The global orthopedic power tools market size was USD 1.43 billion in 2020. The market is expected to grow from USD 1.54 billion in 2021 to USD 2.05 billion by 2028 at a CAGR of 4.1% in during the period 2021-2028. This information is provided by Fortune Business Insights, in its report titled “Orthopedic Power Tools Market, 2021-2028”.
According to our researchers, increasing volume of orthopedic surgeries, geriatric population, standardization in operating room supply, and technical improvement are all contributing to the growth of the orthopedic power tools market. Orthopedic power tools are precision electrical instruments used to perform orthopedic surgical procedures. The application and mode of operation of these devices differ. During orthopedic injuries, surgeons ask them to put implants in the bones.
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- December 2020: Midas Rex high-speed drills with the Mazor robotic guidance system have been approved by the U.S. Food and Drug Administration, enabling Medtronic’s robotics portfolio to deliver a precise surgical experience.
Impact of COVID-19:
Supply chain disruption hinders growth
The pandemic has impacted many medical operations, including orthopedic surgeries. In order for surgeons to provide safe and effective care to their patients during the COVID-19 pandemic, specific specialty-specific protocols have been created and followed. Due to strict guidelines from regulatory authorities to prevent elective surgery, the volume of orthopedic surgeries has dropped significantly throughout the pandemic. Patient visits to hospitals and other health care facilities for non-COVID-related conditions have declined due to nationwide shutdowns, travel restrictions and other containment measures imposed by various national bodies.
Type of product, The application, usage, end user and region are studied
By product type, the market is segmented into instruments (surgical drills, saws and accessories) and others.
Based on application, the market is fragmented into electric power device, pneumatic power device, and battery power device.
Based on usage, the market is separated into reusable and disposable.
Based on end-user, the market is divided into hospitals and ASCs, and specialty clinics.
Finally, by geography, the market is divided into Europe, North America, Asia-Pacific, Latin America, and Middle East & Africa.
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The report examines the market in depth, including current trends and forecasts to identify potential investment opportunities. The report contains data on current and future market trends, which can be used to identify existing opportunities. There has been a thorough examination of the elements driving and restraining market expansion.
Identifying significant elements for altering the market environment, increasing opportunities, and identifying significant companies that can affect this market have all been covered.
Drivers and Restrictions:
Technological advancement in electrical appliances to drive growth
Orthopedic power tools allow surgeons to perform the same surgical procedures faster and with greater precision and accuracy. Orthopedic power tools have been widely used in the global market due to their persistent positive results. They also have various advantages, such as being lightweight, simple to install and cost effective. Surgical power tools have become very popular in the global market due to these continuous advancements in the field of orthopedics. To meet market demand, major manufacturers are also developing innovative and technologically advanced products. However, the high acquisition and maintenance costs of these devices, especially reusable devices, prevent orthopedic surgeons from using them.
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The market in the United States is expected to grow at a high rate over the projected period. Some of the major factors driving the expansion of the market include the direct presence of key regional companies, a strong distribution network, and well-established healthcare infrastructure. As the number of orthopedic procedures performed in the United States and Canada increases, so does the demand for orthopedic power instruments. This, coupled with proper reimbursement regulations and improved healthcare infrastructure, is further accelerating the adoption of power tools in the region.
The second largest orthopedic power tools market share was held by Europe. This is due to the availability of acceptable payment policies for major orthopedic surgeries and an increase in the number of surgeries in Germany, UK and France.
Companies focus on R&D investments to offer advanced products
Large companies regularly release modern power tools based on new technologies. The newcomers, on the other hand, have had an impact. The market is generating an incredibly competitive environment, prompting established businesses to step up their efforts to stand out. The market report encompasses several factors that have contributed to the growth of the advanced market in recent years.
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List of key players mentioned in the report:
- Stryker (Kalamazoo, USA)
- Conmed Corporation (Largo, S.)
- Zimmer Biomet (Warsaw, USA)
- Johnson & Johnson Services Inc. (New Brunswick, USA)
- Braun Melsungen AG (Melsungen, Germany)
- From Soutter Medical (Buckinghamshire, UK)
- AlloTech Co. LTD (Namyangju-si, South Korea)
- Kaiser Medical Technology (Chippenham, England)
- Medtronic (Dublin, Ireland)
- NSK/NAKANISHI (Kanuma, Japan)
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Number of key orthopedic surgeries, by region/country, 2020
- New product launches, by key players
- Impact of COVID-19 on the market
- Recent key developments, mergers and acquisitions, key players
- Global Orthopedic Power Tools Market Analysis, Outlook and Forecast, 2017 – 2028
- Main results/summary
- Market Analysis, Outlook and Forecast – by Product Type
- Surgical drills
- Market Analysis, Outlook and Forecast – By Technology
- Electrical appliance
- Pneumatic device
- Battery powered device
- Market Analysis, Outlook and Forecast – By Use
- Market Analysis, Outlook and Forecast – By End User
- Hospitals & CHWs
- Specialized clinics
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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