For the forecast period, 2017 to 2026, Fact.MR has projected a moderate expansion for the global orthopedic power tools market in its recent report. Global sales of orthopedic power tools are estimated to reach approximately US$ 2,500 Mn in revenues by 2026-end.
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Orthopedic medicine primarily deals with the treatment and prevention of impairments caused by physical injuries, or birth-related disorders regarding musculoskeletal systems. Orthopedic power tools are devices manufactured for carrying out specific actions such as fixing implants, and drilling in surgical procedures. These are electrically operated devices that facilitate surgeons in performing surgeries with high precision and in lesser time. Large bone power tools, small bone power tools, and high speed power tools are included in the orthopedic power tools currently available in the market.
Increased Adoption of Robotic Surgery to Propel Demand for Orthopedic Power Tools
Prevalence of minimally invasive surgeries has increased over the years, witnessing demand in treating various disorders such as neurosurgical, spinal and orthopedic diseases. Minimally invasive surgeries require orthopedic power tools, which carry out surgeries with a miniscule incision, lower the risk of bleeding, have shorter hospital stay post-surgery, and offer faster recovery. Demand for orthopedic power tools is also being driven by increased adoption of robotic surgery, owing to limited availability of skilled surgeons worldwide. Surgical robots with multiple arms are foraying into healthcare sector with their high surgical efficiency, with the capability of handling various orthopedic tools at the same time, thereby increasing their demand. However, hospital consolidation, cost-containment pressures, medical device excise taxes, and unfavorable reimbursement policies are some factors which are likely to restrain expansion of the global orthopedic tools market.
North America to Account for Largest Revenue Share of Global Orthopedic Power Tools Market during 2017-2026
Rapid technological advancements, and increasing volume of orthopedic procedures have accelerated demand for orthopedic power tools in North America. In terms of revenues, the largest share of the global orthopedic power tools market will be accounted by North America during 2017 to 2026. Europe and Asia-pacific excluding Japan (APEJ) will also remain lucrative regions for growth of the orthopedic power tools market.
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A paradigm shift is being observed in the market from conventional reusable orthopedic power tools toward use of disposable or single-use orthopedic power tools. This is mainly to prevent the risk of infection in individuals caused by reusing & reprocessing the same orthopedic power tools on many individuals. In addition, single-use orthopedic power tools are cost-effective, and are pre-sterilized prior to their delivery to hospitals in a single-use format. Owing to these factors, sales of single-use power tools are projected to register the fastest expansion in the market through 2026, based on modality.
Large Bone Power Tools – Most Lucrative among Products in the Market
Large bone power tools will continue to be the most lucrative product in the global orthopedic power tools market, followed by high-speed power tools. These power tools find huge application in trauma-related surgeries, and knee & hip reconstruction surgeries. Compared to large bone and high-speed power tools, small bone power tools will account for a significantly lower revenue share of the market throughout the forecast period.
Orthopedic clinics and ambulatory surgical centers are projected to be the fastest expanding end-users of orthopedic power tools by 2026-end. On the other hand, sales of orthopedic power tools in hospitals will register a relatively lower CAGR than that in orthopedic clinics and ambulatory surgical centers through 2026.
Fact.MR’s report provides a competitive landscape of the global orthopedic power tools market, identifying key players in the market that include Misonix, CONMED Corporation, B Braun, Zimmer Biomet, Johnson & Johnson, and Stryker Corporation.