Increased Adoption of Robotic Surgery will Propel Growth of Large Bone Power Tools Market – Fact.MR Study
The global orthopedic power tools market is estimated at USD 2.2 Billion in 2022 and is forecast to surpass USD 3.5 Billion by 2032, growing at a CAGR of 4.8% from 2022 to 2032.
Recent increase in the global geriatric population has led toward a rise in incidences of orthopedic diseases, which require surgical intervention, thereby fuelling demand for orthopedic power tools. The advent of modern electronic technologies including power-assisted, robotic, and minimally invasive orthopedic surgery equipment have further escalated adoption of orthopedic power tools.
Although orthopedic power tools offer inherent benefits, surgeons are exposed to risks related to the prolonged use of vibrating tools, hazards pertaining to aerosol/ droplet infection from patients, and protracted exposure to loud noise.
Prominent manufacturers have therefore been actively engaging in aspects of orthopedic power tools’ safety and ergonomics, in a bid to develop a range of power-assisted equipment tailored to the precision of the procedure’s nature, while addressing efficacy and safety of surgeons.
Leading companies in the market are frequently launching innovative and advanced technology-based orthopedic power tools, which has created entrance barriers for new market players. An extremely competitive scenario is being observed in the market, compelling well-established players to enhance their efforts for retaining their position.
Ongoing research activities associated with orthopedic power tools are focused toward possibilities of using more efficient & novel energy resources for powering tools, and hand pieces’ interchangeability for better convenience and modulation.
6 Key Takeaways from Fact.MR’s Report on Orthopedic Power Tools Market for Forecast Period 2017-2026
- North America is anticipated to remain the largest market for orthopedic power tools, in terms of revenues. Factors such as large-scale presence of surgical centers and hospitals, along with rapid technological advancements are expected to retain North America’s dominance in the market. The market in Europe will also account for a major portion of the market’s revenue share during 2017 to 2026.
- Asia-Pacific excluding Japan (APEJ) will witness a robust expansion in the market through 2026. This growth can be primarily attributed to increased prevalence of osteoporosis in APEJ countries such as China and India, along with rising prevalence of medical tourism in the region owing to availability of low-cost modern medical equipment, advanced hospitals, and skilled surgeons.
- Based on modality, revenues from reusable orthopedic power tools’ worldwide sales will account for nearly three-fourth share of the market by 2026-end. However, reusable or disposable tools are expensive, require high maintenance costs, and are associated with risks regarding infection from patient. This has led surgeons toward adoption of single-use orthopedic power tools, which are convenient and cost-effective. Reusable orthopedic power tools will register the fastest expansion in the market through 2026.
- Accounting for the largest market revenue share during 2017 to 2026, hospitals will remain the largest end-users of orthopedic power tools market. However, orthopedic clinics are projected to register the highest CAGR in the market through 2026. Revenues from ambulatory surgical centers will increase at a CAGR lower than those from orthopedic clinics, and higher than those from hospitals through 2026.
- Although small bone power tools will account for the lowest revenue share of the market, their sales will reflect a relatively faster expansion than sales of large-bone power tools through 2026. In addition, sales of high-speed power tools will ride on the highest CAGR in the market, to become the second most lucrative product by 2026-end.
- Key market participants profiled by Fact.MR’s report include Stryker Corporation, Johnson & Johnson, Zimmer Biomet, B Braun, CONMED Corporation, and Misonix.
Escalating Adoption of Robotic Surgery to Support Market Growth
Various disorders such as spinal, neurosurgical and orthopedic diseases require minimally invasive surgeries, which in turn requires orthopedic power tools to carry out the orthopedic surgeries. These surgeries are carried out with minuscule incision, which lowers the risk of bleeding, and offers faster recovery due to shorter hospital stays. This is estimated to influence the demand for orthopedic power tools market and support market growth by 1.3X during the forecast years of 2022-2032.
Additionally, surgical robots with multiple arms are being incorporated into the healthcare sector as they offer high surgical efficiency and can also handle multiple equipment’s at the same time. Therefore, enhanced adoption of robotic surgery is likely to provide a gain of 195 BPS in coming years and hence support market growth.