Orthopedic Power Tools Market - Growth, Trends, and Forecasts (2020 - 2025)
The major factors attributing to the growth of the orthopedic power tools market are increasing volume of orthopedic procedures, rise in aging population, operating room supply standardization and technological advancement. The increasing need for orthopedic procedures for conditions such as osteoarthritis (OA), osteoporosis, fractures, etc. are driving the demand for orthopedic power tools. According to the statistics of Arthritis Foundation, in 2017, an estimated 30.8 million adults were found to be suffering from osteoarthritis. The prevalence of OA increases with age and is seen in up to 80% of people, over the age of 65, in the high-income countries. The rising number of accidents across the world has also increased the demand for technological innovations in orthopedic surgeries, which, in turn, has positively affected the market studied.
Key Market Trends
Large bone power tools segment holds the major share in the orthopedic power tools market
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.
The biggest advantage of orthopedic power tools is that they allow surgeons to perform the same surgical procedures with greater pace, more 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 light weight, 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.
North America Dominates the Market and Expected to do same in the Forecast Period
Based on the geographic region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America holds the largest share in the market studied, due to rising healthcare expenditure in the United States. Moreover, the availability of high-skilled orthopedic surgeons in the country is also supporting the growth of the US orthopedic power tools market. The increasing need for orthopedic procedures is driving the demand for the orthopedic power tools in the region. Furthermore, factors such as technological advancements associated with orthopedic surgeries in the United States also add value to the market growth in the long run.
Some of the key players in the global orthopedic power tools market include ConMed Corporation, Medtronic PLC, Stryker Corporation, Zimmer Biomet, DePuy Synthes, and B Braun Melsungen AG, Arthrex, Micro Aire, De Soutter Medical, and Aygun Surgical Instruments are among others.
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