Newark, New Castle, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, The Global Orthopedic Power Tools Market is expected to clock US$ 6.6 billion by 2030 and to grow at a CAGR of 3.9% during the forecast period. The global orthopedic power tools market is primarily driven by the growing geriatric population, increasing orthopedic diseases such as osteoporosis, bone fractures, spine degenerative disease, and others. Additionally, the introduction of new devices, technological advancement, and developing healthcare infrastructure are contributing to the growth of the orthopedic power tools market. This exclusive information is published by Growth Plus Reports in its report titled “Orthopedic Power Tools Market – Global Outlook & Forecast 2022-2030”
Orthopedic power tools are medical instruments used in surgery to cut and shape bones, clean the surface of bones, and create attachments to bones. Orthopedic power tools have the same look as standard drills used at home, but they operate only between 500 RPM and 1500 RPM to avoid bone burning and bone cell necrosis.
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Growth Drivers
The global orthopedic power tools market is expanding because of the aging population. Aging causes bones to decrease in form, composition, and function, resulting in osteoporosis, fractures, and low strength. Due to aging joints become less flexible and stiffer, bones become brittle, and body posture also changes. Older people become more prone to joint pain, osteoarthritis, rheumatoid arthritis, ligament injuries, and fractures as a result. The World Health Organization stated that in 2022, 1.4 billion people are over the age of 60 in the world and it is anticipated that it will increase to around 2 billion by 2050.
The global orthopedic power tools market has been analyzed from five different perspectives – Product Type, Technology, Usage, End User, and Region
Excerpts from ‘by Product Type’
Based on product type, the global orthopedic power tools market has been segmented into:
- Instruments (Surgical Drills, Saws, Attachments, and Others)
- Accessories
The accessories segment is dominating the global orthopedic power tools market. The highest share of accessories in the global orthopedic power tools market is attributed to an increase in orthopedic surgical procedures and rising demand for accessories for bone cutting and instrument attachment. Additionally, high cost of the instruments in underdeveloped countries is propelling the growth of the global orthopedic power tool accessories market.
Excerpts From ‘by Technology’
Based on the material, the global orthopedic power tools market has been segmented into:
- Electric
- Pneumatic
- Battery Powered Devices
Battery powered device are dominating the global orthopedic power tools market owing to the increasing demand for battery-operated orthopedic instruments as they are easy to use, provide freedom of movement, and technological advancement.
Excerpts From ‘by End User’
Based on the end user, the global orthopedic power tools market has been segmented into:
- Hospitals
- Ambulatory Centers
- Specialty Clinics
The hospital segment dominates the global orthopedic power tools market owing to growing numbers of hospitals and ambulatory centers, increasing patient footfall in the hospital for diagnosis and treatment, and a rising geriatric population with orthopedic disorders.
Excerpts from ‘by Region Segmentation
The global orthopedic power tools market has been segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
The global orthopedic power tools market is dominated by North America and Asia Pacific. The large share of North America in the global market is attributed to the growing geriatric population with orthopedic diseases in the region, the adoption of novel technology, and the high presence of key players. The Asia Pacific orthopedic power tools market is expected to grow due to factors such as the increasing number of orthopedic surgeries, the growth of the aging population, and the increasing prevalence of lifestyle diseases leading to orthopedic problems. Rising disposable incomes and increased healthcare spending in countries like China, India, and Japan are also driving the market's growth. However, the high cost of orthopedic power tools and the lack of trained professionals to operate these devices may hinder market growth in some countries in the region.
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Excerpts from ‘Competitive Landscape’
The prominent players operating in the global orthopedic power tools market are:
- Stryker Corporation
- Conmed Corporation
- Zimmer Biomet
- Johnson & Johnson Services, Inc.
- B. Braun Melsungen AG
- De Soutter Medical
- AlloTech Co. LTD
- Kaiser Medical Technology
- Medtronic Plc
- NSK/NAKANISHI
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