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Market Size – USD 1,368.9 Million in 2020, Market Growth - CAGR of 3.7%, Market Trends – Technological advances in orthopedic surgical tools
NEW YORK, NY, UNITED STATES, December 5, 2021 /EINPresswire.com / -- The global orthopedic power tools market size is expected to reach USD 1,835.8 million by 2028 at a CAGR of 3.7%, according to a new report by Reports and Data. Key factors contributing to market revenue growth are growing geriatric population, increasing prevalence of orthopedic disorders such as osteoarthritis and rheumatoid arthritis, rising volumes of orthopedic surgeries, and growing preference for minimally invasive surgical procedures. Increasing incidences of sports-related injuries and road accidents, technological advances in orthopedic surgical techniques, and introduction of high-power and high-performance surgical tools such as pneumatic-powered and electric-powered systems are some of the other major factors accountable for the global orthopedic power tools market growth.
Power tools used in orthopedic surgeries are advanced, high-performance surgical equipment that generally include orthopedic drills, powered neuro and spine drills, surgical reamers, bone saws, staplers, powered surgical screwdrivers, and surgical robots. These instruments are designed to simplify surgical procedures involving shaping, cutting, and dissecting of bones, or fragmenting or aspirating of soft tissue. Some of the key features of orthopedic power tools are high power and performance, lightweight, robust motor efficiency, precise control, low vibration, sterilization, and higher reliability.
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Leading companies operating in the market and profiled in the report include:
ConMed Corporation, Medtronic, Stryker Inc., Arthrex, Zimmer Holdings Inc., DePuy Synthes, Misonix Inc., Aesculap, Adeor, Aygun Surgical Instruments, MedicMicro, B. Braun, OsteoMed, Brasseler USA, and Stars Medical Devices.
Market Overview:
The pharmaceutical and healthcare sector is rapidly expanding in terms of revenue in the recent years and is expected to register robust CAGR over the forecast period of 2028. Factors such as rapid advancements in the pharma and healthcare sector, adoption of latest technologies, tools and equipment, emergence of various new diseases and improvements in healthcare facilities and infrastructure. In addition, rising healthcare expenditure, increasing per capita income in the developing countries and favorable reimbursement policies are fueling market growth. Increasing funds by various public and private sectors and increasing investments to develop enhanced products and devices are also boosting market growth. Moreover, increasing preference for ambulatory services and point of care services, and increasing funds for research centers and hospitals for drug discovery is expected to fuel market growth going ahead.
Competitive Landscape:
The report provides details about competitive landscape of global Orthopedic Power Tools market focusing on every market player, its global position, revenue generation product portfolio, company overview, financial planning and business expansion plans. The global Orthopedic Power Tools market is quite competitive and comprises various key players at global and regional levels. Key players are investing in research and development activities, and strategizing various plans such as mergers and acquisitions, partnerships, joint ventures, new product launches, to enhance their product base and strengthen their market position.
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Some Key Highlights in the Report:
•Based on product type, the large bone orthopedic power tools segment is expected to hold the largest market share in the global orthopedic power tools market over the forecast period. Rise in cases of sports injuries and road accidents and mishaps, growing prevalence of orthopedic diseases, and increasing demand for minimally invasive surgical methods boost this segment's growth.
•Based on technology, the pneumatic-powered systems segment is the most dominant and is projected to register the highest revenue growth rate of 3.8% in the global market over the forecast years. Factors contributing to the growth of this segment include increasing use of pneumatic-powered systems in orthopedic surgical procedures owing to advantages such as high precision, high reliability, and cost-effectiveness.
•Among the leading regional markets, North America leads in terms of revenue and is expected to display the fastest growth in revenue during the forecast period. The presence of advanced healthcare infrastructure in the region, surging number of physical injuries and accidents, increasing cases of amputations, and rising number of orthopedic surgeries are among major factors fueling the North America market growth.
•Europe emerged as the second-largest regional market for orthopedic power tools in 2020, with a robust market share of 32.8%. Presence of highly skilled orthopedic surgeons in the region and technological advancements in orthopedic surgical equipment are the primary factors driving the market growth in Europe.
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For the purpose of this report, the global orthopedic power tools market is segmented on the basis of product type, technology type, modality, application, end-use, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
•Large Bone Orthopedic Power Tools
•Small Bone Orthopedic Power Tools
•High-speed Orthopedic Power Tools
•Single-use (Disposable) Power Tools
•Orthopedic Reamers
•Consumables
Technology Type Outlook (Revenue, USD Million; 2018-2028)
•Pneumatic-powered Systems
•Electric-powered Systems
•Battery-operated Systems
•Corded Tools
Modality Outlook (Revenue, USD Million; 2018-2028)
•Single-use Power Tools
•Reusable Power Tools
Application Outlook (Revenue, USD Million; 2018-2028)
•Orthopedic
•ENT
•Oral
•Thoracic
•Neurology
End-use Outlook (Revenue, USD Million; 2018-2028)
•Hospitals
•Ambulatory Surgical Centres
•Orthopedic Clinics
•Others
Regional Outlook:
•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
•Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
•Latin America (Brazil, Rest of LATAM)
•Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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