Impact Analysis of Covid-19
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The global orthopedic power tools market, by product type (Large Bone Orthopedic Power Tools, Small Bone Orthopedic Power Tools, High-Speed Orthopedic Power Tools, and Orthopedic Reamers), by technology (Electric Powered Systems, Battery Operated Powered Systems, and Pneumatic Powered Systems), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was assessed at 943.8 million in 2020 and is estimated to record a CAGR of 3.5% over the forecast period (2020-2027).
Growing application of orthopedic power tools in orthopedic surgical procedures and increasing R&D programs intended for the production of efficient power tools are among the most essential factors creating a favorable environment for the growth of the global orthopedic power tools market. For instance, Zimmer Biomet increased its R&D expenses from 268.8 million in 2015 to 365.6 million in 2016. Increasing number of orthopedic surgical procedures are expected to propel growth of orthopedic power tools market. Furthermroe, the World Bank reported that the number of orthopedic surgeries carried out across the world reached 4,511 in 2012.
Reportedly, Insurgical Inc., a U.S.-based specialty surgical power tools manufacturer, supplies powered surgical equipment for around 1.5 million orthopedic procedures in the U.S. each year. Powered orthopedic devices offer a plethora of advantages, such as reduced manual errors, higher turnaround time, and enhanced surgical precision and accuracy. Moreoevr, these tools are employed in joint reconstruction surgeries, small bone and large bone surgeries, and various minimally invasive surgical procedures, usually for cutting, sawing, and drilling the bones.
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The key market players are actively engaged in the development of innovative orthopedic tools to acquire a substantial customer base in the global orthopedic power tools market. For instance, in October 2017, a Switzerland-based precision motor solutions company, Portescap, launched a pioneering surgical motor solution for large bone orthopedic hand tools, known as the brushless mini motor available in numerous types, such as 9.6V, 12V, and 14.4V, with cannulated and non-cannulated options. The product finds a range of applications, such as oscillating saws, sagittal saws, reciprocating saws, orthopedic drills and reamers. In March 2016, the Smart Medical Devices, Inc. developed a powered surgical drill, called SMARTdrill, which offers real-time performance monitoring, screw pullout strength, as well as instantaneous depth control and measurement.
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Among the various product types, the large bone power tool segment is likely to witness immense growth, at a CAGR of 4.3%. Growth of this segment is accredited to the rampant technological advancements in orthopedic power tools.
The key players operating the global orthopedic power tools market include Stryker Inc., Zimmer Holdings Inc., Misonix Inc., Arthrex, Aesculap, ConMed Corporation, DePuy Synthes, Brasseler, Medtronic, MedicMicro, B. Braun, OsteoMed, and Aygun Surgical Instruments. These players, along with new market entrants, have consistently been developing innovative products in order to gain a competitive edge in the global market.
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