Market Overview
The Europe & South East Asia orthopaedic power tools market is US$ XX million in 2023 and is estimated to grow at a CAGR of XX% during the forecast period (2024-2031) to reach a value of US$ XX million in 2031. Orthopedic surgeons employ orthopedic power tools to cut, drill, shape, ream, dissect, and perform other tasks during orthopedic surgeries.
Orthopedic surgical power tools are used for shaping bones in arthroplasty (total knee replacement surgery, total hip replacement surgery, etc.) and traumatology. In other words, the surgical power tools helps to shape the bone surface on which the prosthesis (implant) will be placed.
They also use this equipment to place implants into the bones when treating orthopedic injuries. Trauma, spinal illnesses, sports injuries, and numerous other conditions are all treated using these technologies. The Europe & South East Asia orthopaedic power tools market is driven by various factors like, rise in the prevalence of minimal invasive surgeries, advancements in the tools, increasing number of orthopaedic procedures in the region and others help the market to grow during the forecast period.
Market Dynamics
Drivers
Rise in the prevalence of orthopaedic diseases
The prevalence of orthopedic diseases has been on the rise in region, primarily due to factors such as an aging population, increased sedentary lifestyles, and higher incidence of injuries related to accidents and sports. As the number of orthopedic cases continues to grow, the role of orthopedic power tools becomes increasingly important in the field of orthopedic surgery and treatment. Orthopedic power tools, such as drills, saws, and reamers, are designed to provide surgeons with precision and efficiency during surgical procedures. The tools aid in bone shaping, cutting, and fixation, allowing surgeons to perform procedures with greater accuracy and speed. For instance, according to the State of Musculoskeletal Health 2023, 10 million people in the UK have Osteoarthritis (OA), an estimated 5.4 million people have knee OA, and an estimated 3.2 million people have hip OA. 450,000 adults have a recorded diagnosis of Rheumatoid Arthritis, and 190,000 adults are estimated to have Psoriatic Arthritis. Hence, due to their lightweight, simplicity of assembly, and viability in terms of cost, orthopedic power tools also offer several benefits. Owing to the orthopedics field's ongoing evolution. Rising research & development and various advantages provided by these products support the growth of the orthopaedic power tools market size.
Rise in advancements of surgical devices
There is a growing market opportunity owing to high expenditure on research and development proficiencies by critical players for novel technological advancements. The rising adoption of orthopedic power tools is also a market trend. As a result of the increased accuracy and effectiveness of bone drilling and sawing compared to manual hand tools, the use of power tools has become essential in orthopedic surgery. These tools often have a power source built into a motorized handpiece that may be used with various drill, burr, blade, saw, and screwdriver tip attachments and operated at different speeds. Orthopaedic power tools continue to evolve, with one key progression concerning the power source itself. While traditional systems were pneumatic, a report finds use of such tools to be declining as hospitals around the world adopt higher-priced electric and battery-powered systems. In all geographies, there is a general trend towards rechargeable lithium (Li) or nickel (Ni) battery-powered devices, which have the advantages of being leadless and thus increasing the surgeon’s mobility. On the other hand, battery-powered devices have the downside of being limited by the duration of use and charging times.
Market Restraints
The market is being impacted owing to the hospital operating cost reductions as they do not result in pricing reductions. According to current research, hospital mergers raise the average cost of hospital services, such as orthopedic surgeries, by 6% to 18%. Hospital concentration raises expenses for Medicare by increasing the volume of care instead of the cost of that care. The increasing number of surgeries is the one of major factors to propel the demand for these instruments. However, high acquisition and maintenance costs of these devices, especially reusable devices, are limiting the adoption of these instruments among surgeons. For example, according to an article by the National Center for Biotechnological Information, it was reported that the procurement cost of a single reusable battery drill is in the range of USD 6,000 to USD 6,700. In Europe region it cost arounds E1575-E2000 approximetly. Instead of engaging in direct competition with hospitals, doctors offer services essential to healthcare production by hospitals. The demand to manage costs has intensified due to hospitals or hospital systems acquiring physician practices
Covid-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the Europe & South East Asia market. Several major players, including Conmed Corporation and Johnson & Johnson Services Inc., reported a huge decline in the revenue due to COVID -19 impact. For instance, Conmed Corporation reported a decline of 19.1 %, whereas Johnson & Johnson Services Inc. reported a decline of 12.2% of its orthopedic segment in 2020 as compared to 2019. Regionwise lockdowns, travel restrictions and other containment measures implied by various national bodies resulted in a decline in patient visits to hospitals and other healthcare settings for non-COVlDrelated conditions. Also, postponement of elective surgeries by healthcare facilities, citing the sudden rise in COVID-19 patients, led to a further decline in inpatient and outpatient visits for orthopedic procedures globally.
Segmentation Analysis
The market value for large bone orthopaedic power tools is likely to reach USD XX million in 2031, from its recorded value of USD XX million in 2023, growing with a CAGR of XX% during the forecast period 2024 to 2031. Due to factors including the rise in sports injuries, accidents, and orthopedic disorders, the big bone power tool segment currently has the major share of the orthopedic power tool market. This segment is projected to maintain its dominance during the forecast period. Major bone power equipment is designed for bone procedures such as hip and knee reaming, replacements, drilling, intramedullary nailing, and driving screws. Large bone power tools enable the faster, more precise, and more accurate performance of similar surgical procedures by surgeons. The widespread use of orthopedic surgical power instruments on the international market.
In Singapore, the results of the disease burden is not just increasing with ageing. The disease burden, and the prevalence of chronic diseases whether diabetes, hypertension or hyperlipidemia, is increasing faster than what ageing can explain. As this happens, as a patient would expect, the prevalence of osteoporosis is likely to increase beyond what age can explain, and with it, an exponential increase in fragility fractures. In Singapore, it is expected to show that the incidence of osteoporotic fractures is projected to increase by about 60%, from more than 15,200 in 2017 to more than 24,000 in 2035. This will translate into higher economic and personal burdens. Hence, rise in the number of accidents, fractures indeed increase demand for the large bone orthopaedic power tools segment during the forecast period.
Country Analysis
Germany in the Europe & South East Asia market was valued at US$ XX million in 2023 and is estimated to reach US$ XX million by 2031, growing at a CAGR of XX% during the forecast period from 2024-2031. Germany in the Europe & South East Asia market is expected to hold the largest market share over the forecast period owing to the factors as the presence of several key market players in this country, advancements in the devices, rise in the number of surgeries and favorable reimbursement policies. Europe accounted for the second largest proportion in the market. This is primarily attributed to the presence of adequate reimbursement policies for major surgeries and increasing number of surgical procedures in countries such as Germany, the U.K., and France, among others.
Hip and knee replacements are some of the most frequently performed and effective surgeries worldwide. The mainindication for hip and knee replacement (joint replacement surgery) is osteoarthritis, which leads to reduced function and quality of life. The graph examines the increasing frequency of hip and knee replacement surgeries in industrialized countries, comparing Germany's frequency considering demographic differences and similar case definitions. In 2020, however, initial data from a few OECD countries show sharp declines in hip and knee surgeries. This reflects the fact that postponing non-urgent elective surgery was a key measure adopted by countries to increase health systems’ capacity to anticipate and address the COVID-19 surge.
Company Share Analysis
The Europe & South East Asia orthopaedic power tools market is expected to be moderately competitive, owing to the presence of big brands. Also, the market is expanding due to the presence of several large and regional players entering the market. The key players that are contributing to the growth of the Europe & South East Asia market include B Braun SE, Zimmer Biomet, CONMED Corporation. Stryker Corporation, DePuy Synthes (J&J), Medtronic Plc, Portescap, De Soutter Medical, Arthrex Inc, OrthoMed among others. The key players are adopting strategies such as partnerships, mergers, acquisitions and regional expansion to stand out as strong competitors in the market. Novel services and enhanced focus on research and development are other ways the leading players can improve their market presence.
