In June 2019, Tata Consultancy Services, a global IT services, consulting, and business solutions organization, has partnered with SAP to launch an Intelligent Field Inventory Management (iFIM) solution, powered by SAP® Leonardo, which leverages IoT and blockchain to help medical device manufacturers streamline surgical kit handling.
The increasing volume of global surgical procedures and the rising demand for minimally invasive surgeries are driving the growth of the powered surgical instruments market. American Society of Plastic Surgeons (ASPS) members report they performed more than 17.7 million surgical and minimally invasive aesthetic procedures in the U.S. in 2018. That’s nearly 277,000 more cosmetic procedures than in the previous year. Increasing technological advancement such as surgical robotics and the growing prevalence of the various chronic disease with the rise in the aging population is also contributing to the growth of the powered surgical instruments market. Increasing global healthcare spending and expanding medical tourism are further anticipated to foster the growth of the market.
On the other hand, inadequate quality assurance and lack of proper sterilization practices for surgical equipment are key factors expected to restrict the growth of the market.
Powered surgical instruments are used for cosmetic procedures, such as breast enhancements or liposuction, as well as for major surgeries, such as heart surgery or reconstruction of the neck or spine. The way that a surgical instrument is powered usually depends on what it is being used for, although most of them operate through some type of electrical current or gas. There are a few different ways that this can happen, depending on what the medical device is being used for. In general, the most common type of electrical current used comes from an anesthetic machine. Anesthetic machines generally contain a chamber with electrodes, where the electrocauterized gel or solution is administered, causing the body to numb its muscles. Gas-powered devices also commonly used in powered surgical instruments are nitrogen-fueled torches.
Asia Pacific region is becoming a growth hub for the powered surgical instruments market and this is due to the fact that this region is accounted for expanding medical tourism in the region. According to the India Brand Equity Foundation, the country is witnessing a 22-25 percent growth in medical tourism and healthcare providers expect the industry will double to $6 billion by 2018 from $3 billion in 2017. Medical tourists to India typically seek joint replacement surgeries, heart, liver, and bone marrow transplants, spine and brain surgeries, cancer and kidney treatments, and in vitro fertilization (IVF).
