosurgery, cardiovascular, wound closure, and others. The cardiovascular segment dominated the market with a market share of around 45% in 2021. The increased incidence of cardiovascular diseases and conditions like cardiac arrest, congestive heart failure, arrhythmia, high blood pressure, and coronary artery diseases, among others, will drive the segment's growth. The changing lifestyles of the contemporary world with unhealthy diets and no active movements are the main causes of an increasing number of cardiovascular patients. Furthermore, the increasing fiscal healthcare expenditure and the government's positive reimbursement policies enable individuals to access cardiovascular treatments. Cardiovascular surgeries are relatively safe in most cases, increasing their favorability with the patients. The technological advancements in precision surgery devices with improved survival rates have increased their acceptability by the patients, thereby contributing to the segment's growth. The application of precision surgery devices in the cardiovascular segment improves the patient's survival rate, enhances recovery, and reduces discomfort and pain. The minimally invasive nature leaves a small scar. Therefore, the increasing cardiovascular diseases, technological advancements, and rising healthcare expenditure will contribute to the growing dominance of the segment.
Type segment analysis
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 handheld surgical devices find application in neurosurgery, cardiovascular, orthopedic, plastic, and reconstructive surgeries. They are also used by several end users, like hospitals, clinics, ambulatory surgery centers, and long-term care centers. However, the low cost of handheld surgical devices is the primary reason for their growing adoption in the healthcare industry. Furthermore, increased innovation in handheld surgical devices has widened their scope of application, made them cheaper, unlike the other devices, and improved their accessibility in the market. Doctors and patients trust handheld surgical devices as they are easy to help, can be manipulated at any time, and involve lower risks to patients' health. Therefore, handheld surgical devices' affordability, accessibility, and reliability will contribute to their fast growth during the forecast period.
End-user segment analysis
The end-user segment is divided into hospitals, specialty clinics, ambulatory settings, long-term care centers, and others. In 2021, the hospitals segment dominated the market, accounting for around 53% of global revenue. With the pandemic exposing the poor state of healthcare infrastructure, governments worldwide have increased capital spending on healthcare to boost infrastructure, logistics, personnel, and research for the sector's holistic development. The private sector also establishes hospitals with attached research labs to cater to the advancing healthcare industry. The growth of chronic and acute diseases has encouraged private players to exploit the growth potential of the medical industry. Therefore, increased investments and participation from government and private players will develop the hospitals' segment, helping it retain its dominance in the market.
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion), Volume (Kg) |
| Market size value in 2021 | UUSD 5.14 Billion |
| Market size value in 2030 | USD 18.99 Billion |
| CAGR (2022 to 2030) | 15.63% |
| Historical data | 2019-2020 (Customizable to 2014 - 2018) |
| Base Year | 2021 |
| Forecast | 2022-2030 (Customizable to 2031 - 2035) |
| Segments | The precision surgery device market based on application, type, end-user, and regions. |
| Regional Segments | The regions cover Asia Pacific, Europe, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
As per The Brainy Insights, the size of the precision surgery device market was valued at USD 5.14 billion in 2021 to USD 18.99 billion by 2030.
Global precision surgery device market is growing at a CAGR of 15.63% during the forecast period 2022-2030.
The global precision surgery device market has been segmented based on application, type, end user and regions. The cardiovascular segment led the market in 2021.
North America emerged as the largest market for the precision surgery device.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Application
4.3.2. Market Attractiveness Analysis by Type
4.3.3. Market Attractiveness Analysis by End User
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Increase in incidence of acute and chronic diseases
5.3. Restraints
5.3.1. Precision surgery devices are expensive
5.4. Opportunities
5.4.1. Technological advancements
5.5. Challenges
5.5.1. Regulatory guidelines
5.5.2. Lack of skilled professionals
6. Global Precision Surgery Device Market Analysis and Forecast, By Application
6.1. Segment Overview
6.2. Orthopedic
6.3. Neurosurgery
6.4. Cardiovascular
6.5. Wound Closure
6.6. Others
7. Global Precision Surgery Device Market Analysis and Forecast, By Type
7.1. Segment Overview
7.2. Handheld Surgical Devices
7.3. Electrosurgical Devices
7.4. Others
8. Global Precision Surgery Device Market Analysis and Forecast, By End User
8.1. Segment Overview
8.2. Hospitals
8.3. Specialty Clinics
8.4. Ambulatory Settings
8.5. Long-Term Care Centers
8.6. Others
9. Global Precision Surgery Device Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Precision Surgery Device Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Precision Surgery Device Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. Alcon
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Aspen Surgical
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. B. Braun SE
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Baxter
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Boston Scientific
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Johnson & Johnson
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Medtronic PLC
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Siemens Healthcare GmbH
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Stryker Corporation
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Zimmer Biomet
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
List of Table
1. Global Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
2. Global Orthopaedic Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
3. Global Neurosurgery Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
4. Global Cardiovascular Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
5. Global Wound Closure Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
6. Global Others Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
7. Global Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
8. Global Handheld Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
9. Global Electrosurgical Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
10. Global Others Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
11. Global Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
12. Global Hospitals Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
13. Global Specialty Clinics Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
14. Global Ambulatory Settings Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
15. Global Long-Term Care Centers Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
16. Global Others Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
17. Global Precision Surgery Device Market, By Region, 2019-2030 (USD Billion)
18. North America Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
19. North America Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
20. North America Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
21. U.S. Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
22. U.S. Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
23. U.S. Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
24. Canada Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
25. Canada Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
26. Canada Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
27. Mexico Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
28. Mexico Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
29. Mexico Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
30. Europe Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
31. Europe Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
32. Europe Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
33. Germany Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
34. Germany Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
35. Germany Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
36. France Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
37. France Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
38. France Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
39. U.K. Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
40. U.K. Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
41. U.K. Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
42. Italy Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
43. Italy Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
44. Italy Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
45. Spain Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
46. Spain Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
47. Spain Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
48. Asia Pacific Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
49. Asia Pacific Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
50. Asia Pacific Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
51. Japan Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
52. Japan Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
53. Japan Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
54. China Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
55. China Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
56. China Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
57. India Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
58. India Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
59. India Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
60. South America Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
61. South America Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
62. South America Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
63. Brazil Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
64. Brazil Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
65. Brazil Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
66. Middle East and Africa Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
67. Middle East and Africa Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
68. Middle East and Africa Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
69. UAE Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
70. UAE Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
71. UAE Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
72. South Africa Precision Surgery Device Market, By Application, 2019-2030 (USD Billion)
73. South Africa Precision Surgery Device Market, By Type, 2019-2030 (USD Billion)
74. South Africa Precision Surgery Device Market, By End User, 2019-2030 (USD Billion)
List of Figures
1. Global Precision Surgery Device Market Segmentation
2. Precision Surgery Device Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Precision Surgery Device Market Attractiveness Analysis by Application
9. Global Precision Surgery Device Market Attractiveness Analysis by Type
10. Global Precision Surgery Device Market Attractiveness Analysis by End User
11. Global Precision Surgery Device Market Attractiveness Analysis by Region
12. Global Precision Surgery Device Market: Dynamics
13. Global Precision Surgery Device Market Share by Application (2022 & 2030)
14. Global Precision Surgery Device Market Share by Type (2022 & 2030)
15. Global Precision Surgery Device Market Share by End User (2022 & 2030)
16. Global Precision Surgery Device Market Share by Regions (2022 & 2030)
17. Global Precision Surgery Device Market Share by Company (2021)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global precision surgery device market based on 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:
Global Precision Surgery Device Market by Region:
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The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:
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Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
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In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
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