Global Orthopedic Power Tools Market size- Industry Trends & Forecast Report 2027.

The global orthopedic power tools market is estimated to be valued at US$ 945 million in 2020 and is expected to reach 1.24 Billion by 2027, growing at a CAGR of 4% during the forecast period (2020-2027).The reason behind this growth is the need of this tool and the varying technologies that it offers. It provides assistance to the orthopedic surgeons for performing both simple, complex, and cumbersome surgeries with the highest accuracy and greater pace, owing to the positive performance and prevalence in the global market.

Orthopedic power tools Market overview

Orthopedic is a branch of medicinal science which aims at providing the diagnosis, therapy and/or correction, treatment of disorders and deformities related to bones such as spine injuries, joint related issues, musculoskeletal trauma, infection, and diseases, etc. Orthopedic power generated accessories or instruments are needed to perform small scale surgical procedures like cut, dissect, fragment, emulsify on the bone tissues, with high precision and avoid every human error possible.

Orthopedic power tools Market forecast and trends

There is a sudden increase in the demand for orthopedic tools by the surgeons for various reasons thus marking the global pressure for its implementation.

Growth drivers

Increased risk and chronic ailing: There have not been many deaths enlisted due to orthopedic disorders and deformities. Lately, due to less concern is shown towards the healthy lifestyle of the people, many serious issues have started raising alerts. Cervical spine fusion, partial knee replacement, primary knee replacement, primary hip replacement, lumbar/thoracic spine fusion, motion-related disorders are some of the examples. Since these surgeries require a high level of precision along with the high specificity, stability and sensitivity, this is the major growth driver for the global usage of orthopedic power tools.

Aging factor: As seen with the growing population, although orthopedic disorders do not constitute much for the increased mortality rate is still a concerning and alarming issue. As per the study conducted by University Hospitals in US, their trauma centers were busier than ever in 2020, even during the nationwide lockdown due to COVID-19. As per the Division Chief, Orthopedic Trauma and Post-Traumatic Reconstruction at UH Cleveland Medical Centre, the volume of orthopedic trauma patients increased by 20% during the 2nd quarter of 2020.

Restraints:

An orthopedic surgery usually costs between $25,000 to $30,000 for inpatients and $15,000 to $20,000 for its outpatients. The typical high cost of production and maintenance is an obstacle for its manufacturing especially for the developing countries with low and varying economic status. This makes it further challenging to be launched in the global healthcare market along with satisfying rules and regulations of that specific region.

Recent industrial developments:

·         In March 2019, Stryker launched the Advanced Imaging Modalities (1688 AIM) 4K Visualisation platform, HipCheck, Connected OR Hub, HipMap, offering enhanced imaging processing during the surgeries.

·         An education training program was offered regarding VR surgeries aiming at AR/VR surgery for emerging surgeons by the company Osso VR in August 2018.

·         Power T Handle LLC is a surgeon-driven company that successfully completed it's first surgery using Power T Handle which is capable of performing both in manual and electric power modes, in July 2018.

Impact analysis Covid-19 in the orthopedic industry

The outbreak of the novel coronavirus disease has put an impact on all the levels i.e., political, social, economic and technological parameters and has been declared as the public health emergency by the WHO as estimated, COVID-19 has affected more than 45 million across the globe as of October 28, 2020. This pandemic has impacted the global orthopedic power tool financial status of the business and among them is the private medical device sector. It has given a negative impact in the field of development, production and supply. The global lockdown has caused the closure of industries, except for the manufacturing and production of necessary commodities and distribution in the supply chain of the pharmaceutical kits for diagnosis and therapeutic.

Since orthopedic patients are at lower risk of getting infected by the coronavirus, surgeons are still able to perform the surgeries depending on the emergency and urgency required by the patients as per the SICOT report in May 2020.

Orthopedic power tools Market: End-User

The orthopedic power tools are categorized by end user as follows: Hospitals, Orthopedic Clinics, Ambulatory surgery centers. Pre-hospitals and home care are likely to dominate the demand and growing number of orthopedic tool-based surgeries regardless of its high cost but relatively higher efficiency. With the increased availability of orthopedic tools, patients are going to rely more on machine-focused surgery for higher success rates.

Orthopedic power tools Market: Product type

Under the category of product type orthopedic tools, we have large bone orthopedic tools, small bone orthopedic tools, high-speed orthopedic tools, orthopedic reamers orthopedic tools, and consumables orthopedic tools. Further, we have single-use power tools and reusable power tools based on the modality of the orthopedic power tools.

Orthopedic power tools Market: By region

The global orthopedic power tools market is divided into Asia-Pacific, North America, Europe, South America, and Middle East region. North America is likely to dominate the global market owing to excellent medical facilities, the willingness of hospitals to invest big, the high income of people, and high injury rates. Asia-Pacific with rapidly developing countries and a large number of the aging population will also contribute majorly. Europe will follow the lead, followed by South America and the Middle East region. 

Orthopedic power tools Market: By Technology

Based on the different technologies offered by orthopedic power tools, the market is segmented into Pneumatic-Powered Systems, Electric-Powered Systems, Battery Operated-Powered System and Corded Tools. Amidst the segmentation Pneumatic powered systems anticipated to contribute with the significant growth rate in upcoming years.

Key findings:

·         With the rising cases of osteoporosis, orthopedic Market is growing @ CAGR of 2% in Asia Pacific followed by North America. Also, single use power tools are widely used among other technologies because of its inexpensive nature.

·         Among all the power technologies, Pneumatic-Powered Systems has the most lucrative market @ CAGR of 3.8%.

·         High-speed power tools will procure the highest CAGR in the market and would become the most lucrative product by the end of 2026.

·         Orthopedic clinics are estimated to be expanding as the fastest end-users in orthopedic power tools market @ CAGR of 4.4%.

·         Revenues generated from ambulatory surgical centers will help increase @ CAGR lower than those recovering from orthopedic clinics which are 1.3% & higher than those from hospitals through the year 2026.

·         Europe accounts for the second largest market of the global orthopedic power tools market @ 32.8% with the huge approval of funding by the European Union.

 Competitive Landscape:

Orthopedic power tools resin market is fragmented owing to the presence of number of companies that provide varied petroleum resin products. However, the companies that hold the majority share ConMed Corporation, DePuy Sythes, Medtronic PLC, Stryker Corporation, Zimmer Biomet, De Soutter Medical, B. Braun Melsungen AG, NOUVAG AG, Medical Bees GmbH, IMEDICOM Co., Shanghai Bojin Medical Instrument Co. Ltd, Allotech Co. Ltd,and other prominent players.

In the Orthopedic power tools resin market, prominent market participants compete on the basis of price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for global expansion, in a bid to gain a more considerable brand reputation

Scope of the Report

By Product Type

Ø  Large bone orthopedic tools

Ø  Small bone orthopedic tools

Ø  High-speed orthopedic tools

Ø  Orthopedic reamers orthopedic tools

Ø  Consumables orthopedic tools

By End-User

Ø  Hospitals

Ø  Ambulatory centers

Ø  Clinics

By Technology

Ø  Electric-Powered Systems

Ø  Battery Operated-Powered System

Ø  Corded Tools

Ø  Pneumatic powered systems

By Region

Ø  North America

Ø  Latin America

Ø  Asia Pacific

Ø  Europe

Ø  Middle East