Though tremendous advances in medical technology and science have created incredible leaps forward in preventive diagnostic medicine, pharma-therapeutic cure, and non-surgical methods of delivering quality healthcare, the need for a physician’s hands and his tools in an operating room continues to be an increasing cornerstone for our healthcare. Indeed, it is the surgeon and his tools that remain critical to bringing cure and remedy in matters of trauma care and in areas including orthopedics, cardio-vascular repair, electrophysiology, organ transplant, tumor-based cancer treatment and more.
The need to supply and innovate better tools for the physician and surgeon has never been greater. Not counting high-end tools such as MRI, CT Scan, X-Ray, and other imaging technology, or IV machines, heart-lung, respirators, and patient monitoring equipment, or even surgical tables and light, the base cost globally for surgical tools used every day in operating rooms around the world is estimated to be $11.75B annually. By 2026, this market is expected to rise to $21.52B1
Several factors are impacting this growth. An aging population, rising population growth in places like India and China, an increase in the prevalence and ability to treat chronic diseases, and of course the ability to bring modern surgical procedures to developing countries where this level of healthcare was previously available.
By putting its focus on creating next-gen intelligent surgical tools, Neuro-Kinesis is positioning itself to not only to be the lead provider in this market area but also to become the market standard by which other companies will measure their efforts at bringing these invaluable tools into the digital age.
- The Surgical Instruments market is growing at a CAGR of 2% in the Asia Pacific followed by North America and Europe, with 8.0% and 7.9% CAGR, respectively. The high rate of surgeries due to different diseases across the globe is the key factor to accelerate industrial development during the forecast period across all regions.
- North America accounts for 33% of the global Surgical Instruments market.
- Obstetrics and Gynecology account for 78% of the global surgical instrument usage.
- The Asian region is the primary user in this area with North America and Europe following.
- The reusable category of surgical instruments is expected to be the fastest-growing market segment during the forecast period 2019-2026 with a CAGR of 8.3%.
- Handheld devices, including forceps, spatulas, retractors, dilators, graspers, and cutting and axillary instruments, accounts for $2.46 billion and are expected to reach $4.36 billion by 2026.