The pandemic spread of coronavirus disease (COVID-19) has created a significant impact on the global surgical power tools market. In addition, battery-driven surgical tools will witness substantial growth in the global market. Handpiece products are anticipated to foresee newer heights. ENT (ear, nose, throat) surgery applications is projected to register a remarkable revenue, during the analysis period. The North-America region held a massive market share in the global industry. The leading companies of the surgical power tools market are focussing on numerous strategies to strengthen the position amid pandemic.
The COVID-19 outbreak has positively affected the global surgical power tools market. The growth of the global surgical power tools market is majorly driven by the extensively rising adoption of high-performance surgical tools in the healthcare industries. In addition, the increasing number of geriatric population, growing investment in research and innovations, and capacity expansion of companies are further anticipated to foster the demand for surgical power tools during the projected period.
Though the industries across the globe have imposed shutdown in order to prevent the spread of the pandemic, several organizations are taking situational decisions to fight against the global emergency. Companies across the world, are adopting various strategies like product inventions and strategic corporate alliances. For instance, in July 2020, Medtronic has made an announcement that they have acquired the Medicrea, a significant organization in spinal surgeries. Due to the collaboration, Medtronic will be able to offer services like robotics-assisted surgery, AI-driven surgical planning, and personalized spinal implants. These initiatives may offer massive opportunities for global market surgical power tools, after the COVID-19 pandemic.
According to resrach report published by Research Dive, the global surgical power tools market is set to generate a revenue of $3,237.5 million by 2027, at a growth rate of 6.4% during the forecast period.
The segmentation of the global market has been done on the basis of the product, technology, Device type, and applications. The report provides detailed information on driving and restraining factors, lucrative opportunities, segments, and market players of the global industry.
Factors Affecting the Market Growth
As per our analyst estimates, the massive rise in the diseases associated with geriatric patients such as orthopedic disorders is anticipated to fuel the global surgical power tools market growth. Contrary to this, higher prices, along with the dearth of expertise in the field are projected to obstruct the growth of the global surgical power tools industry.
The Handpiece Products shall have a Substantial Market Growth Throughout the Forecast Period
Depending on the product, the global surgical power tools market is mainly segmented into disposables (shavers, saws, staplers, reamers, blades, burrs, drills/perforators) handpiece, and accessories. The handpiece product shall register a revenue of $1,586.4 million in 2027 and is projected to rise at a growth rate of 6.9%; mainly due to the rising need for handpieces in procedures of orthopedics that require placing bone screws, drilling, fixing of guidewires in numerous orthopedic applications.
Battery-Driven Power Tools to be the Most Lucrative
On the the basis of technology, the global surgical power tools market is categorized into pneumatic Power tools, electric-operated Power tools, and battery-driven power tools. The battery-driven power tools shall register a revenue of $1,236.7 million in 2027 and are anticipated to surge at a growth rate of 6.8%. The higher convenience, longer life span, and cost-effectiveness are anticipated to upsurge the demand for the battery-driven power tools, during the analysis period.
Medium Bone Power Tools to be Most Lucrative
On the basis of device type the global surgical power tools market is fragmented into high-speed drilling systems, medium bone power tools, small bone power tools, and large bone power tools. The surgical power tools for the medium bones are predicted to generate a revenue of $945.3 million by 2027, rising at a 6.9% CAGR. The massive importance of the medium bone power tools in medium bone trauma and neurosurgery is anticipated to accelerate the segment growth, over the forecast period.
ENT Applications Will have Significant Market Growth, in the Forecast Period
Based on the applications, the global surgical power tools market is mainly classified into orthopedic surgery (spine, trauma, joint, and craniomaxillofacial), neurology surgery, dental surgery, ENT surgery, and cardiothoracic surgery. The ENT applications shall have significant market growth and are expected to generate a revenue of $848.2 million at a growth rate of 7.0%, during the forecast timeframe. The rising prevalence of infectious disorders like chronic sinusitis is expected to foster the segment growth, throughout the projected timeframe.
Geographical Analysis and Major Market Players
On the basis of region, the global surgical power tools market is categorized into North America, Europe, Asia Pacific, and LAMEA. The North-America surgical power tools market is expected to reach up to $1,010.1 million by 2027 and is anticipated to increase at a CAGR of 6.0%, throughout the forecast period. the rising number of geriatric populations, the growing emphasis on product inventions, and increasing spending on research and innovations, particularly in Canada and the U.S. are expected to augment the surgical power tools market growth, in the region.
The leading manufacturers of the surgical power tools market consist MatOrtho Limited, Exactech, Inc., Allotech Co., Ltd., De Soutter Medical, Medical Devices Business Services, Inc., Desoutter Industrial Tools., Stryker, B. Braun Melsungen AG, Medtronic, and Zimmer Biomet.
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