Pune, India, March 11, 2022 (GLOBE NEWSWIRE) -- The global orthopedic power tools market size was USD 1.43 billion in 2020. The market is projected to grow from USD 1.54 billion in 2021 to USD 2.05 billion by 2028 at a CAGR of 4.1% during the 2022-2028 period. This information is provided by Fortune Business Insights, in its report titled, “Orthopedic Power Tools Market, 2022-2028.”
According to our researchers, the growing volume of orthopedic surgeries, geriatric population, operating room supply standardization, and technical improvement are all contributing to the orthopedic power tools market growth. Orthopedic power tools are precision-engineered power instruments used to execute orthopedic surgical procedures. The application and manner of operation of these devices differ. During orthopedic injuries, surgeons require them to put implants into the bones.
Industry Developments:
- December 2020: Midas Rex high-speed drills with Mazor Robotic Guidance System have been cleared by the U.S. Food and Drug Administration, allowing Medtronic's robotic portfolio to provide a precise surgical experience.
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COVID-19 Impact:
Supply Chain Disruption to Hamper Growth
The pandemic had an impact on many medical operations, especially orthopedic surgeries. For surgeons to be able to give safe and effective care to their patients during the COVID-19 pandemic, precise protocols unique to each specialty were created and followed. Due to regulatory authorities' strict guidance to prevent any non-emergent surgery, the volume of orthopedic surgeries decreased dramatically throughout the pandemic. Patient visits to hospitals and other healthcare settings for non-COVID related ailments decreased due to nationwide lockdowns, travel restrictions, and other containment measures imposed by various national bodies.
Segments:
Product Type, 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 segregated into reusable and disposable.
Based on end-user, the market is divided into hospitals & ASCs, and specialty clinics.
Finally, by geography, the market is divided into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage:
The report examines the market in depth, including current trends and forecasts to identify potential investment opportunities. The report contains data on present and future market trends, which can be used to identify existing opportunities. There has been a thorough examination of the elements that drive and limit market expansion.
The identification of elements that are important in changing the market environment, the increase in opportunities, and the identification of significant companies that can affect this market have all been covered.
Drivers and Restraints:
Technological Advancement in the field of Power Devices to Stimulate Growth
Orthopedic power tools enable surgeons to complete the same surgical procedures faster and with more 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 highly popular in the global market due to this continual progress in the field of orthopedics. To meet market demand, the major manufacturers are also developing novel and technologically advanced products. However, the expensive acquisition and maintenance expenses of these devices, particularly reusable devices, are preventing orthopedic surgeons from using them.
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Regional Insights:
The market in the U.S. is expected to increase at a high rate during the projected period. Some of the major factors driving market expansion 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 U.S. and Canada grows, so does the demand for orthopedic power instruments. This, together with suitable reimbursement regulations and improved healthcare infrastructure, is driving the region's adoption of power tools even faster.
The second-largest share of the 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 surgical procedures in Germany, the U.K., and France.
Competitive Landscape:
Companies to Focus on R&D Investments to Offer Advanced Products
Leading firms release modern, new technology-based power tool items on a regular basis. Newcomers, on the other hand, have had an impact. The market is generating an incredibly competitive environment, prompting established firms 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, U.S.)
- Conmed Corporation (Largo, U.S.)
- Zimmer Biomet (Warsaw, U.S.)
- Johnson& Johnson Services Inc. (New Brunswick, U.S.)
- B. Braun Melsungen AG (Melsungen, Germany)
- De Soutter Medical (Buckinghamshire, U.K.)
- AlloTech Co. LTD (Namyangju-si, South Korea)
- Kaiser Medical Technology (Chippenham, England)
- Medtronic (Dublin, Ireland)
- NSK/NAKANISHI (Kanuma, Japan)
Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- 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, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Instruments
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- Surgical Drills
- Saws
- Others
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- Accessories
- Market Analysis, Insights and Forecast – By Technology
- Electric Powered Device
- Pneumatic Powered Device
- Battery Powered Device
- Market Analysis, Insights and Forecast – By Usage
- Reusable
- Disposable
- Market Analysis, Insights and Forecast – By End User
- Hospitals & ASCs
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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