report-bg

Orthopedic Power Tools Market

Analysis by Orthopedic Power Tools (Large Bone, Small Bone, High Speed, and Orthopedic Reamers); by Product Type (Surgical Drills, Saws, and Other Accessories); by Technology (Battery, Electric, and Pneumatic Powered Devices); by Application (Disposable and Reusable); and by End-User (Hospitals, Clinics, and Other Specialty Clinics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now
Report ID: 4433 | Published On: Feb 24, 2023
Request Free Sample Copy

Global Orthopedic Power Tools Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global orthopedic power tools market is estimated to garner a revenue of ~USD 5 Billion by the end of 2035 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 2 Billion in the year 2022. 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.

Orthopedic-Power-Tools-Market-overviewGet more information on this report:Download Sample PDF

 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 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.


Orthopedic-Power-Tools-Market-overview
Get more information on this report: Request Sample PDF

Global Orthopedic Power Tools Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Orthopedic Power Tools Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Musculoskeletal Condition – Muscles, ligaments, tendons, and bones can all experience musculoskeletal pain. The wear and tear of everyday routines can harm muscle tissue. The prevalence of musculoskeletal disorders is rising as a result of sitting employment that disrupts body posture, injuries from auto accidents, and other factors, all of which are expected to have a positive impact on market growth. According to data issued by the World Health Organization (WHO), 1.71 billion persons worldwide have been diagnosed with musculoskeletal disease.

  • Rising Cases of Bone Fractures – For instance, approximately 160 million new cases of bone fractures were observed across the globe in 2019. There can be several reasons for bone fracture and it takes a particular procedure the fix the broken bone. Bone fractures are very painful and discomforting but with the assistance of upgraded tools, the pain and discomfort can be avoided. Orthopedic power tools are highly used by orthopedics to fix bones. These devices are osteotomes, plate blenders, bone-cutting forceps, Gigli saws, surgical spoons, suture anchors, and others. Therefore, such a higher requirement is anticipated to hike the growth of the market during the forecast period.
  • Increasing Health Spending – With rising disposable income and growing awareness about orthopedic diseases people are willing to spend more on orthopedic surgeries and overall healthcare. According to the most recent expenditure data, global health spending has grown over the past 20 years, doubling in real terms and reaching around USD 8.5 trillion in 2019 and it is predicted that this boom would continue over the projected time period.
  • Growing Incidences of Spinal Cord Injuries – It is expected that patients with chronic illnesses and disabilities, including spinal cord injuries, need to undergo spinal surgery more frequently and which is anticipated to drive the market growth. It was discovered that between 300,000 and 500,000 people worldwide experience spinal cord injuries every year.
  • Escalating Prevalence of Bone Cancer – In 2022, there were around 4000 new cases of bone and joint cancer, and 1 in 100,000 people die from the disease each year. Bone cancer weakens the bone and if diagnosed at an early stage physician often recommend to go under orthopedic surgery and which in turn is estimated to drive the market growth.

Challenges

  • High Risk of Contamination - The high risk of contamination owing to the chances of accumulation of bacteria on the surface of the tool which increase the possibility of infection and which can cause serious complications during and after the surgeries. Hence, this factor is predicted to hamper the market growth during the forecast period.
  • Requirement for Higher Initial Investment
  • Lack of Requisite Technology and Skilled Medical Professionals


Market Segmentation

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.

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

  • Large Bone
  • Small Bone
  • High Speed
  • Orthopedic Reamers

   By Product Type

  • Surgical Drills
  • Saws
  • Other Accessories

   By Technology

  • Battery
  • Electric
  • Pneumatic Powered Devices

   By Application

  • Disposable
  • Reusable

   By End-User

  • Hospitals
  • Clinics
  • Other Specialty Clinics


Global Orthopedic Power Tools Market Regional Synopsis

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 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.

Orthopedic-Power-Tools-Market-share

Orthopedic-Power-Tools-Market-share
Get more information on this report: Request Sample PDF

Top Featured Companies Dominating the Global Orthopedic Power Tools Market

    • NSK/Nakanishi Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Stryker Corporation
    • CONMED Corporation
    • India Medtronic Private Limited
    • Zimmer Biomet, Inc.
    • Kaiser Medical Technology Ltd
    • Johnson & Johnson Services, Inc.
    • Allotech Co., Ltd
    • B. Braun SE
    • Medtronic PLC

     

     


In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the orthopedic power tools market?

Ans: Escalating prevalence of bone cancer and significant demand for orthopedic power tools in arthroplasty are the major factors driving the market growth.

2) What would be the CAGR of orthopedic power tools market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the orthopedic power tools market growth?

Ans: The higher possibility of surface contamination of the tool and increasing possibility of infection are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of orthopedic power tools market in future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the orthopedic power tools market?

Ans: The major players in the market are Stryker Corporation, CONMED Corporation, India Medtronic Private Limited, Zimmer Biomet, Inc., Kaiser Medical Technology Ltd, Johnson & Johnson Services, Inc., Allotech Co., Ltd, B. Braun SE, Medtronic PLC, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the orthopedic power tools market?

Ans: The market is segmented by power tools, product type, technology, application, end-user, and by region.

8) Which segment captures the largest market size in technology in the orthopedic power tools market?

Ans: The hospitals segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

Request Research Report Sample