The global surgical power tools market was valued at $1,960.4 million in 2019 and is expected to surpass $3,237.5 million by 2027, at a CAGR of 6.4%. Surgical power tools are the devices that rely on high-performance mini motors for optimal surgical outcomes.
These electrically operated tools are mainly used to drill holes to fix implants during orthopedic surgery. Moreover, these power tools include battery-operated and manual-drilling saw systems to cut bones during surgeries. The extensive growth of the global market is mainly attributed to the growing adoption of surgical power tools in the healthcare industry owing to longer life cycles, enhanced reliability, and better performance. In 2020, the global surgical power tools market is anticipated to experience a positive impact due to the pandemic spread of coronavirus disease.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|5.8%||6.4%||52||USD 2,068.0 Million||USD 2,103.4 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
With an increasing geriatric population, the cases of osteoporosis are extensively rising across the globe, particularly in developing countries. Growing incidences of fractures in the spine, wrist, and hip are expected to increase the demand for power tools which will ultimately drive the global market during the forecast period. In addition, technological innovations in the surgical tools coupled with growing investments in the research and development of surgical power tools may also be expected to foster the growth of the global surgical power tools market throughout the analysis period.
Moreover, notable players are focussing highly on strategic steps such as technological and scientific advances, strategic collaborations, and discovering new products to acquire a massive share, in the global market. For example, in March 2018, Stryker, the leading medical technology organization, launched the Stryker F1 Small Bone Power System. The system offers surgeons with a balanced, lightweight, and cordless solution for procedures of the extremities. These key factors may further be projected to boost the growth of the global surgical power tools market, in the review period.
Lack of product penetration in the lower and middle-income countries, high cost, and dearth of professionals in the field is predicted to restrain the growth of the global surgical power tools market. Moreover, in the last several months of 2019, the communal spread of coronavirus emerged as an unprecedented global health emergency. The governments around the countries have implemented a complete shutdown in order to decrease the infection rate of COVID-19 disease. In addition, the lockdown has led to a slight decline in business and industrial operational processes. For instance, as per a surgeon working at Royal National Orthopaedic Hospital, Britain, the use of power tools, hammers, and other equipment may facilitate the transmission of coronavirus during surgeries.
On the contrary, amid the COVID-19 pandemic, the significant players of the global surgical power market are concentrating on multiple business-effective strategies such as strategic mergers and acquisitions, technological advancements, and capacity expansion. For example, in February 2020, Medtronic, one of the notable medical device manufacturers, acquired the Digital Surgery Company (privately held), which is specialized in the manufacturing of digital surgical tools. These alliances may lead to accelerating the growth of the global surgical power tools market during the analysis timeframe. In addition, the supporting legal framework of the governments worldwide is also anticipated to upsurge the global demand for surgical power tools, in the global marketplace.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
As per the recent publication of Research Dive, it is predicted that the global market for the surgical power tools market will witness exponential growth after the COVID-19 pandemic crisis. A tremendous increase in the diseases associated with the geriatric population, such as fragility fracture, is one of the major factors for the growth of the global surgical power tools market during the forecast period. For instance, as per the publication of WHO (World Health Organization) around 1.66 million hip fractures occur per year globally; moreover, the incidence is set to increase four-fold by 2050 because of the rising numbers of older people. These factors may increase the growth opportunities for the global surgical power tools market in the coming years.
In addition, to strengthen the global position in the global market various leading as well as emerging organizations operating in the manufacturing of surgical power tools are preferring for multiple business strategies such as strategic collaborations and product development. For instance, July 2020, Medtronic plc, has made an announcement that they are entering into the acquisition with the Medicrea, a pioneer in spinal surgeries. Such acquisition would strengthen the company’s position as a global innovator in enabling technologies along with helping to gain the trust of employees, suppliers & clients of companies. These situational decisions may offer lucrative opportunities for the global surgical power tools market, in the future years.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Surgical Power Tools Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity