Strategic Tie-Ups and Acquisitions, Amid COVID-19 Pandemic, to Promote the Development of the Global Surgical Power Tools MarketDownload Sample Reports Overview
The outbreak of the COVID-19 pandemic has created a significant impact on the growth of the surgical power tools market, during the analysis period. The sustainability of the global surgical power tools market is mainly attributed to the growing adoption of high-performance surgical tools in the healthcare sector. Moreover, a growing number of geriatric population, capacity expansion of organizations, and rising spendings on R&D and innovations are expected to fuel the demand for surgical power tools, during the review timeframe. However, the industries across the nations have implemented lock-down in order to curb the hazardous impact of the pandemic, which has created a slight negative impact on the global surgical power tools market, in 2020.
Moreover, organizations across the world are preparing recommendations for resuming elective surgeries that are involved with surgical power tools. For instance, in April 2020, the ESSKA (European Society for Sports Traumatology, Knee Surgery, and Arthroscopy) has developed guidelines and recommendations for the resumption of elective orthopedic surgeries in a safe environment. These initiatives may lead to an increase in the growth of the global surgical power tools market, during the pandemic crisis. Furthermore, the companies across the world, are following multiple business strategies such as technology innovations, strategic tie-ups, and discovering novel products. For example, in July 2020, Medtronic has acquired the Medicrea a pioneer in spinal surgeries. Due to the acquisition, Medtronic will be capable of providing services such as personalized spinal implants, robotics-assisted surgery, and AI-driven surgical planning. These strategic alliances may offer significant opportunities for global surgical power tools, after the COVID-19 pandemic.
Our reports include the following:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per the research conducted by Research Dive, the global surgical power tools market is set to register a revenue of $3,237.5 million by 2027, at a healthy CAGR of 6.4% during the analysis period. The segmentation of the global market has been done based on the product, technology, Device type, and applications. The report provides valuable insights on future opportunities, driving and restraining factors, vital segments, and key manufacturers of the market.
Factors Affecting the Market Growth
As per our analyst estimates, the significant growth in geriatric disorders such as orthopedic diseases is expected to propel the growth of the global surgical power tools market. However, the dearth of expertise in the field coupled with the high prices of the power tools is anticipated to restrain the global surgical power tools market growth.
The Handpiece products will have an exponential Market Growth During the Period of Forecast
Based on the product, the global market for surgical power tools is broadly categorized into disposables (drills/perforators, staplers, saws, blades, reamers, shavers burrs) handpiece, and accessories. The market size for the handpiece product shall be $1,586.4 million in 2027 and is expected to increase at CAGR of 6.9%; owing to the increasing need for the handpiece in orthopedic procedures that require placing bone screws, drilling, fixing of pins and guidewires in multiple orthopedic applications.
Battery-Driven Power Tools are Expected to Drive the growth, during the Analysis period.
On the basis of technology, the global surgical power tools market is majorly classified into battery-driven power tools, electric-operated Power tools, and pneumatic Power tools. The battery-driven power tools will generate a revenue of $1,236.7 million in 2027 and are expected to grow at 6.8% CAGR. The cost-effectiveness, higher convenience, and longer life of batteries are expected to drive the demand for the battery-driven power tools, in the forecast period.
Medium Bone Power Tools to be Most Lucrative
Based on the device type the global surgical power tools market is segmented into high-speed drilling systems, small bone power tools, medium bone power tools, and large bone power tools. The medium bone surgical power tools market is estimated to register a revenue of 945.3 million by 2027, growing at a CAGR of 6.9%. The huge significance of the medium bone power tools in medium/small bone trauma, spine, and neurosurgery is expected to propel the growth of the segment, throughout the projected period.
ENT Applications Will have Significant Market Growth, in the Forecast Period
Depending on the applications, the global market for surgical power tools is broadly categorized into orthopedic surgery (trauma, spine, craniomaxillofacial, and joint), ENT surgery, dental surgery, cardiothoracic surgery, and neurology surgery. The ENT applications will have lucrative market growth and are expected to register a revenue of $848.2 million at a healthy CAGR of 7.0%, during the review period. The increasing prevalence of infectious diseases such as chronic sinusitis is anticipated to bolster the growth of the segment, over the forecast period.
Geographical Analysis and Major Market Players
Based on the region, the global market for the surgical power tools is classified into North America, Europe, Asia Pacific, and LAMEA. The North-America surgical power tools market valued at $1,010.1 million in 2027 and is expected to surge at a growth rate of 6.0%, during the analysis period. The growth of the North-America surgical power tools market is mainly driven by the increasing number of geriatric disorders, the rising emphasis on technological innovations, and growing investments on R&D and innovations, particularly in the U.S. and Canada.
The significant players of the global surgical power tools market consist of Exactech, Inc., MatOrtho Limited, De Soutter Medical, Allotech Co., Ltd., Desoutter Industrial Tools., Medical Devices Business Services, Inc., B. Braun Melsungen AG, Stryker, Zimmer Biomet, and Medtronic.