SEATTLE, March 19, 2021, (MEDGADGET) — Heavy power surgical tools, also known as heavy-duty surgical tools and the primarily used during orthopedic surgeries. The market is expected to gain significant growth over the forecast period owing to the rising adoption of these devices across the healthcare industry. The growth of this market is also attributed to rising healthcare spending and an increasing number of orthopedic cases around the globe. Though the market was valued over US$ 14 Bn in 2015 the industry is highly consolidated with presence across developed regions. As such, companies are focused on inorganic growth to capitalize on the market. With an expected CAGR of 4.6% between 2016 and 2025, the potential for market innovation and development is vast.
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Despite the slowdown in the industry over the past two years, the industry is projected to grow at a significant rate and this can be attributed to increasing product innovation and growing consumer demand especially across developing regions. The Asia Pacific alone accounts for over 65% of the overall consumer base. Moreover, there has been a significant increase in healthcare spending coupled with the FDI influx in medical devices in developing regions. This factor is projected to reduce operating costs and offer a favorable market for leading players to expand their presence across developing regions. Besides, the growing geriatrics population and favorable regulatory framework are also projected to drive the market.
Based on therapeutic application, the heavy power surgical tools market is segmented into:
- Orthopedic Surgeries
- Dental Surgeries
- ENT Surgeries
Orthopedic surgery therapeutic application is expected to lead the market throughout the forecast period. According to the American Academy of Orthopedic Surgeons, over 6.6 million orthopedic surgeries were conducted in North America. A growing number of surgeries coupled with increasing medical tourism in the region is projected to create lucrative market opportunities for the players.
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North America is the world’s leader in heavy power surgical tools. The region accounted for over 55% of the global market. This is primarily attributed to the well-established healthcare sector in the region. North America spends a larger percentage of its GDP on healthcare compared to any other region. Moreover, favorable reimbursement policies and government initiatives such as Obama care have boosted the overall market for the medical device including heavy power surgical tools are also projected to fuel the market growth.
The region is followed by Europe and the Asia Pacific. The Asia Pacific is primarily driven by the presence of emerging economies such as China and India as this region has a large consumer pool. Relaxation in FDI cap along with rising healthcare spending is projected to offer lucrative opportunities for the players in the region. Though the region is expected to create significant demand as the Asia Pacific market is highly volatile. For this, companies need to look at the production of heavy power surgical tools along with a growing focus on direct distribution channels and cost competitiveness to enhance market footprint in the region.
Latin America is expected to witness sluggish growth. The region will be primarily driven by Brazil and Mexico. MEA is projected to add a minor chunk in the overall market and these regions are projected to gain an upward trajectory over the latter half of the forecast period.
Some of the key players engaged in the heavy power surgical tools are Stryker, Boston Medical, Roche, DePuy Synthes, Medtronic Inc., and Zimmer Biomet, etc. The industry is highly consolidated. Companies need to emphasize on cost competitiveness and inorganic growth to capitalize on the established market.
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Key players in the market are focused on expanding the customer base to enhance their market share. For instance, in March 2019, Smart Medical Devices, Inc.’s SMARTdrill 6.0, a surgical drill that curtails drill and screw plunge and accurately measures depth, torque, and energy in real-time, was listed with the U.S. FDA and was made available in the U.S. for orthopedic surgical applications.
Key players are focussing on product launch to expand their product portfolio. For instance, in August 2019, Portescap released a novel portfolio of standard prototype motors for surgical applications such as powered staplers, large and small bone orthopedic tools, arthroscopic shavers, ENT microdebriders, and high-speed neuro drill applications.
Similarly, in August 2019, Portescap released three new surgical motors for small bone orthopedic applications.
Table of Content
Global Heavy Power Surgical Tools Market Research Report
Section 1: Global Heavy Power Surgical Tools Industry Overview
Section 2: Global Economic Impact on Heavy Power Surgical Tools Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Heavy Power Surgical Tools Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Heavy Power Surgical Tools Market Forecast
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