New York, USA, Aug. 30, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global surgical power tools market is forecasted to reach $3,237.5 million by the end of 2027 at a CAGR of 6.4%, increasing from $1,960.4 million in 2019. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the surgical power tools market has recorded a CAGR of 6.4% during recent months, while it was expected to be 5.8% in the pre-COVID-19 scenario. The main factor enhancing the growth of the market is the growth in the demand of surgical tools in the healthcare industry during the coronavirus pandemic.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time revenue of the surgical power tools has been increased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $2,103.4 million, while it was estimated to be $2,068.0 million in a pre-Covid analysis. The main factor behind this growth is the rising cases of osteoporosis across the globe. During the pandemic, to meet the rising demand of digital surgical tools, the manufacturing houses are focusing on developing surgical power tools. These factors are contributing to the growth of the market revenue during the pandemic.
Geographical Analysis
Based on the region, the global market for the surgical power tools is classified into North America, Europe, Asia Pacific, and LAMEA. The North-America surgical power tools market valued at $1,010.1 million in 2027 and is expected to surge at a growth rate of 6.0%, during the analysis period. The growth of the North-America surgical power tools market is mainly driven by the increasing number of geriatric disorders, the rising emphasis on technological innovations, and growing investments on R&D and innovations, particularly in the U.S. and Canada.
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Top Surgical Power Tools Market Key Players
The global surgical power tools market is expected to sustain its growth post the pandemic because of the all-prevailing bone diseases and other surgical needs. The major players of the market include -
- MatOrtho Limited
- Exactech, Inc.
- De Soutter Medical
- Desoutter Industrial Tools.
- Allotech Co., Ltd.
- Medical Devices Business Services, Inc.
- Stryker
- Zimmer Biomet
- B. Braun Melsungen AG
- Medtronic
These players are emphasizing on the research and development, merger and acquisition, and other strategies to sustain the market growth in the upcoming years.
For instance, in January 2021, Stryker, an American multinational medical technologies corporation, completed the acquisition of OrthoSensor, Inc., a private company, based out of Florida. OrthoSensor, Inc., is one of the most prominent organization in the digital progression of musculoskeletal care and sensor technology for replacement of the total joint. Stryker aims at empowering the physicians with inclusive data-driven solutions. Enquire and Get Quick Access to Top Companies Development Strategies Summary Report
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