Global Orthopedic Power Tools Market to Grow at 4.1% CAGR During...

Global Orthopedic Power Tools Market to Grow at 4.1% CAGR During Forecast Period Due to Rising Technological Advancements and Increasing Usage in Orthopedic Surgeries.

Posted 2023-08-02 07:14:02

The global market for orthopedic power tools was valued at USD 1.54 billion in 2021, and is predicted to grow at a rapid revenue CAGR of 4.1% during the forecast period. Market growth is being driven by several factors, including rising technological advancements in orthopedic power tools, increasing numbers of spinal injuries and product launches, regulatory approvals for orthopedic power tools, and orthopedic procedures due to the aging population. The use of power instruments has transformed modern operative orthopedics, and has become an essential part of the orthopedic surgery process. Orthopedic power tools are user-friendly, lightweight, and easy to handle compared to traditional, heavy orthopedic tools. They are classified into three categories: electric-powered orthopedic tools, battery-operated power systems, and pneumatic power tools, allowing surgeons to work more efficiently and precisely.

Orthopedic power tools are now commonly used in various phases of orthopedic surgery, including pulse lavage for wound care, and drilling and reaming for screw and intramedullary nail placement in long bone fractures. These tools have undergone several improvements, including the use of metal alloys that are thinner, lighter, and produce less heat, and the replacement of air-operated cabled devices with more ergonomic, battery-operated gadgets. These power-assisted instruments are more consistent and easier to build, making them suitable for both surgeons and support staff. Furthermore, the creation of modular tools has made maintenance and repairs more cost-effective, driving market revenue growth.

The rising use of orthopedic power tools for various medical procedures, such as drilling, reaming, sawing, and screwing, is expected to drive revenue growth in the market. Orthopedic power tools are essential for orthopedic surgery, neurology, Ear, Nose, Throat (ENT) surgery, traumatology, and other medical fields. The use of these tools enables surgeries to be more efficient and successful. They are necessary for practically every element of orthopedic surgery, including pulse lavage, drilling, and reaming, particularly when treating lengthy bone fractures with screws and intramedullary nails.

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Segments Covered in the Report

The global market for orthopedic power tools is divided into various segments, including product outlook, technology outlook, modality outlook, application outlook, end-use outlook, and regional outlook.

The product outlook segment covers Large Bone Orthopedic Power Tools, Small Bone Orthopedic Power Tools, High-Speed Bone Orthopedic Power Tools, Orthopedic Reamers, and Consumables. Large Bone Orthopedic Power Tools are designed for use in large bone surgery, while Small Bone Orthopedic Power Tools are suitable for delicate bone surgery. High-Speed Bone Orthopedic Power Tools are used for high-speed cutting applications, and Orthopedic Reamers are used for enlarging the opening of a bone canal. Consumables include screws, nails, plates, and wires.

The technology outlook segment includes Pneumatic-Powered Systems, Electric-Powered Systems, Battery Operated-Powered Systems, and Corded Tools. Pneumatic-Powered Systems use compressed air to power the instruments, Electric-Powered Systems use electricity, and Battery Operated-Powered Systems use rechargeable batteries. Corded Tools use a power cord to draw electricity from a socket.

The modality outlook segment includes Single Use Power Tools and Reusable Power Tools. Single Use Power Tools are designed to be used only once and then disposed of, while Reusable Power Tools can be sterilized and used again.

The application outlook segment covers various medical fields, including Orthopedic, ENT, Oral, Thoracic, and Neurology. Orthopedic Power Tools are necessary for surgeries related to bones and joints, while ENT Power Tools are used in surgeries related to the ear, nose, and throat. Oral Power Tools are used in dental procedures, while Thoracic Power Tools are used in surgeries related to the chest area. Neurology Power Tools are used in surgeries related to the nervous system.

The end-use outlook segment includes Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others. Hospitals are the primary end-users of orthopedic power tools, while Orthopedic Clinics and Ambulatory Surgical Centers are also significant users. Others include nursing homes and trauma centers.

The regional outlook segment covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe are the largest markets for orthopedic power tools due to the high prevalence of orthopedic disorders and a well-established healthcare system. The Asia Pacific region is also growing due to the increasing healthcare infrastructure and the rising geriatric population. Latin America and the Middle East & Africa are expected to experience moderate growth due to the increasing demand for advanced medical technologies.

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Strategic development:

On November 15, 2022, Medline, a renowned manufacturer and distributor of medical products, and Hologenix, a pioneer in materials science, announced the release of a fresh line of orthopedic equipment called the CURAD Performance Series, featuring CELLIANT infrared technology. This launch marks a significant expansion of the application of CELLIANT's Infrared (IR) bio-responsive textiles in the field of sports medicine.

Competitive Landscape:

The global orthopedic power tools market is highly competitive, with only a few key players dominating the market on both global and regional levels. These key players have been focusing on product development and strategic alliances to expand their product portfolios and strengthen their position in the global market. The market is consolidated, with major players holding a significant share of the market.

Some of the prominent players in the market include Abbott Laboratories, Arthrex, Inc., Brasseler USA, B. Braun SE, CONMED Corporation, OMNI Orthopaedics, Stryker, Smith+Nephew, THINK Surgical Inc., and Zimmer Biomet. These players have been actively engaged in research and development activities to introduce innovative products in the market. For instance, Stryker has launched various power tools, including the System 8, System 7, and the Formula series. Similarly, Zimmer Biomet offers a range of orthopedic power tools, such as the EBI Bone Healing System and the OrthoPak Non-Invasive Bone Growth Stimulator.

The major players have also been focusing on strategic partnerships and collaborations to enhance their market presence. For instance, in 2021, Arthrex, Inc. partnered with CONMED Corporation to expand its product offerings in the field of sports medicine. Such collaborations help companies to leverage each other's strengths and resources and create a larger customer base. The competitive landscape of the global orthopedic power tools market is expected to remain dynamic, with companies investing heavily in research and development activities and strategic partnerships to gain a competitive edge.

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In conclusion, the global orthopedic power tools market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

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