The global powered surgical instrument market is expected to reach a notable growth during forecast period. The market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
North America is the largest market for powered surgical instruments, accounting for over 35% of the global market share in 2023. The high adoption of minimally invasive surgical procedures and the presence of leading market players in the region are the key factors driving the growth of the market in North America.
Europe is the second-largest market for powered surgical instruments, with a market share of over 30% in 2023. The increasing prevalence of chronic diseases and the rising demand for minimally invasive surgeries are the major factors driving the growth of the market in Europe.
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Asia Pacific is the fastest-growing market for powered surgical instruments, with a CAGR of over 5% from 2024 to 2030. The growing aging population, the increasing prevalence of chronic diseases, and the rising demand for minimally invasive surgeries are the key factors driving the growth of the market in Asia Pacific.
Latin America and the Middle East Africa are relatively smaller markets for powered surgical instruments, but they are expected to grow at a significant rate in the coming years. The increasing investment in healthcare infrastructure and the rising demand for minimally invasive surgeries are the major factors driving the growth of the market in these regions.
Here is a more detailed look at the powered surgical instrument market in each region:
North America:
- The North American powered surgical instrument market is dominated by a few major players, such as Medtronic, Johnson Johnson, and Stryker.
- The market is expected to grow at a CAGR of over 4% from 2024 to 2030.
- The growth of the market is attributed to the increasing adoption of minimally invasive surgical procedures and the rising prevalence of chronic diseases.
Europe:
- The European powered surgical instrument market is highly fragmented, with a number of small and medium-sized enterprises (SMEs) operating in the market.
- The market is expected to grow at a CAGR of over 3% from 2024 to 2030.
- The growth of the market is attributed to the increasing prevalence of chronic diseases and the rising demand for minimally invasive surgeries.
Asia Pacific:
- The Asia Pacific powered surgical instrument market is the fastest-growing market in the world.
- The market is expected to grow at a CAGR of over 5% from 2024 to 2030.
- The growth of the market is attributed to the growing aging population, the increasing prevalence of chronic diseases, and the rising demand for minimally invasive surgeries.
- China and India are the two largest markets for powered surgical instruments in the Asia Pacific region.
Latin America:
- The Latin American powered surgical instrument market is a relatively smaller market, but it is expected to grow at a significant rate in the coming years.
- The growth of the market is attributed to the increasing investment in healthcare infrastructure and the rising demand for minimally invasive surgeries.
- Brazil and Mexico are the two largest markets for powered surgical instruments in the Latin America region.
Middle East Africa:
- The Middle East Africa powered surgical instrument market is a relatively smaller market, but it is expected to grow at a significant rate in the coming years.
- The growth of the market is attributed to the increasing investment in healthcare infrastructure and the rising demand for minimally invasive surgeries.
- Saudi Arabia and the United Arab Emirates are the two largest markets for powered surgical instruments in the Middle East Africa region.
Overall, the powered surgical instrument market is expected to grow at a steady pace in the coming years. The growth of the market is attributed to the increasing adoption of minimally invasive surgical procedures, the rising prevalence of chronic diseases, and the growing aging population. The Asia Pacific region is expected to be the fastest-growing market for powered surgical instruments in the coming years.
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