|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Orthopedic Power Tools Market is expected to grow at a registered CAGR of 3.78% during the forecast period (2022-2027).
COVID-19 had a temporary negative impact on the market as the sudden onset of the pandemic resulted in canceling of many surgeries. The volume of orthopedic surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. According to the article published in Cureus Journal in August 2021, titled 'Impact of the COVID-19 Outbreak on Orthopedic Surgery: A Nationwide Analysis of the First Pandemic Year', the number of orthopedic surgeries fell by 22.8% during the first year of the pandemic. The maximum adverse impact was seen in knee arthroplasty (-64%), followed by hip arthroplasty (-41%) and knee ligament reconstruction (-44%). Thus, the orthopedic power tool market is significantly impacted by COVID-19.
The major factors attributing to the growth of the orthopedic power tools market are the increasing volume of orthopedic procedures, rise in the aging population, operating room supply standardization, and technological advancement. According to the revised World Population Prospects by the United Nations 2022, The share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. This rise in life expectancies and age-related comorbidities are the factors resulting in the growth of geriatric orthopedic surgical procedures. Lately, there has been an increase in the percentage of the aging population worldwide, especially in developing nations. This factor is anticipated to have a positive impact on the growth of the market.
According to the Centers for Disease Control and Prevention, in January 2022, unintentional injury accounted for 200,995 in 2020, and the number of deaths due to traffic accidents was reported to be 40,698 in the United States in the same year. According to the same data, 24.8 million physician visits and 97.9 million emergency department visits occurred in 2020 in the United States. The increasing demand for orthopedic procedures for several conditions such as osteoarthritis (OA), osteoporosis, fractures, etc., is driving the demand for orthopedic power tools. According to the article published in the clinical Medicine in December 2020, titled "Global, Regional Prevalence, Incidence and Risk Factors of Knee Osteoarthritis in Population-Based Studies," individuals aged 15 and older had a global incidence of 16.0%, while those aged 40 and above had a global prevalence of 22.9%. In 2020, there will be roughly 654 million people (40 years and older) with knee OA. Thus, the increased prevalence of osteoarthritis globally will boost the market over the forecast period.
Moreover, in November 2021, DePuy Synthes launched the UNIUM System as the newest addition to its Power Tools portfolio. The system is designed for ergonomics, reliability, and efficiency in the trauma setting and can be used across the small bone, sports medicine, spine, and thorax procedures. Similarly, in August 2021, DynaMedic (CEO Choi Hyung-stop) specializes in electric handpieces for medical use, launched the Large Bone Power Tool, the flagship model of electric handpieces.
Hence, owing to all the aforementioned factors, the market is expected to propel at high growth rates. However, the reimbursement policies and excise tax on medical devices, coupled with the consolidation of the hospitals and cost-containment pressures, are expected to be the major restraints for the market growth.
Scope of the Report
The orthopedic power tools include powered instruments and accessories used to cut, shape, fixate, and dissect bone, as well as a fragment, emulsify, and aspirate soft tissue in all types of procedures, from reconstructive, sports medicine, and extremities. The orthopedic power tools market is segmented by Type (Large Bone Orthopedic Power Tools, Small Bone Orthopedic Power Tools, High-speed Orthopedic Power Tools, and Orthopedic Reamers), Technology (Pneumatic-Powered Systems, Electric-powered Systems, and Battery-powered Systems), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Large Bone Orthopedic Power Tools|
|Small Bone Orthopedic Power Tools|
|High-Speed Orthopedic Power Tools|
Key Market Trends
The Large Bone Power Tools Segment Holds the Major Share in the Orthopedic Power Tools Market
The large bone power tools segment holds the major share in the orthopedic power tools market. It is anticipated to sustain its dominance during the forecast period, owing to factors such as the rise in the prevalence of accidents, sports injuries, and orthopedic diseases.
Orthopedic power tools allow surgeons to perform the same surgical procedures at a greater pace and provide increased precision and higher accuracy. Owing to the consistently positive performance, orthopedic surgical power tools have been prevalent in the global market. They also provide several advantages as they are lightweight, easy to assemble, and economically viable. Due to this consistent development in the field of orthopedics, surgical power tools have been very popular in the global orthopedic power tools market.
The key players are also coming up with innovative and technologically advanced products in order to fuel the market demand. For instance, in August 2021, DynaMedic (CEO Choi Hyung-seop) specializes in electric handpieces for medical use. And will soon launch the Large Bone Power Tool, the flagship model of electric handpieces. Thus, owing to the growing number of orthopedic procedures coupled with the market launch of technologically advanced are the factors expected to fuel the orthopedic power tools market.
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North America Dominates the Market, and it is Expected to do same in the Forecast Period
Based on geography, North America holds the largest share in the market studied due to rising healthcare expenditure in the United States. The factors such as the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure are also some of the major factors propelling the market growth. Additionally, the increasing number of accidents and amputations in the country is also expected to drive the market for orthopedic power tools in North America. According to Access Prosthetics Blog, there were 2.1 million people with limb loss in the country in 2017, and that number is expected to double by 2050. Additionally, 185,000 people have an amputation each year. This means that 300 to 500 amputations are performed every day. Moreover, the availability of high-skilled orthopedic surgeons in the country is also supporting the growth of the United States orthopedic power tools market. Furthermore, factors such as technological advancements associated with orthopedic surgeries in North America also add value to the market growth in the long run.
According to a report by Weinstein Legal, published in March 2020, nearly 30 million children and adolescents participate in youth sports in the country each year. This can lead to orthopedic emergencies leading to a demand for the orthopedic power tool in the region.
According to the United States Census Bureau, in May 2021, the population age 65 plus was 54.1 million 30 million women, and 24.1 million men. As the geriatric population increases, the burden of chronic diseases and associated amputation also rises, which fuels the market studied. Hence, all these factors are going to positively aid the market growth.
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The orthopedic tools market is moderately fragmented and competitive, with the presence of a large number of giant players. Some key players in the global orthopedic power tools market include ConMed Corporation, Medtronic PLC, Stryker Corporation, Zimmer Biomet, DePuy Synthes, B Braun Melsungen AG, Arthrex, Micro Aire, De Soutter Medical, and Aygun Surgical Instruments.
- In August 2022, MPowerHealth launched a digital musculoskeletal care platform. The platform, 360CareNav, features digital health tools including telehealth, remote physiological monitoring, and care coordination across providers.
- In August 2022, Enovis launched ARVIS (Augmented Reality Visualization and Information System), an augmented reality technology that is designed to assist surgeons during implant placement in the hip and knee.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Volume of Orthopedic Procedures
4.2.2 Rise in Aging Population Across the World
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Hospital Consolidation and Cost-containment Pressures
4.3.2 Reimbursement Policies and Excise Tax on Medical Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Type
5.1.1 Large Bone Orthopedic Power Tools
5.1.2 Small Bone Orthopedic Power Tools
5.1.3 High-Speed Orthopedic Power Tools
5.1.4 Orthopedic Reamers
5.2 By Technology
5.2.1 Pneumatic-powered Systems
5.2.2 Electric-powered Systems
5.2.3 Battery-powered Systems
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.3.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Aygun Surgical Instruments
6.1.3 B Braun Melsungen AG
6.1.4 Brasseler USA
6.1.5 Conmed Corporation
6.1.6 De Soutter Medical
6.1.7 DePuy Synthes
6.1.9 Medtronic PLC
6.1.10 Micro Aire
6.1.11 Misonix Inc.
6.1.13 Stars Medical Devices
6.1.14 Stryker Corporation
6.1.15 Zimmer Biomet
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Orthopedic Power Tools Market market is studied from 2019 - 2027.
What is the growth rate of Global Orthopedic Power Tools Market?
The Global Orthopedic Power Tools Market is growing at a CAGR of 3.78% over the next 5 years.
What is Global Orthopedic Power Tools Market size in 2019?
The Global Orthopedic Power Tools Market is valued at 1007 Million USD in 2019.
What is Global Orthopedic Power Tools Market size in 2027?
The Global Orthopedic Power Tools Market is valued at 1254 Million USD in 2027.
Which region has highest growth rate in Global Orthopedic Power Tools Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Orthopedic Power Tools Market?
North America holds highest share in 2021.
Who are the key players in Global Orthopedic Power Tools Market?
ConMed Corporation, DePuy Synthes, Medtronic PLC, Stryker Corporation, Zimmer Biomet are the major companies operating in Global Orthopedic Power Tools Market.