Surgical Power Tools Market
Number of pages: 100 | Report Format: PDF | Published date: February 02, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 2.93 billion |
|
Revenue forecast in 2030 |
US$ 4.1 billion |
|
CAGR |
3.65% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Power Source, Application, and Region |
|
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 surgical power tools market was valued at US$ 2.93 billion in 2021 and is expected to register a revenue CAGR of 3.65% to reach US$ 4.1 billion by 2030.
Surgical Power Tools Market Fundamentals
A surgical power tool is an instrument used to perform surgery on bone or bone fragments. Surgical power tools are hand-held devices that are used in surgical procedures to cut, drill, and shape bones, tissues, and other materials. These tools are powered by electricity or batteries, and include different types of devices, such as drills, saws, and reamers. They are used in a wide range of surgical procedures, including orthopedic, neurosurgery, general surgery, cardiology, and laparoscopic surgeries.
Surgical power tools have been around for decades. However, recent technological advances, such as artificial intelligence and robotic tools, have made them even more powerful and precise. With the right tools, surgeons can now perform intricate procedures with precision and accuracy, making it possible to save more lives than ever. Surgical power tools can also help reduce the time spent in the operating room and reduce patient recovery times. Additionally, these tools are being used in more and more specialized fields, such as plastic surgery and orthopedics, to help doctors perform procedures with greater accuracy and efficiency.
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Surgical Power Tools Market Dynamics
The growing prevalence of orthopedic disorders and the increasing number of orthopedic surgeries are the primary drivers for the revenue growth of the global surgical power tools market. For instance, according to the July 2022 report by WHO, around 1.71 billion individuals suffer from musculoskeletal conditions globally. It is one of the leading causes of disability worldwide, and low back pain is a top contributor to disability in around 160 countries. Rise in focus of players on developing new and more advanced surgical power tools is driving the market revenue growth. Additionally, government and private investments in the healthcare industry are fueling global surgical power tools market revenue growth. Growing awareness about the benefits of minimally invasive surgeries, such as less invasiveness, shorter recovery time, and fewer complications than traditional surgeries, has resulted in increasing demand for surgical power tools.
However, the high cost of surgical power tools, unfavorable reimbursement policies in emerging nations, and lack of skilled professionals are some of the factors impeding the revenue growth of the global surgical power tools market.
Surgical Power Tools Market Ecosystem
The global surgical power tools market has been analyzed from four perspectives: product, power source, application, and region.
Surgical Power Tools Market by Product
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Based on the product, the global surgical power tools market is segmented into handpieces, disposables, and accessories.
The handpiece segment dominated the market with the largest revenue share in 2021, due to its intelligent power optimization function, smooth surgical delivery, and great compatibility with a wide range of accessories and disposables. Handpieces are often drills, saws, and other electrical or battery-powered instruments. These instruments are utilized in several surgical procedures, including orthopedic, neurosurgery, and general surgery. Furthermore, the handpiece segment is predicted to keep developing in the upcoming years due to increased demand for less invasive surgical procedures and technological improvements.
Surgical Power Tools Market by Power Source
Based on the power source, the global surgical power tools market is segmented into electric-operated, battery-driven, and pneumatic power tools.
Due to the wide range of surgical applications and their robust safety features, such as internal fuses, which help prevent accidental injuries, the electric-operated power tools segment accounted for the biggest market share in 2021. Moreover, market players are introducing electrically operated power tools with enhanced safety precautions to lower accidents. Moreover, these power tools do not produce any vibratory sensation, boosting their demand in the market.
Surgical Power Tools Market by Application
Based on the application, the global surgical power tools market is segmented into orthopedic surgery, dental surgery, ENT surgery, neurology surgery, cardiothoracic surgery, and others.
The orthopedic surgery segment accounted for the largest revenue share in 2021, due to a rise in the number of sorts and road accidents and the high adoption of minimally invasive surgical procedures. For instance, according to June 2022 factsheet by WHO, around 1.3 million individuals die every year due to road traffic crashes, and it is a leading cause of death in children and young adults aged between 5 and 29. Some common orthopedic procedures that use these tools include knee and hip replacements, spinal surgeries, and arthroscopy. Additionally, orthopedic surgery holds significant growth potential in the coming years due to increase in the aging population and people suffering from conditions such as osteoarthritis. Moreover, neurology surgery is expected to be the fastest-growing segment during the forecast period, owing to the rising prevalence of neurological disorders, such as autism, Cerebral Palsy, neuromuscular disorders, brain tumors, Alzheimer’s disease, and Parkinson’s disease. For instance, according to the June 2022 factsheet by WHO, death and disability due to Parkinson’s disease are increasing faster than any other neurological disorder.
Surgical Power Tools Market by Region
Geographically, the global surgical power tools market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global surgical power tools market in 2021 due to the rising number of surgeries, bone damage by accidents, and other neurological illnesses. Furthermore, the region’s market revenue growth is also driven by the availability of qualified neurosurgeons, well-established healthcare infrastructure, and increased awareness regarding minimally invasive treatments. Additionally, partnerships, mergers, and acquisitions among the major firms fuel the regional surgical power tools market revenue growth in the region.
Surgical Power Tools Market Competitive Landscape
The prominent players operating in the global surgical power tools market are:
Surgical Power Tools Market Strategic Developments
The global surgical power tools market is expected to register a revenue CAGR of 3.65% during the forecast period from 2022 to 2030.
The growing prevalence of orthopedic disorders, increasing number of orthopedic surgeries, rising awareness about the benefits of minimally invasive surgeries, and development of new and more advanced surgical power tools are driving revenue growth in the global market.
The high cost of surgical power tools, inadequate reimbursement policies in emerging nations, and lack of skilled professionals restrict global market revenue growth from its full potential.
The handpiece segment dominates the surgical power tools market.
Medtronic plc, Stryker Corporation, Exactech Inc., OrthoPromed, and Medical Bees GmbH are among the prominent players in the global market.
*Insights on financial performance are subject to the availability of information in the public domain