The global orthopedic power tools market is projected to expand at a CAGR of XX% to reach a market value of USD XXX million by 2026.
Orthopedic power tools are used by the orthopedic surgeons during orthopedic surgeries to cut, shape, drill, ream, dissection, etc., orthopedic surgeons use these tools to insert implants into the bones during orthopedic injuries. These tools are used to treat trauma, spine diseases, sports injuries, and many others.
Significant factors for the growth of global orthopedic power tools market is the increase in the number of orthopedic surgeries which are mostly by osteoporosis and orthopedic injuries and all other recent developments in the technology.
In 2014, According to the International Osteoporosis Foundation, 200 million people had osteoporosis globally.
Osteoporosis and orthopedic surgeries are expected to raise the demand for orthopedic power tools over the forecast period.
In 2011, according to Beckers Ambulatory Surgical Centre Review, in 2011, around 5.3 million orthopedic surgeries were performed, and the number was projected to reach 6.6 million by 2020.
According to AJRR (American Joint replacement registry), there were around 4lakh cumulative surgical procedures increase in between 2012 and 2016.
Annually around 7lakh replacement surgeries are performed in the US; this count is estimated to increase to around 3millions by 2030, whereas coming to the case of hip replacement surgeries from 2010 to 2015 the number was increased from 3lakhs to 6lakhs in approximation.
Market Restraints
According to Epidemiology of Surgical Site Infection, it was estimated that one out of 24 patients undergoing inpatient surgery in the U.S. suffer from post-operative surgical site infection.
Moreover, according to the Massachusetts Medical Device Industry Council, increase in tax by 2.3% has led 43.5% medical devices manufacturers to adjust their operations through a reduction in R&D investments, lowering production costs, and reducing employee headcount.
Market Segmentation
By Product type
Large bone power tools are the most profitable product in global orthopedic power tools market which is followed by high-speed power tools.
These power tools find large application in trauma-related surgeries, and knee & hip reconstruction surgeries.
Because it takes advantage of innovative motor technology which offers minor vibration and better control.
By Technology
Battery-operated followed by pneumatic orthopedic tools occupies the significant market share because battery-operated orthopedic power tools are most commonly used in orthopedic surgeries because these are more durable, easily serviceable and 70 to 75 times cheaper than the other orthopedic power tools and Pneumatic-powered tools are easy to handle as they are small, vibration free, and light in weight.
By Geography
North America accounts the most significant revenue share in Global orthopedic power tools market due to the availability of orthopedic surgical centers in large scale.
For instance, in 2016, according to the National Health Expenditure Accounts, annual expenditure by US orthopedic healthcare was increased by 4%.
For instance for instance, according to WHO in 2016 over 7 million Americans required hospitalization due to orthopedic issues.
For instance, Zimmer the Company which involves in the manufacturing of orthopedic tools related to dental implants, spinal and trauma-related device products. In 2015, the company announced revenue of USD 4.67 billion.
Competitive Trends
Some of the key players in the global orthopedic power tools market are ConMed Corporation, Zimmer, Medtronic, Stryker Inc., and others.
In May 2018 DePuy Synthes announced the acquisition of Orthodoxy, a privately-held developer of software-enabled surgery for total and partial knee replacement.
In March 2017, Stryker Corporation launched various instruments under the brand name System 8 orthopedic power tool, which includes System 8 SABO sagittal saw and System 8 cordless drivers these devices are more efficient and accurate.
In 2016, Stryker has offered various orthopedic power tools which include System 7 massive bone power tool, System 7 precision saw, System 6 massive bone power tool, RemB small bone power tool, core small bone power tool, and CORE Console small bone power tool.
In 2015, Medtronic launched Midas Rex MR7 high-speed pneumatic drills, Midas Rex Legend EHS stylus high-speed surgical drill, and Midas REX Spine shaver nucleus removal set.
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