Orthopedic power tools are surgical instruments and equipment powered by electricity and used by orthopedic surgeons and physicians to facilitate bone and tissue procedures. These tools provide accurate cuts and precise finishing of bone grafts and implants with controlled adjustments. Power tools aid in reducing procedure time and facilitating minimally invasive surgeries. The rising orthopedic disorders caused due to road accidents, sports injuries, obesity, and age-related degeneration are propelling the demand for orthopedic procedures requiring the use of power tools.
Global orthopedic power tools Market is estimated to be valued at US$ 1,008.1 million in 2022 and is expected to exhibit a CAGR of 3.8% during the forecast period (2022-2030).
Key Takeaways
Key players operating in the Orthopedic Power Tools are Stryker Corporation, Medtronic Plc, Zimmer Biomet, Depuy Synthes, Arthrex Inc., ConMed Corporation, Smith & Nephew Plc, B Braun Melsungen AG.
The Orthopedic Power Tools Market Demand provides ample growth opportunities owing to the rising volume of total hip and knee replacement procedures globally. Furthermore, technological advancements in electric powered tools and development of tools compatible with robot-assisted surgeries will boost the market growth.
Recent advancements in battery powered and cordless technology have made orthopedic power tools more portable and convenient to use intraoperatively. Tools compatible with advanced technologies like robotics are also being developed to facilitate minimally invasive surgeries.
Market drivers
The growing geriatric population vulnerable to orthopedic disorders is a key factor fueling the demand for orthopedic surgical procedures requiring the use of power tools. According to the UN data, the population aged 60 years and above is expected to reach 2.1 billion globally by 2050 from 1.0 billion in 2019. The surging number of active sports participants and road accidents resulting in bone injuries also contribute to market growth.
Current Challenges in the Orthopedic Power Tools Market
The orthopedic power tools market is facing several challenges currently. One of the major challenges is maintaining supply chain continuity during the ongoing Covid-19 pandemic. Social distancing measures and lockdowns have disrupted production and distribution activities globally. This has negatively impacted the availability of orthopedic power tools. Another key challenge is ensuring stringent safety and sterilization of tools used in surgical procedures. Any contamination can pose severe health risks to patients. Manufacturers have to comply with complex regulatory frameworks and quality standards set by regulatory bodies. Cost constraints in the healthcare industry also act as a barrier for new product innovations and advanced technologies in this market.
SWOT Analysis
Strength: Orthopedic power tools offer higher precision, improved outcomes and reduced procedure time compared to conventional instruments. Weakness: High costs associated with technologically advanced powered tools limit their adoption. Opportunity: Growing geriatric population and rising prevalence of orthopedic disorders present a vast customer base. Threats: Stiff competition from manually operated orthopedic instruments restricts market potential of powered tools.
Geographical Regions
North America currently accounts for the largest share of the global orthopedic power tools market, both in terms of value and volume. This is attributed to the developed healthcare infrastructure, rising orthopedic disease burden and availability of advanced medical technologies in the region. The Asia Pacific market is projected to be the fastest growing regional market during the forecast period. Factors such as improving access to healthcare, increasing healthcare spending capacity and rapidly expanding medical tourism industry are fueling the adoption of orthopedic power tools in Asia Pacific countries.
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