September 14, 2022 10:01 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The Global Orthopedic Power Tools Market value was USD 1.42 Billion in 2021, and it will reach USD 2.07 Billion in 2030 with a 4.2% CAGR. An instrument used to operate on bones or fragments of bones is called an orthopedic power tool. These tools are useful for drilling, reaming, screwing, and sawing. The primary fields of application for these tools are orthopedic surgery, whether in humans or animals, neurology, ENT surgery, and traumatology. Modern orthopedic surgery has undergone a revolution because of the development of power tools. With the help of this power equipment, surgeries are seamlessly effective. These power tools are necessary for almost every aspect of orthopedic surgery.
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Orthopedic Power Tools Market Insights:
Factors influencing the Orthopedic Power Tools Market growth:
(Factors like the decreased surgery time and increasing prevalence of orthopedic disorders are stimulating its growth rate. )
Orthopedic Power Tools Market: A thorough Segmentation Analysis
The worldwide Orthopedic Power Tools Market segmentation has been performed based on Product Type, Type, Technology, Usage, End-User, and Geography.
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In 2020, the Handpiece segment had the biggest market share, with revenue of over USD 856 million by product type. Because of its adaptability, surgeons can use the same device to drill, see, and ream. These tools have a quick fit that saves time, quick release, and the ability to use a variety of attachments with a single handpiece. Numerous features on these devices fuel consumer demand and market expansion.
The large bone power tools segment recorded the biggest share of 44.11% based on type, and it is likely to be the fastest-growing segment during the forecasted period. For large bone procedures like intramedullary nailing, drilling, total knee, and hip replacement, reaming, and driving screws, large bone power tools are specially created. Due to an increase in orthopedic disorders, accidents, and sports injuries, the segment holds a significant market share for orthopedic power tools. Around 30 million kids and teenagers play organized sports in the U.S., and each year, these athletes sustain more than 3.5 million sports-related injuries, according to Johns Hopkins University. The National Safety Council reports that exercise, whether done with or without equipment, accounts for approximately 378,000 injuries and bicycling about 426,000 injuries each year.
In 2020 the electric (battery-powered) systems held a dominant position in the orthopedic power tool market on the basis of technology. Surgical battery-powered electric tools are available in cordless configurations, which do not require power connections like electric (mains) powered power tools. As compared to pneumatic-based power tools, surgical instruments powered by batteries do not require compressed air, which lowers the risk of contamination. Hence, the surgeons and other healthcare practitioners prefer battery-powered tools more, thus encouraging the expedition of this market segment.
The reusable segment in 2020 had the largest market share on the basis of usage. Factors contributing to the expedition of this market are the availability of various accessories like saw blades, drill bits, and batteries for these instruments, accuracy in surgical outcomes, and the choice of surgeons. During the projected period, the disposable segment is expected to grow at the fastest CAGR. Due to the absence of maintenance expenses, disposable power tools are less expensive. Some of the main reasons for the increased use of these devices include a low cost of ownership and a lower risk of cross-contamination compared to reusable devices.
The hospitals and ambulatory surgical centres segment contributed to the largest market share in 2020 on the basis of end-user. The segment is expanding due to the increase in the number of hospitals and ASCs, especially in developing nations like India and China. According to SMR's research, in India, there were approximately 25,000 hospitals in 2013 and approximately 69,000 hospitals in 2021. China's National Bureau of Statistics stated that there were approximately 25,000 hospitals in 2013 and approximately 35,000 hospitals in 2020 in China. Due to the availability of skilled healthcare professionals and the growth of private clinics and group practices, particularly in developing nations like China and India, the specialty clinics segment is predicted to foster at the fastest rate during the forecast period. The number of specialty hospitals in China for various departments, including cardiology, ophthalmology, oncology, ENT, and neurology, increased from 3956 in 2010 to 9021 in 2020, as reported by the National Bureau of Statistics.
By region, North America dominated the orthopedic power tools market with a revenue share of over USD 0.71 billion in 2020. The demand for power tools among surgeons is rising as a result of the increasing number of operations and surgeries performed in the United States and Canada. This encourages the market segment's growth, adequate reimbursement regulations, and contemporary healthcare infrastructure. The most frequent total joint replacement procedures in the United States are total knee replacements (about 700,000 per year) and total hip replacements (about 400,000 per year). Men are increasingly choosing total joint replacement surgery, even though women still make up the majority of patients.
The Asia-Pacific region is likely to grow at a faster CAGR over the forecast period due to a growth in the number of patients with orthopedic disorders and an increase in medical tourism. A study found that the number of medical tourists visiting India rose from about 200,000 in 2020 to about 56 million in 2022. With 1.2 million visitors, Thailand is the most popular destination for medical tourists worldwide in 2022. To meet the rising demand, the major market players in this industry are also constantly releasing innovative surgical tools. This increases the need for powered surgical equipment and fuels the market expansion in this area.
Key players prevailing in Orthopedic Power Tools Market:
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