Orthopedic Power Tools Market Report published by Strategic Market Research states that as of 2021, the global market value was USD 1.42 billion, having a robous CAGR of 4.2%, and it was forecasted to have a value of approximately USD 2.07 billion by 2030.
New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The Global Orthopedic Power Tools Market value was USD 1.42 Billion in 2021, and it will reach USD 2.07 Billion in 2030 with a 4.2% CAGR. An instrument used to operate on bones or fragments of bones is called an orthopedic power tool. These tools are useful for drilling, reaming, screwing, and sawing. The primary fields of application for these tools are orthopedic surgery, whether in humans or animals, neurology, ENT surgery, and traumatology. Modern orthopedic surgery has undergone a revolution because of the development of power tools. With the help of this power equipment, surgeries are seamlessly effective. These power tools are necessary for almost every aspect of orthopedic surgery.
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Orthopedic Power Tools Market Insights:
The large bone power tools segment recorded the biggest share of 44.11% based on type.
The handpiece segment had the biggest market share with revenue of over USD 856 million or around 60.28% for the product type.
In 2020 the electric (battery-powered) systems held a dominant position in the orthopedic power tool market on the basis of technology.
The reusable segment in 2020 had the largest market share on the basis of usage.
The hospitals and ambulatory surgical centres segment contributed to the largest market share on the basis of end-user.
By region, North America had the largest revenue share of over USD 0.71 billion.
Factors influencing the Orthopedic Power Tools Market growth:
(Factors like the decreased surgery time and increasing prevalence of orthopedic disorders are stimulating its growth rate. )
The incidence of fractures, osteoporosis, osteoarthritis, and other orthopedic disorders has increased drastically in recent years, thereby expediting the growth rate of the market. According to Ohio State University, fractures cover almost 16% (or 6.3 million) of all musculoskeletal injuries occurring in the USA per year. Moreover, fractures cause approximately 900,000 hospitalizations each year. Further, the demand for power tools like saws, drills, and other equipment is increasing exponentially due to a surge in number of orthopedic surgical procedures worldwide.
Apart from the surge in demand for orthopedic power tools, the surgery performed with the same saves ample time compared to conventional and manual tools, thereby propelling the market growth. According to SMR's research study, manual instruments take approximately 5.4 minutes, while power tools take approximately 3.4 minutes to insert a pedicle screw to perform the surgery.
Orthopedic Power Tools Market: A thorough Segmentation Analysis
The worldwide Orthopedic Power Tools Market segmentation has been performed based on Product Type, Type, Technology, Usage, End-User, and Geography.
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In 2020, the Handpiece segment had the biggest market share, with revenue of over USD 856 million by product type. Because of its adaptability, surgeons can use the same device to drill, see, and ream. These tools have a quick fit that saves time, quick release, and the ability to use a variety of attachments with a single handpiece. Numerous features on these devices fuel consumer demand and market expansion.
The large bone power tools segment recorded the biggest share of 44.11% based on type, and it is likely to be the fastest-growing segment during the forecasted period. For large bone procedures like intramedullary nailing, drilling, total knee, and hip replacement, reaming, and driving screws, large bone power tools are specially created. Due to an increase in orthopedic disorders, accidents, and sports injuries, the segment holds a significant market share for orthopedic power tools. Around 30 million kids and teenagers play organized sports in the U.S., and each year, these athletes sustain more than 3.5 million sports-related injuries, according to Johns Hopkins University. The National Safety Council reports that exercise, whether done with or without equipment, accounts for approximately 378,000 injuries and bicycling about 426,000 injuries each year.
In 2020 the electric (battery-powered) systems held a dominant position in the orthopedic power tool market on the basis of technology. Surgical battery-powered electric tools are available in cordless configurations, which do not require power connections like electric (mains) powered power tools. As compared to pneumatic-based power tools, surgical instruments powered by batteries do not require compressed air, which lowers the risk of contamination. Hence, the surgeons and other healthcare practitioners prefer battery-powered tools more, thus encouraging the expedition of this market segment.
The reusable segment in 2020 had the largest market share on the basis of usage. Factors contributing to the expedition of this market are the availability of various accessories like saw blades, drill bits, and batteries for these instruments, accuracy in surgical outcomes, and the choice of surgeons. During the projected period, the disposable segment is expected to grow at the fastest CAGR. Due to the absence of maintenance expenses, disposable power tools are less expensive. Some of the main reasons for the increased use of these devices include a low cost of ownership and a lower risk of cross-contamination compared to reusable devices.
The hospitals and ambulatory surgical centres segment contributed to the largest market share in 2020 on the basis of end-user. The segment is expanding due to the increase in the number of hospitals and ASCs, especially in developing nations like India and China. According to SMR's research, in India, there were approximately 25,000 hospitals in 2013 and approximately 69,000 hospitals in 2021. China's National Bureau of Statistics stated that there were approximately 25,000 hospitals in 2013 and approximately 35,000 hospitals in 2020 in China. Due to the availability of skilled healthcare professionals and the growth of private clinics and group practices, particularly in developing nations like China and India, the specialty clinics segment is predicted to foster at the fastest rate during the forecast period. The number of specialty hospitals in China for various departments, including cardiology, ophthalmology, oncology, ENT, and neurology, increased from 3956 in 2010 to 9021 in 2020, as reported by the National Bureau of Statistics.
By region, North America dominated the orthopedic power tools market with a revenue share of over USD 0.71 billion in 2020. The demand for power tools among surgeons is rising as a result of the increasing number of operations and surgeries performed in the United States and Canada. This encourages the market segment's growth, adequate reimbursement regulations, and contemporary healthcare infrastructure. The most frequent total joint replacement procedures in the United States are total knee replacements (about 700,000 per year) and total hip replacements (about 400,000 per year). Men are increasingly choosing total joint replacement surgery, even though women still make up the majority of patients.
The Asia-Pacific region is likely to grow at a faster CAGR over the forecast period due to a growth in the number of patients with orthopedic disorders and an increase in medical tourism. A study found that the number of medical tourists visiting India rose from about 200,000 in 2020 to about 56 million in 2022. With 1.2 million visitors, Thailand is the most popular destination for medical tourists worldwide in 2022. To meet the rising demand, the major market players in this industry are also constantly releasing innovative surgical tools. This increases the need for powered surgical equipment and fuels the market expansion in this area.
Key players prevailing in Orthopedic Power Tools Market:
Manman Manufacturing Company Private Limited
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Stryker Corporation, ConMed Corporation, Zimmer Biomet, DePuy Synthes (a Johnson & Johnson Subsidiary), B. Braun Melsungen AC, De Soutter Medical, AlloTech Co. Ltd., Kaiser Medical Technology, Medtronic, NSK/NAKANISHI, Microaire Surgical Instruments, Inc., Peter Brasseler Holdings, LLC., Smith and Nephew PLC, Aygün Surgical Instruments Co., Inc., ERMIS MedTech GmbH, Exactech, Inc., NOUVAG AG, Medical Bees GmbH, Shanghai Bojin Medical Instrument Co., Ltd, IMEDICOM Co. Ltd., DynaMedic, Arbutus Medical, Bosch Healthcare Solutions, Adeor Medical AG, Manman Manufacturing Company Private Limited.
Leading Segment Based on End-user
hospitals and ambulatory surgical centres
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On August 24, 2022, Taiwan-based Point Robotics reported that the FDA had approved the usage of their highly advanced Kinguide Robotic-Assisted Surgical System, a portable robot that is used as a power tool during orthopedic procedures. This system identifies the drill point and also creates 2D and 3D anatomy models. The surgeon can utilize the robot as a "hand" by attaching various surgical instruments to it for carrying out their operations safely.
On May 2022, ConMed Corporation announced that it had acquired In2Bones Global, Inc. for approximately USD 245 million. ConMed believes that procuring In2Bones Global would enhance its position in the orthopedics market globally.
On November 2021, A Johnson & Johnson subsidiary, DePuy Synthes, announced the launch of its UNIUM orthopedic power drill tool. According to DePuy Synthes, this power tool is created to satisfy the needs of surgeons and staff and enable them to carry out orthopedic surgery procedures more effectively.
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