Orthopedic Power Tools Market

SKU: DMMD723 | Last Updated On: Sep 30 2022 | Available Formats

Orthopedic Power Tools Market Expected to reach a high CAGR of 6.30% By 2029:

Orthopedic Power Tools Market is segmented by Product Type (Large Bone Power Tools, Small Bone Power Tools, High-Speed Power Tools, Orthopedic reamers), by End Users (Hospitals, Orthopedic clinics, Ambulatory surgical centers and Others), by Technology (Pneumatic Powered, Battery Operated, and Electric Powered), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

 

Orthopedic Power Tools Market size was valued US$ 1.54 billion in 2021 and is estimated to reach US$ 2.05 billion by 2029, growing at a CAGR of 4.1% during the forecast period (2022-2029).

Orthopedic Power Tools Market Scope

Metrics

Details

Market CAGR

4.1%

Segments Covered

 By Product Type, By End Users, By Technology, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Orthopedic power tools are used by orthopedic surgeons during orthopedic surgeries to cut, shape, drill, ream, dissection, etc., orthopedic surgeons use these tools to insert implants into the bones during orthopedic injuries. These tools are used to treat trauma, spine diseases, sports injuries, and many others.

Market Dynamics

The growth of the market is majorly driven by increasing volume of orthopedic procedures, growing prevalence of minimally invasive surgeries, rising technological advancements in orthopedic.

Growing prevalence of minimally invasive surgeries are expected to drive market growth

Orthopedic power tools market remains influenced by prevalence of minimally invasive surgeries, which create demand for treating various disorders such as neurosurgical, spinal and orthopedic diseases. Minimally invasive surgeries require orthopedic power tools, which carry out surgeries with a miniscule incision, lower the risk of bleeding, have shorter hospital stay post-surgery, and offer faster recovery.

According to Access Prosthetics Blog, there were 2.1 million people with limb loss in the USA in 2020, and that number is expected to double by 2050. Additionally, 185,000 people have an amputation each year. This means that 300 to 500 amputations are performed every day.

The orthopedic power tools also provide several advantages as they are lightweight, easy to assemble, economically viable. Due to this consistent development in the field of orthopedics.

The key players are also coming up with innovative and technologically advanced products in order to fuel the market demand. For instance, in March 2019, Stryker launched the 1688 Advanced Imaging Modalities (AIM) 4K Visualization Platform, HipCheck.  Several governments and private authorities are increasingly promoting regulations regarding operating room supply standardization. Hence, all these factors are going to positively aid the market growth.

Hospital consolidation and cost-containment pressures is expected to hamper the market growth

Reductions in hospital operating costs do not translate into price decreases. Research to date shows that hospital mergers increase the average price of hospital services including orthopedic procedures by 6%−18%.

For Medicare, hospital concentration increases costs by increasing the quantity of care rather than the price of care. The year 2017 was a record one for merger and acquisition activity among hospitals and health systems, and this momentum is staying strong in 2018. This Drill Down describes the wave of hospital consolidation since 2010, identifies observed effects of hospital consolidation on utilization and prices of orthopedic surgeries. Physicians do not compete with hospitals, but rather they provide services that are inputs to a hospital’s production of healthcare. The acquisition of physician practices by a hospital or hospital system has increased the cost-containment pressures.

In 2020, the Medicare Payment Advisory Commission (MedPAC) reviewed the published research on hospital consolidation and concluded that the “preponderance of evidence suggests that hospital consolidation leads to higher prices. Additionally, large hospital systems can influence the dynamics of negotiations with insurers and shift volume to higher cost facilities. In a 2019 settlement, Sutter Health agreed to stop requiring that all of its hospitals be included in an insurer’s network and also agreed to pay damages and make other changes. These factors hamper the growth of the market in the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has led to dramatic decreases in health care spending, as patients and providers have delayed a wide range of health care services. The decrease in service use and spending resulted in a decline in revenue for many providers at the same time that some are facing increased costs due to the pandemic. 

The pandemic has had ramifications for the ways of working in various surgical procedures, including orthopedic surgeries. There are strict guidelines specific to each specialty that has to be implemented and followed for orthopedic surgeons to be able to provide safe and effective care to their patients during the COVID-19 pandemic. The volume of orthopedic surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries.

According to the journals.IWW, The total number of orthopedic operations performed during the COVID-19 pandemic decreased by 44.2% as compared with the control period. Depending on the severity and duration of revenue loss, some hospitals and physician practices may find it difficult to operate independently, which could increase the rate of consolidation among health care providers.

Industry Analysis

The global orthopedic power tools market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, reimbursement analysis, supply chain analysis, PEST analysis etc.

Segment Analysis

Large bone power tools segment is expected to hold the largest market share in global orthopedic power tools market

The large bone power tools segment holds the major share in the orthopedic power tools market, and it is anticipated to sustain its dominance during the forecast period, owing to factors, such as the rise in the prevalence of accidents, sports injuries, and orthopedic diseases.

Large bone power equipment is designed for large bone procedures like hip replacement, total knee replacement, reaming, intramedullary nailing, drilling and driving screws.

Ideal for the surgeon that prefers a maximum power system rather than the more delicate small bone drills and saws, this type of equipment is often used by trauma surgeons or in large animal veterinary surgery. Large bone power tools allow surgeons to perform the same surgical procedures with greater pace and provide increased precision and higher accuracy. Owing to the consistently positive performance, orthopedic surgical power tools have been prevalent in the global market.

They also provide several advantages as they are lightweight, easy to assemble, economically viable. Due to this consistent development in the field of orthopedics, surgical power tools have been very popular in the global orthopedic power tools market. The key players are also coming up with innovative and technologically advanced products in order to fuel the market demand. For instance, in March 2019, Stryker launched the 1688 Advanced Imaging Modalities (AIM) 4K Visualization Platform, HipCheck.

Geographical Analysis

North America region holds the largest market share in the global orthopedic power tools market

The North American region dominated the global orthopedic tools market owing to the factor such as direct presence of key regional players, a strong distribution network and well-established healthcare infrastructure. Additionally, the increasing number of accidents and amputations in the country is also expected to drive the market for orthopedic power tools in North America. According to the estimates of the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), reported that a total of 36,096 people died in motor vehicle crashes in the United States in 2020. According to Access Prosthetics Blog, there were 2.1 million people with limb loss in the country in 2020, and that number is expected to double by 2050. Additionally, 185,000 people have an amputation each year. This means that 300 to 500 amputations are performed every day.

The increasing need for orthopedic procedures is driving the demand for orthopedic power tools in the region. Moreover, the availability of high-skilled orthopedic surgeons in the country is also supporting the growth of the US orthopedic power tools market. Furthermore, factors such as technological advancements associated with orthopedic surgeries in North America also add value to the market growth in the long run. As per the latest US survey, there are there are over 21,623 orthopedic surgeons currently employed in the United States. Orthopedic surgeons may cast and splint limbs, recommend rehabilitative exercises, or prescribe supplements and medications to strengthen joints or minimize pain. If surgery is necessary, they repair the injury, disease or damage. They may plate broken bones, reattach tendons and ligaments, or perform joint or hip replacements, among other procedures.

There are several factors including favourable reimbursement scenario, growing adoption of advanced surgical instruments by surgeons, and rising number of surgeries across the country. Furthermore, rising FDA approvals, surge in the number of product launches, and increasing number of minimally invasive surgeries are contributing to the industry expansion. These surgeries incorporate power-driven surgical instruments, thereby augmenting the industry progression in the U.S. Additionally, market players are focusing on developing novel orthopedic devices to satisfy the needs of users. For instance, in September 2020, Medtronic Private Limited launched Sonicision curved jaw cordless ultrasonic dissection system to provide greater precision and convenience during orthopedic surgeries.

In March 2021, Bioventus acquired Misonix. Misonix has become a wholly-owned subsidiary of Bioventus under the terms of the merger agreement. The acquisition will provide significant revenue growth opportunities through sales call point synergies with Misonix, including spinal and lower extremity surgeons.

Competitive Landscape

The orthopedic power tools market is highly competitive, owing to the presence of big brands. Also, the market is highly fragmented due to the presence of several large and regional players. The key players which are contributing to the growth of the global market include ConMed Corporation, Zimmer, Medtronic, Stryker Inc, DePuy Synthes, Misonix Inc, Aesculap, MedicMicro, B. Braun, Brasseler USA.

 Key Companies to Watch

Zimmer Biomet:

Overview: Zimmer Biomet is the leading provider of musculoskeletal healthcare. The company manufactures sports medicine, biologics, extremities, and trauma products. And office-based technologies such as spine, craniomaxillofacial and thoracic ("CMFT") products, dental implants and related surgical products. Zimmer Biomet as a company collaborates with healthcare professionals from all over the world to speed up the pace of innovation. Their operating segments are comprised of Americas and Global Businesses, Europe, Middle East and Africa (“EMEA”) and Asia Pacific.

Product Portfolio: X Series Power System: Zimmer Biomet’s X Series Power System is designed for a variety of surgical orthopedic procedures. The X Series Power System, which is designed for both large bone Reconstruction and Orthopedic Trauma procedures, has the potential to reduce the type and number of sets required to operate efficiently.

The global orthopedic power tools market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.

Frequently Asked Questions

What is the Projected CAGR value of the Orthopedic Power Tools Market?

Orthopedic Power Tools Market is expected to grow at a CAGR of 6.3% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Orthopedic Power Tools Market during 2022-2029

Which is the fastest growing region in the Orthopedic Power Tools Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period 

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