Orthopedic Power Tools Market size is expected to cross USD 5 Billion by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of orthopedic power tools was over USD 2 Billion.The growth of the market can be attributed to the rising demand for orthopedic devices across the world, backed by the increasing prevalence of orthopedic impairment and related diseases, including muscular dystrophy, and Duchenne muscular dystrophy. For instance, the orthopedic device market was expected to reach a total value of USD 45 billion by 2022. Furthermore, if these diseases worsen over time, they can lead to degenerative disease and orthopedic limitation. Additionally, conditions that result in a gradual loss of muscle mass and increasing weakness are rising significantly among various age groups and are predicted to drive market growth.
In addition to these, the rising cases of bone fractures is predicted to fuel the market growth. A survey from the National Library of Medicine (NLM) showed that approximately 1.5 million people worldwide experience bone fractures as a result of a bone illness each year. Further, the increasing cases of bone fractures owing to falls, accidents, and trauma which require immediate surgeries are anticipated to propel the market growth over the upcoming years. It was noted that in 2021, around 33% of bone fractures resulted owing to trauma and around 21% on account of car accidents. Additional factors that are anticipated to drive the orthopedic power tools market expansion during the projected period include an increase in the number of product launches and regulatory approvals for orthopedic power tools that are precise, powerful, and accurate when performing significant orthopedic operations. For instance, Sonicision, a curved jaw cordless ultrasonic dissection device, was introduced by Medtronic Private Limited in September 2020. It offers surgeons performing orthopedic procedures better convenience and accuracy.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
8% |
|
Base Year Market Size (2022) |
USD 2 Billion |
|
Forecast Year Market Size (2035) |
USD 5 Billion |
|
Regional Scope |
|
Technology (Battery, Electric, Pneumatic Powered Devices)
The global orthopedic power tools market is segmented and analyzed for demand and supply by technology into battery, electric, and pneumatic powered devices. Out of these, the battery powered devices segment is predicted to gain a largest market share during the forecast period. The growth of the segment can be attributed to the increasing demand for battery operated devices, supported by the rising investment by major manufacturers into this segment. In addition to this, the rising investment in research and development in the field of medical devices to make them more durable, power-efficient, and cost efficient is estimated to propel the market growth. For instance, in 2019, the entire amount spent on medical technology worldwide reached around USD 30 billion, while the sector's income reached approximately USD 450 billion.
End-user (Hospitals, Clinics, Other Specialty Clinics)
The global orthopedic power tools market is also segmented and analyzed for demand and supply by end-user into hospitals, clinics, and other specialty clinics. Among these, the hospitals segment is anticipated to capture significant market share during the forecast period. The growth of the segment can be attributed to the rising cases of bone related disease, growing geriatric population with disability who requires the fulltime assistance and generally admits in to hospitals. Moreover, increasing investment in the hospitals, rising healthcare expenditure, and the availability of the dedicated orthopedic section in the hospital are predicted to fuel the segment growth over the ensuing years. It was noted that spending on health care in the United States increased 2.7 percent in 2021 to USD 4.3 trillion, or USD 12,914 per person. Total expenditure on healthcare accounted for more than 18 percent of the region's GDP.
Our in-depth analysis of the global orthopedic power tools market includes the following segments:
|
By Orthopedic Power Tools |
|
|
By Product Type |
|
|
By Technology |
|
|
By Application |
|
|
By End-User |
|
North American Market Forecast
The North American orthopedic power tools market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market in the region can primarily be attributed to the presence of the well-developed healthcare infrastructure and the booming prevalence of amputation owing to several reasons including bone fractures and the various bone illnesses. It is estimated that in the United States, every year, nearly 170,000 amputation procedures take place and around 3.5 million people are estimated to be with limb loss by the year 2050. Furthermore, the presence of key market players in the region and growing investment by them in the leading medical devices to make surgeries more easy and cost efficient is predicted to propel the orthopedic power tools market growth. Additionally, the availability of patient friendly healthcare policies and the rising government campaigns promoting the healthcare awareness among the people in the region is anticipated to support the market expansion over the upcoming years.
Stryker Corporation to unveil its new product, Pulse Intelligent Delivery Platform. This product was launched at the 2022 American Orthopedic Foot & Ankle Society annual meeting. The product, Pulse Intelligent Delivery Platform, is developed to provide assistance in foot & ankle surgeries in ambulatory surgery center (ASC) settings.
Zimmer Biomet, Inc. to go into a strategic collaboration with Surgical Planning Associates, Inc. The collaboration has taken place to commercialize HipInsight, a mixed reality navigation system for total hip replacement. The system has also been approved by the U.S. Food and Drug Administration.
Author Credits: Radhika Gupta, Shivam Bhutani
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?