Dublin, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The "Surgical Power Tools Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Surgical Power Tools Market was valued at USD 2.19 billion in 2023, and is expected to reach USD 2.97 billion by 2029, rising at a CAGR of 5.21%
The global surgical power tools market is highly competitive, with several leading and prominent players. Stryker, Medtronic, DePuy Synthes, Zimmer Biomet, B. Braun, and CONMED Corporation are some leading companies offering a broad portfolio of surgical power tools with a global presence. These companies offer surgical power tools in over 80 countries, account for higher market penetration, and are leading market players.
Furthermore, most of the global surgical power tools market is dominated by leading players. The dominance of leading market players based on their global presence, broad product portfolio, and networking with health settings & surgeons gives them huge market penetration potential. Furthermore, the continued advancement in surgical power tools, technology integration, and high-class material uses further strengthen their product portfolio.
North America accounted for the most significant share of the global surgical power tools market, accounting for over 35% of the global market revenue share in 2023. The growing geriatric population and the continuously increasing healthcare expenditure for surgical procedures are the key factors accelerating the region's growth. Furthermore, access to surgical care through hospitals, ambulatory surgery centers, and clinics in North America is growing constantly.
Europe holds a significant position in the global surgical power tools market. The presence of substantial geriatric and potential patient populations suffering bone-associated diseases, the presence of field professionals, and increasing associated surgical procedures across the region propel the demand for surgical power tools.
On the other hand, APAC is a rapidly growing region in the global surgical power tools market, with the highest CAGR of over 6% during the forecast period. APAC is a rapidly growing region experiencing significant development and growth of the market backed by several key elements, such as the development in health infrastructure for surgical procedures, continued development in the healthcare field, increasing healthcare expenditure, and rising access to advanced surgical procedures.
MARKET TRENDS & OPPORTUNITIES
Increasing Preference for Minimally Invasive and Robotic Surgeries
Robotic surgeries are closely associated with minimally invasive surgeries performed through tiny incisions. The increasing demand for minimally invasive surgeries leads to increased adoption of robotic surgical tools commonly connected with surgical power tools. The rising preference for robotic surgeries offers lucrative opportunities for surgical power equipment. The lack of experts and surgeons' availability boosts the demand for robotic surgeries, including minimally invasive surgeries. Minimally invasive surgeries are commonly performed in orthopedic, spinal, neurosurgical, and ENT areas.
The increasing preference for associated surgical procedures is expected to deliver lucrative opportunities for surgical power tools market growth. In minimally invasive surgeries, surgical power tools are a major part of conducting the most accurate and small incision, less risk of bleeding, and reducing hospital stay and rapid recovery. Furthermore, the orthopedic surgery sector increasingly demands minimally invasive spinal surgeries and techniques over conventional surgical procedures.
Rising Customization in Surgical Power Tools
The future of surgical power tools relies on technology and more customized and flexible approaches. As healthcare systems increasingly become less task-based and more value-based, the demand for customization in surgical power tools is slowly increasing.
Customization features include speed, torque, motor size, and autoclavability requirements to meet the specific requirements of new surgical power tools. Customization in surgical power tools allows customers to buy specific products per the conditions and requirements. This led to a reduced cost burden and delivered more reliable than ready-to-use products by sellers. For example, a customer can purchase a motor or customize it by attaching a gearbox, sensor, and camera. A simple modification could be a custom length of equipment and additional features.
Furthermore, the customization of surgical power tools offers several benefits. This tailored approach improves efficiency in the operating room and saves the cost of investment in health settings. Purchasing customized kits over single surgical power equipment reduces purchasing, transport, and installation costs for buyers and sellers. In addition, one-time delivery of customized kits offers ergonomics benefits. The ergonomics design has gained high popularity in the surgical power tools market in recent years with the customization and ergonomics health setting save space.
Continuously Rising Orthopedic Surgeries
Globally, the increasing aging population, accidental cases, and sports persons lead to increased demand for orthopedic surgeries. Worldwide, orthopedic surgery volumes are increasing every year, resulting in the demand for surgical tools for orthopedic surgeries.
Furthermore, the orthopedic sector continues to evolve rapidly in terms of technology and advancement in surgical tools, where surgeons rapidly accept high-power surgical tools. Such factors are projected to impact the surgical power tools market positively. Also, orthopedic surgeries have continuously increased over the past few decades as innovation occurs in the orthopedic sector. The development of advanced surgical tools is one of the major factors accelerating orthopedic surgical volumes.
SEGMENTATION INSIGHTS
INSIGHTS BY FEATURES
Surgical power tools are advanced tools used to perform surgical procedures on bone or bone fragments. They allow soft drilling, sawing, and reaming and are commonly used in orthopedic, ENT, neurosurgery, and other surgical procedures associated with bone or bone fragments. The global surgical power tools market by features is segmented into drilling, sawing, and reaming. The drilling segment held the most prominent global market share in 2023.
INSIGHTS BY PRODUCT TYPE
The electric product type segment dominated the global surgical power tools market share 2023. Regarding electric product type, the market study report included complete electric and battery-powered equipment. Power tools are the most vital and integral part of surgical procedures. Over the period, several advancements registered across the power supply/source for surgical power tools. Electric surgical power tools are becoming more popular in recent years.
INSIGHTS BY APPLICATIONS
The global surgical power tools market by applications is segmented into orthopedic surgeries, ENT surgeries, neurosurgery, and other applications. The orthopedic surgery segment accounted for most of the market share by applications. Millions of orthopedic surgeries are performed annually across the world.
Conversely, with the growing number of ENT surgeries worldwide, the demand for minimally invasive surgeries for ENT surgeries is increasing, and surgical power tools are rising rapidly. In ENT surgeries, minimally invasive surgical procedures have been a revolutionary advancement that has made it possible to perform complex interventions without extensive invasion. Surgical power tools reduce the risk of associated discomfort, enabling maximum space in drilling, sawing, and reaming far more easily than traditional tools.
INSIGHTS BY END-USERS
The global surgical power tools market by end-users is segmented into multi-specialty hospitals and specialty clinics & outpatient centers. The multi-specialty hospitals segment held the largest global market share in 2023. Multi-specialty hospitals are well-equipped and structured facilities that offer more than one specialty in surgical care and attract more patient populations. The high volume of surgical procedures in different specialties required different surgical power tools. Surgical power tools across several specialties are in high demand and drive segmental growth.
KEY QUESTIONS ANSWERED:
- How big is the surgical power tools market?
- What is the growth rate of the global surgical power tools market?
- Who are the key players in the global surgical power tools market?
- Which region dominates the global surgical power tools market share?
- What are the significant trends in the surgical power tools market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 320 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $2.19 Billion |
| Forecasted Market Value (USD) by 2029 | $2.97 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
VENDOR LANDSCAPE
Key Company Profiles
- B. Braun Medical Ltd (B. Braun)
- CONMED Corporation
- Johnson & Johnson
- Medtronic
- Stryker
- Zimmer Biomet
Other Prominent Vendors
- Adeor Medical AG
- Allotech Co., Ltd (Korea SMEs & Startups Agency)
- Arthrex
- Arbutus Medical
- Brutsch Elektronik AG
- Bell Surgical
- Changzhou Huida Medical Instrument Co., Ltd.
- De Soutter Medical
- DynaMedic Co., Ltd.
- GPC Medical Ltd
- Karl Storz
- KLS Martin Group
- MicroAire
- Medical Bees GmbH
- MatOrtho Limited
- Nouvag
- NEO Drill
- ORTHROPROMED
- VOSTRA GmbH
- Wuhu Ruijin Medical Instrument & Device
- YIN TECHNOLOGIES INDIA PRIVATE LIMITED
MARKET DYNAMICS
Market Opportunities & Trends
- Increase in Preference for Minimally Invasive & Robotic Surgeries
- Technological Advances in Surgical Power Tools
- Rise in Customization of Surgical Power Tools
Market Growth Enablers
- Increase in Burden of Neurological Disorders
- Rapid Increase in Surgical Procedures in Outpatient Surgery Centers
- Continuous Rise in Orthopedic Surgeries
Market Restraints
- Presence of Stringent Regulations
- High Cost of Surgical Power Tools
- Challenges Associated with Surgical Power Tools
MARKET SEGMENTATION
Scope & Coverage
- Market Definition
- Inclusions
- Exclusions
- Market Estimation Caveats
- Segments & Definitions
- Market by Feature
- Market by Product Type
- Market by Application
- Market by End-user
- Regions & Countries Covered
- Market Derivation
- Historic, Base, & Forecast Years
Segmentation by Features
- Drilling
- Sawing
- Reaming
Segmentation by Product Type
- Electric
- Pneumatic
Segmentation by Applications
- Orthopedic Surgeries
- ENT Surgeries
- Neurosurgery
- Other Applications
Segmentation by End-users
- Multi-specialty Hospitals
- Specialty Clinics & Outpatient Centers
Segmentation by Geography
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- The U.K.
- Italy
- Spain
- Russia
- Poland
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/bqpv4a
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