Hand-Held Surgical Instruments Global Market Report 2024: Rapid Market Growth Predicted for Future Periods
Hand-Held Surgical Instruments Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is The Hand-Held Surgical Instruments Market Size 2024 And Growth Rate?
The hand-held surgical instruments market size has grown strongly in recent years. With values increasing from $6.59 billion in 2023 to a projected $7.2 billion in 2024, the market displays a compound annual growth rate CAGR of 9.1%. These impressive strides are fueled by advancements in minimally invasive surgery, an aging global population, development of healthcare infrastructure, a surge in chronic diseases, and the importance of regulatory compliance.
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What is The Hand-Held Surgical Instruments Market Growth Forecast?
Over the next few years, the hand-held surgical instruments market size is expected to see rapid growth. Projected to grow to a staggering $10.55 billion in 2028, the market will experience a compound annual growth rate CAGR of 10.0%. This projected substantial growth can be attributed to the increasing significance of personalized medicine, the rise of telemedicine and remote surgery, growth in general healthcare expenditure, the emergence of new healthcare markets, and the importance of surgical training and skill development.
Who Are The Major Industry Players In The Hand-Held Surgical Instruments Market?
With such impressive market predictions, it comes as no surprise that major companies are looking to establish their positions in the hand-held surgical instruments market. Some standout names include Johnson & Johnson, B. Braun Melsungen AG, Medtronic plc, and Zimmer Biomet Holdings Inc., among several others.
What Are The Emerging Trends In The Hand-Held Surgical Instruments Market?
Major companies within the marketplace recognize the potential in key trends to extend their growth. One particular trend gaining momentum is technological advancement, with a movement towards smart surgical instruments. These are advanced, user-friendly tools that save both time and money. An example of this is OrthAlign's Lantern, a hand-held smart surgical instrument introduced in November 2021.
What Are The Key Growth Drivers Of The Hand-Held Surgical Instruments Market?
Propelling this growth is an increase in the geriatric population, characterized by individuals aged 65 years and older. In this demographic, people are more prone to fall ill and require proper medical treatment and surgical intervention, which leverages the use of surgical instruments.
What Are The Segments In The Hand-Held Surgical Instruments Market?
The hand-held surgical instruments market is segmented by product, application, and end-user. Product examples include forceps, retractors, dilators, graspers, and scalpels, among others. Application varies from neurosurgery and cardiovascular treatments, to plastic and reconstructive surgery, and obstetrics and gynecology.
Regional Insights: North America Dominates, Asia-Pacific Emerges
In the race of regions, North America claimed the largest share of the hand-held surgical instruments market in 2023. However, it’s the Asia-Pacific region expected to be the fastest-growing in the prospective period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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