Global Orthopedic Power Tools Market is Growing at a CAGR of 4.0% During 2021-2027
Published | 10 March 2021
According to BlueWeave Consulting, the global Orthopedic Power tools market worth USD 945 million in 2019, and is further projected to reach USD 1.24 billion by 2026, growing at a CAGR of 4% during 2021-2027 (forecast period). Rising the geriatric population along with the increasing rate of road accidents, which is a major contributor for spinal and neurological injuries will fuel the need for Orthopedic power tools. Orthopedic Power tools, unlike old, heavy conventional orthopedic tools are lightweight, easy to handle, and very user-friendly. With the help of these new-age tools, surgeons are able to finish the surgeries with high precision, efficiency, and accuracy.
Increasing rate of spinal and neurological injuries coupled with the increasing orthopedic surgeries to drive the growth of Orthopedic power tools market.
The rising injury rate of spinal and neurological injuries is the significant driver for the market. It is anticipated to directly benefit the surgeons and hospitals with the facilities to perform the surgeries with high precision and accuracy, which in turn is likely to fuel the growth of the global Orthopedic tools market. As per the reports by World Health Organization (WHO), every year, around the world, between 250,000 to 500,000 people suffer spinal cord injuries (SCI) due to various reasons. The number of premature deaths due to Spinal Cord Injuries (SCI) is expected to be 2-5 times more than the deaths without SPIs. This would increase the demand of orthopedic power tools in the market.
Increase in the geriatric population
The rise in the geriatric population is also expected to be the major drive of the market. This geriatric population is likely to be more susceptible to spinal and neurological injuries. The male population is said to be twice or sometimes more susceptible to spinal cord injuries as compared to the female population of the same age group. The number of orthopedic surgeries performed worldwide in 2017 was more than 22 million. This rise in the population suffering from orthopedic injuries may act as an opportunity for orthopedic power tools.
Hospitals occupy the largest share of the orthopedic power tools market
The demand for orthopedic power tools is growing significantly due to the rising number of patients in hospitals. The hospital's segment growth is followed by pre-hospitals and home care and is likely to dominate in the orthopedic power tools market due to rising patient numbers. The growing number of orthopedic surgery procedures and the availability of reimbursements across these hospitals and pre hospitals are also acting as the major factors driving the growth of this end-user segment. This is also owing to an increasing number of spinal and neurological injuries and raising geriatric population all over the globe.
Global orthopedic power tools Market: Regional insights
Global market for Orthopedic power tools is divided into Asia-Pacific, North America, South America, Europe, and Middle-East region. North America catering largest share and expected to witness significant growth in the orthopedic power tools market during the forecast period. High industry growth rate, with the emergence of new technology with increasing geriatric population and need of less invasive surgery procedures is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise and in house capabilities. High opportunity makes the orthopedic power tools market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Global Orthopedic Power Tools Product Market: Competitive Landscape
The leading players for global Orthopedic Power Tools product market includes, Medtronic plc, DePuy Synthes Companies, Stryker Corporation, Zimmer Biomet Holdings Inc. and Johnson & Johnson Medical Inc, NuVasive Inc, Smith & Nephew PLC and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities and the quest for opportunities to expand vertically through the value chain.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Orthopedic power tools market size & forecast. The report promises to provide recent technology trends of Orthopedic power tools market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
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