Orthopedic Power Tools Market size is projected to experience significant growth from 2019 to 2025. The instruments and accessories used for cutting, shaping, fixating and dissecting bone are called as orthopedic power tools. They are also utilized for fragmenting, emulsifying and aspirating soft tissue. These features of orthopedic power tools are applicable to reconstructive surgeries, neurosurgery, sports med and extremities, ENT and spine. These instruments run on electric power, pneumatic power or battery power depending on the type.
The growing geriatric population and increasing adoption of orthopedic power tools for procedures such as neurosurgery, reconstructive surgeries, trauma, orthopedic surgery etc. will boost the orthopedic power tools market over the forecast period. The time saving performance and cost-effective nature of orthopedic power tool will also augment the market growth.
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With technological advancements, especially in the field of orthopedic surgery, the demand for orthopedic power tools will increase. Growing cases of osteoporosis, innovations in the field of robot-assisted surgeries and growing preference of patients for fast, precise and effective surgical treatments will boost the orthopedic power tools market over the forthcoming years.
Moreover, reimbursement policies for surgical procedures offer financial support to various patients. For reducing the financial burden, various developed and developing economies provide reimbursement cover to its citizens for medical treatment. The growing government initiatives in relation to reimbursement policies across the globe will boost the number of surgeries which will ultimately augment the demand for orthopedic power tools over the forecast period.
Precision, accuracy and faster pace offered by orthopedic power tool are major factors that will drive market growth. The hospital segment accounts for a large share of the orthopedic power tools market owing to higher demand for orthopedic power tools as the patient footfall and ability to cater large volume of patients is available. However, stringent government regulations for such medical devices can hamper the market growth. Cost of these tools can also hinder market growth in underdeveloped economies due to price sensitivity.
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The high-speed orthopedic power tool segment is expected to grow at a significant growth rate throughout the forecast period owing to the precision offered by these tools at a very fast pace. Therefore, there is a growing demand for high-speed orthopedic power tool as time is extremely crucial in surgical procedures.
The U.S. accounted for the largest share in the global orthopedic power tools market in 2018 owing to huge budget of healthcare facilities, high adoption rate of technological advancements, presence of highly developed healthcare infrastructure as well as the presence of key market players in the region. High healthcare expenditure in the U.S. will also fuel market growth.
Japan is expected to grow with a significant growth in the orthopedic power tools market during the analysis period due to fast pace technological advancements, constantly improving healthcare infrastructure, rising healthcare expenditure and innovations in the healthcare system. These factors will drive the demand for orthopedic power tools.
Some of the major industry players include DePuy Synthes , Stryker Corporation, Conmed Corporation, Microaire Surgical Instruments, Medtronic plc Inc., Zimmer Biomet, Desoutter Medical Ltd., B. Braun Melsungen AG, Peter Brasseler Holdings and Smith and Nephew plc. key strategic initiatives taken by competitors include technological advancements, capacity expansion, partnerships, mergers, and innovative product launches to expand their business product portfolio.
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