New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Orthopedic Power Tools Market’ for the forecast period, i.e. 2023– 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Market Scope of Global Orthopedic Power Tools:
| Growth Rate (CAGR) of Orthopedic Power Tools Market (Global) | ~4% |
| Forecast Period of Orthopedic Power Tools Market (Global) | 2023 – 2033 |
Global Orthopedic Power Tools Market Size:
The global orthopedic power tools market is to garner a CAGR of ~4% over the forecast period. Additionally, the market has gained significant revenue during 2022. The main factors which are anticipated to drive the demand for orthopedic power tools during the forecast period are technological developments in multifunctional power tools and an increase in the need for orthopedic power tools across the world. For instance, in 2022, the orthopedic device segment was estimated to reach USD 45 billion.
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Furthermore, during the orthopedic surgeries, orthopedic power instruments plays a crucial role. Among other things, procedures on bone or bone fragments are performed with these power instruments. These power tools are used for a variety of tasks, including reaming, sawing, drilling, and screwing. It comes with a handpiece, consumables, and extras. In the upcoming years, rising healthcare costs throughout the world and a rise in the demand for orthopedic power tools as a result of the increasing prevalence of bone diseases are expected to have a positive impact on the market's expansion. A survey from the National Library of Medicine (NLM) revealed that about 1.5 million people worldwide experience bone fractures as a result of a bone disease each year.
Global Orthopedic Power Tools Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Hospitals segment to dominate the revenue graph
- Battery powered devices sub-segment remains prominent in the technology segment
Increasing Prevalence of Bone Fractures and Escalating Incidences of Bone Cancer to Boost Market Growth
Over the forecast period, the higher requirement for orthopedic power tools, backed by the rising prevalence of bone fractures is estimated to accelerate market expansion. For instance, in 2019 there were 160 million new occurrences of bone fractures reported globally. Further, bone fractures can occur for a variety of reasons, and there is a specific process required to fix them. Bone fractures are extremely painful and uncomfortable, but the pain and discomfort can be avoided with the help of modernized technologies. In order to mend bones, orthopedics frequently uses power tools. Osteotomes, plate blenders, forceps for cutting through bone, Gigli saws, surgical spoons, suture anchors, and other tools fall under this category. All these factors are predicted to drive market growth further over the ensuing years.
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In addition to this, the growing incidences of bone cancer across the world is estimated to propel market growth over the forecast period. According to projections from the American Cancer Society, it is believed that there were about 3,910 newly diagnosed cases of primary cancer of the bones and joints in 2022 and 2,100 deaths, roughly. Patients with bone cancer often require many kinds of bone surgeries and bone replacement treatment, orthopedic power tools play a major role during such surgeries. Moreover, the increasing investment in medical research and development is also expected to drive market growth during the forecast period.
Global Orthopedic Power Tools Market: Regional Overview
The global orthopedic power tools market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Prevalence of Amputation to Drive Growth in the North America Region
The market in North America region is estimated to hold the largest market share over the forecast period. The presence of an advanced healthcare system and the rising occurrence of amputation owing to a variety of factors are the main factors predicted to drive market expansion in the region over the forecast time period. In the United States, it is anticipated that over 170,000 amputation procedures are performed annually, and by the year 2050, 3.5 million people are expected to have lost a leg due to various factors. Additionally, the technological advancement in the medical industry and the presence of key market players are predicted to accelerate market growth in the region during the upcoming years.
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Growing Cases of Osteoporosis to Drive Growth in the Asia Pacific Region
On the other hand, the market in Asia Pacific region is estimated to gain noteworthy market share over the forecast period on account of growing osteoporosis cases in the region. For instance, as per the International Osteoporosis Foundation's research predicts that by 2050, Asia will be responsible for more than half of all osteoporotic hip fractures. Furthermore, lesser intake of a calcium-rich diet, an increase in the prevalence of bone diseases, and high healthcare spending are expected to propel market expansion during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Orthopedic Power Tools Market, Segmentation by Technology
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- Battery
- Electric
- Pneumatic Powered Devices
Out of these, the battery powered devices segment is estimated to hold the largest market share over the forecast period. The segment's expansion can be attributed to its easy accessibility and reasonable price. Further, the growth of the segment is anticipated on account of the increasing need for battery-powered devices as a result of the growing occurrence of bone fractures. For instance, there were 160 million new bone fracture cases recorded worldwide in 2019.
Global Orthopedic Power Tools Market, Segmentation by End-User
- Hospitals
- Clinics
- Other Specialty Clinics
Out of these, the hospitals segment is estimated to gain noteworthy market share over the forecast period. The growth of the segment can be attributed to the increasing patient pool in hospitals and increasing spending in the healthcare sector across the world. As per one of the expenditure data reports, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP (up from 8.5% in 2000). Further, the rising awareness among the people regarding bone health, increasing medical advancements, and significant investment into healthcare infrastructure across the world are estimated to drive segment growth over the forecast period.
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Global Orthopedic Power Tools Market, Segmentation by Orthopedic Power Tools
- Large Bone
- Small Bone
- High Speed
- Orthopedic Reamers
Global Orthopedic Power Tools Market, Segmentation by Product Type
- Surgical Drills
- Saws
- Other Accessories
Global Orthopedic Power Tools Market, Segmentation by Application
- Disposable
- Reusable
Few of the well-known market leaders in the global orthopedic power tools market that are profiled by Research Nester are NSK/Nakanishi Inc., Stryker Corporation, CONMED Corporation, India Medtronic Private Limited, Zimmer Biomet, Inc., Kaiser Medical Technology Ltd, Johnson & Johnson Services, Inc., Allotech Co., Ltd, B. Braun SE, Medtronic PLC, and others.
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Recent Developments in the Global Orthopedic Power Tools Market
- In September 2022, At the 2022 Annual Meeting of the American Orthopaedic Foot & Ankle Society, Stryker introduces the Pulse Intelligent Delivery Platform. The Pulse Intelligent Delivery Platform is a tool designed to aid in foot and ankle procedures performed in ambulatory surgery centers (ASC) facilities.
- In September 2022, Strategic partnership took place between Zimmer Biomet, Inc. and Surgical Planning Associates, Inc. In order to market HipInsight, a mixed reality navigation system for total hip replacement. The U.S. Food and Drug Administration has also given its approval to the system.
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