PUBLISHER: Grand View Research | PRODUCT CODE: 1571717
PUBLISHER: Grand View Research | PRODUCT CODE: 1571717
The global powered surgical instruments market size is expected to reach USD 3.13 billion by 2030, registering a CAGR of 3.1% during the forecast period, according to a new report by Grand View Research, Inc. Increasing number of surgical procedures, coupled with technological advancements, is anticipated to drive the market. Moreover, increasing awareness and affordability of plastic or reconstructive surgeries and surgeries for sports injuries is likely propel growth over the forecast period.
Increase in factors such as demand for minimally invasive surgeries & robot-aided procedures as well as improving accessibility to healthcare is contributing to growth. In addition, increasing geriatric population and rising awareness about availability of surgical procedures are likely to boost the market.
Increase in number of road accidents and rising healthcare expenditure in emerging economies are other factors likely to boost revenue generation in the market. According to the U.S. Census Bureau, the global healthcare expenditure is expected to reach USD 18.28 trillion by 2040, growing at a CAGR of 2.6%. According to WHO, the global population aged 60 years and above is expected to reach 2 billion by 2050, from 900 million in 2015. This demographic is more susceptible to a vast number of diseases, increasing the need for effective treatments, thereby boosting the market.