Market Overview:
The goal of orthopedics is to treat a variety of musculoskeletal illnesses, such as infections, musculoskeletal trauma, diseases of the spine, and traumas. When conducting orthopedic procedures, orthopedic power instruments are easier to use, lighter than traditional heavy orthopedic equipment, and more user-friendly. There are three categories of orthopedic power tools: pneumatic power tools, battery-operated power systems, and electric power tools.
Market Size and Growth Rate:
The Global Orthopedic Power Tools Market reached USD 2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 3 billion by 2030. The global orthopedic power tools market is expected to exhibit a CAGR of 5.3% during the forecast period 2023-2030.
The orthopedic power tools market trends show rising advantages of these tools, such as efficiency and precision and increasing technological advancements.
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Market Drivers: The Rising Prevalence of Minimally Invasive Surgeries Drives the Growth of the Orthopedic Power Tools Market.
The increased usage of minimally invasive surgeries in the orthopedic power tool market continues to fuel the demand for treating different disorders, such as orthopedic, spinal, and neurosurgical diseases. Orthopedic power tools are required for minimally invasive operations, which are conducted with a small incision, limit the likelihood of bleeding, require a shorter hospital stay, and allow for a faster recovery.
According to Access Prosthetics Blog, 2.1 million people in the United States lost a limb in 2020, which is expected to triple by 2050. Amputations also harm 185,000 individuals each year. This means that between 300 and 500 amputations occur each day.
Orthopedic power tools also provide various advantages because of their lightweight, ease of installation, and low cost, because of the continual advancement of the orthopedics field. Rising R&D and different benefits offered by these goods promote the expansion of the Orthopedic Power Tool Market size.
Market Trends: Increasing Demand for Disposable Devices to Stimulate Growth
Currently, surgeons in both developed and developing countries are shifting from reusable to disposable equipment. Reusable devices are often connected with increased maintenance expenditures, such as periodic inspections and sterilization. This results in greater total ownership costs for reusable equipment. However, throwaway gadgets remove these expenditures.
Because of the overall reduced ownership costs, disposable devices have lately gained favor, particularly in small and mid-sized healthcare facilities. This is reinforced by the use of disposable equipment, which reduces cross-contamination and hospital-acquired illnesses, resulting in substantial cost savings for these healthcare institutions. The overall distinguishing advantages supplied by disposable devices, as well as the launch of revolutionary products by market participants such as drills, among others, are pushing the worldwide market acceptance of these devices.
Market Segmentation Analysis:
The global orthopedic power tools market is segmented by product type into large bone power tools, small bone power tools, high-speed power tools, orthopedic reamers; by end users into hospitals, orthopedic clinics, ambulatory surgical centers, and others; by technology into pneumatic powered systems, battery operated systems, and electric powered systems.
By End-User: The hospital segment accounts for the highest market Share.
Based on end-users, the hospital segment accounted for the largest revenue share due to advanced facilities and improved healthcare infrastructure in developing countries. Furthermore, the rise of specialist orthopedic hospitals is likely to fuel revenue growth in this area. Furthermore, the growing number of orthopedic procedures conducted in hospitals, as well as the growing number of patients attending the hospital with orthopedic injuries, are driving revenue growth in this area.
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Orthopedic Power Tools Market Geographical Analysis:
The global Orthopedic Power Tools Market is analyzed across North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
North America accounted for approximately 39.9% of the market share in 2022.
Manufacturers in North America have opportunities to improve their operations as the demand for technical breakthroughs in healthcare grows. North America has numerous manufacturers and suppliers, and because of the region’s strong economic expansion, industrial output has risen, fueling demand for orthopedic power tools.
Increasing healthcare spending and public awareness, progress of therapeutic technologies, and a rise in pharmaceutical establishments throughout the area are all contributing to market expansion in this region. New technology introductions to assist orthopedic power tools for ortho-related illnesses are also propelling market expansion.
Individuals are becoming more aware of the numerous technologies or treatments being researched for treatment, fueling market growth in this area. The elements listed above emphasize North America’s worldwide supremacy even more.
Key Developments
Competitive Landscape:
The major global players in the orthopedic power tools market include Zimmer Biomet, CONMED Corporation, Stryker Inc, DePuy Synthes (J&J), Medtronic, Integra LifeSciences, Misonix Inc., Aesculap, Inc (B. Braun), Portescap, Brasseler USA and Maxon among others.
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