Orthopedic Power Tools Market
Number of pages: 100 | Report Format: PDF | Published date: February 07, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.49 billion |
|
Revenue Forecast in 2030 |
US$ 6.6 billion |
|
CAGR |
3.9% |
|
Base Year for Estimation |
2021 |
|
Forecast Year |
2020-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Technology, Usage, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global orthopedic power tools market was valued at US$ 1.49 billion in 2021 and is expected to register a revenue CAGR of 3.9% to reach US$ 6.6 billion by 2030.
Orthopedic Power Tools Market Fundamentals
Orthopedic power tools are medical surgical tools used for shaping bones, cutting bone, cleaning the surface, and making attachments to bone. Orthopedic power tools are mostly used in knee replacement, hip replacement, and other orthopedic surgeries. Orthopedic power tools are sterilized at high temperatures (134°C), and the power RPM of orthopedic power tools is between 500 to 1500 to protect bone from burning due to high RPM.
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Orthopedic Power Tools Market Dynamics
Increasing incidence of orthopedic disorders drives the global orthopedic power tools market. The rising prevalence of orthopedic disorders, such as osteoporosis, arthritis, and sports injuries, is driving the demand for orthopedic power tools. The continuous development and introduction of new and advanced orthopedic power tools is driving revenue growth in the market. The rise in the number of orthopedic surgeries worldwide is fueling the demand for orthopedic power tools. The aging population is more prone to orthopedic disorders, leading to an increase in the demand for orthopedic power tools.
Conversely, orthopedic power tools can be expensive, which may limit their accessibility for some patients and healthcare providers. There may be a shortage of trained professionals to operate orthopedic power tools, which could restrict the market’s revenue growth. The reimbursement policies for orthopedic procedures and devices may vary by region, which could impact market growth. Traditional surgical instruments may still be widely used in some regions, which could obstruct the market’s revenue growth.
Orthopedic Power Tools Market Ecosystem
The global orthopedic power tools market has been analyzed from five perspectives: product type, technology, usage, end-user, and region.
Orthopedic Power Tools Market by Product Type
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Based on product type, the global orthopedic power tools market has been segmented into instruments (surgical drills, saws, attachments, and others) and accessories.
The accessories segment leads the global orthopedic power tools market owing to increasing numbers of orthopedic surgeries and the demand for bone cutting and instrument attachment accessories. Additionally, the adoption rate of the instrument is low due to its high costs. On the other hand, the instrument can be reused after sterilization. These factors drive revenue growth in the accessories segment of the market.
The instrument segment is also expected to show the highest revenue growth during the forecast period, owing to the introduction of novel products and technological advancements.
Orthopedic Power Tools Market by Technology
Based on technology, the global orthopedic power tools market is segmented into electric, pneumatic, and battery.
The battery segment leads the global orthopedic power tools market owing to technological advancements, availability of wireless instruments, better handling, and the introduction of novel products in the segment. Additionally, the high demand and adoption of the technology by surgeons are fueling the revenue growth of the battery-powered orthopedic tools market.
Rise in the trend of increased demand for minimally invasive procedures is driving the demand for electric orthopedic power tools, as these tools allow for precise and controlled surgical procedures.
Rechargeable electric orthopedic power tools are becoming increasingly popular due to their convenience and cost-effectiveness compared to disposable tools. Manufacturers are placing a greater emphasis on designing electric orthopedic power tools that are ergonomic and comfortable for surgeons to use in order to improve surgical outcomes. Moreover, companies are integrating advanced technologies, such as robotics and navigation systems, into electric orthopedic power tools to improve surgical accuracy and efficiency. Due to growing demand and increasing healthcare spending in these areas, the electric segment of the orthopedic power tools market is expanding into emerging markets, such as Asia Pacific and Latin America.
Orthopedic Power Tools Market by Usage
Based on usage, the global orthopedic power tools market is segmented into reusable tools and disposable tools.
The disposable tools segment leads the global orthopedic power tools market owing to increasing demand for power tools accessories and rising focus on avoiding cross-contamination of infectious diseases. Disposable orthopedic power tools refer to single-use surgical instruments used during orthopedic procedures. They are designed to be discarded after a single use in order to reduce the risk of infection and improve patient safety. Some common examples of disposable orthopedic power tools include burrs, drills, saw blades, and oscillating saw blades. Disposable tools eliminate the risk of cross-contamination and infection associated with reusable instruments. Disposable orthopedic power tools do not require maintenance or sterilization, reducing costs for healthcare providers. Disposable orthopedic power tools are ready to use right out of the packaging, eliminating the need for sterilization and preparation time. Conversely, disposable orthopedic power tools can be more expensive than reusable instruments due to the cost of producing single-use instruments. Disposable orthopedic power tools can contribute to environmental waste if not properly disposed of. These tools are designed for single use only and may not be as durable as reusable instruments, limiting their usage in more complex procedures.
Orthopedic Power Tools Market by End-user
Based on end-user, the global orthopedic power tools market has been segmented into hospitals, ambulatory centers, and specialty clinics.
The hospitals segment leads the global orthopedic power tools market owing to growing numbers of hospitals, increasing patient footfall in the hospitals for diagnosis and treatment, and rising adoption of novel technologies in hospitals. Additionally, availability of favorable reimbursement policies at hospitals is fueling revenue growth in the segment.
Orthopedic Power Tools Market by Region
Based on region, the global orthopedic power tools market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global orthopedic power tools market in terms of revenue share. The large share of North America in the global market can be attributed to the increasing prevalence of chronic diseases, the introduction of novel products, and the high adoption of advanced technologies in the region. Additionally, developed infrastructure, advanced healthcare systems, and favorable reimbursement policies are boosting the North America orthopedic power tools market.
The market in Asia Pacific is expected to show the highest revenue growth in upcoming years owing to growing geriatric population with orthopedic diseases, developing healthcare infrastructure, and increasing government initiatives for orthopedic disease management.
Orthopedic Power Tools Market Competitive Landscape
The prominent players operating in the global orthopedic power tools market are:
Orthopedic Power Tools Market Strategic Developments
North America and Asia Pacific are the key revenue growth regions in the global orthopedic power tools market.
The introduction of novel products, technological advancements, and rise in the prevalence of chronic diseases are driving revenue growth in the global orthopedic power tools market.
The global orthopedic power tools market is expected to register a revenue CAGR of 3.9% during the forecast period from 2022 to 2030.
The global orthopedic power tools market is estimated to reach US$ 2.10 billion by 2030.
Stryker Corporation, Conmed Corporation, Zimmer Biomet, Johnson & Johnson Services, Inc., and B. Braun Melsungen AG are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domains*