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Orthopedic Power Tools Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4833432
  • Report
  • June 2022
  • Region: Global
  • 115 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Arthrex
  • Brasseler USA
  • De Soutter Medical
  • MedicMicro
  • Micro Aire
  • OsteoMed
The Orthopedic Power Tools Market is expected to grow at the registered CAGR of 3.78% during the forecast period, 2022-2027.

The pandemic has had ramifications on the ways of working in various surgical procedures, including orthopedic surgeries. There are strict guidelines specific to each specialty that has to be implemented and followed for orthopedic surgeons to be able to provide safe and effective care to their patients during the COVID-19 pandemic. The volume of orthopedic surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. According to the article published in Cureus Journal in August 2021, the number of orthopedic surgeries fell by 22.8% during the first year of the pandemic. The maximum adverse impact was seen in knee arthroplasty (-64%), followed by hip arthroplasty (-41%) and knee ligament reconstruction (-44%). Thus, the orthopedic power tool market is significantly impacted by COVID-19.

The major factors attributing to the growth of the orthopedic power tools market are the increasing volume of orthopedic procedures, rise in the aging population, operating room supply standardization, and technological advancement. According to the revised World Population Prospects by the United Nations 2020, the number of people aged 60 plus are expected to grow more than double by 2050, from 962 million in 2015 to 2.1 billion by 2050, worldwide. Additionally, according to the World Population Aging in 2019, life expectancy at birth has reached 72.3 years globally, with women on average living five years longer than men, 74.7 years and 69.9 years, respectively. This rise in life expectancies and age-related comorbidities are the factors resulting in the growth of geriatric orthopedic surgical procedures. Lately, there has been an increase in the percentage of the aging population worldwide, especially in developing nations. This factor is anticipated to have a positive impact on the growth of the market.

According to the Centers for Disease Control and Prevention in January 2022, unintentional injury accounted for 200,995 in 2020, and the number of deaths due to traffic accidents was reported to be 40,698 in the United States in the same year. According to the same data, 24.8 million physician visits and 97.9 million emergency department visits occurred in 2020 in the United States. The increasing demand for orthopedic procedures for several conditions such as osteoarthritis (OA), osteoporosis, fractures, etc., is driving the demand for orthopedic power tools. According to the article published in the eClinical Medicibe in December 2020, titled "Global, regional prevalence, incidence and risk factors of knee osteoarthritis in population-based studies" individuals aged 15 and older had a global incidence of 16.0%, while those aged 40 and above had a global prevalence of 22.9%. In 2020, there will be roughly 654 million people (40 years and older) in the world with knee OA. Thus, increased prevalence of osteoarthritis across globe will boost the market over the forecast period.

Hence, owing to all the aforementioned factors, the market is expected to propel at high growth rates. However, the reimbursement policies and excise tax on medical devices, coupled with the consolidation of the hospitals and cost-containment pressures, are expected to be the major restraints for the market growth.

Key Market Trends


The Large Bone Power Tools Segment Holds the Major Share in the Orthopedic Power Tools Market


The 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 diseases.

Orthopedic power tools allow surgeons to perform the same surgical procedures with greater pace and provide increased 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 lightweight, 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.

The key players are also coming up with innovative and technologically advanced products in order to fuel the market demand. For instance, in March 2019, Stryker launched the 1688 Advanced Imaging Modalities (AIM) 4K Visualization Platform, HipCheck. The platform was aimed to offer an enhanced visualization platform while performing orthopedic surgical procedures. Thus, owing to the growing number of orthopedic procedures coupled with the market launch of technologically advanced are the factors expected to fuel the orthopedic power tools market.



North America Dominates the Market, and it is Expected to do same in the Forecast Period


Based on geography, North America holds the largest share in the market studied, due to rising healthcare expenditure in the United States. The factors such as the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure are also some of the major factors propelling the market growth. Additionally, the increasing number of accidents and amputations in the country is also expected to drive the market for orthopedic power tools in North America. According to the estimates of the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), reported that a total of 36,096 people died in motor vehicle crashes in the United States in 2019. According to Access Prosthetics Blog, there were 2.1 million people with limb loss in the country in 2017, and that number is expected to double by 2050. Additionally, 185,000 people have an amputation each year. This means that 300 to 500 amputations are performed every day. Moreover, the availability of high-skilled orthopedic surgeons in the country is also supporting the growth of the US orthopedic power tools market. Furthermore, factors such as technological advancements associated with orthopedic surgeries in North America also add value to the market growth in the long run.

Moreover, according to the United StatesBureau of Labor statistics, in 2019, on average, more than 23% of the United States population engages in sports and physical activity every day. According to a report by Weinsten Legal, published in March 2020, nearly 30 million children and adolescents participate in youth sports of the country each year.​ This can lead to orthopaedic emergencies leading to a demand of the orthopedic power tool in the region.

According to United States Census Bureau in May 2021, in 2019, the population age 65 plus was 54.1 million30 million women and 24.1 million men. As the geriatric population increases, the burden of chronic diseases and associated amputation also rises, which fuels the market studied. Hence, all these factors are going to positively aid the market growth.



Competitive Landscape


The orthopedic tools market is moderately fragmented and competitive, with the presence of a large number of giant players. Some key players in the global orthopedic power tools market include ConMed Corporation, Medtronic PLC, Stryker Corporation, Zimmer Biomet, DePuy Synthes, B Braun Melsungen AG, Arthrex, Micro Aire, De Soutter Medical, and Aygun Surgical Instruments.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Arthrex
  • Brasseler USA
  • De Soutter Medical
  • MedicMicro
  • Micro Aire
  • OsteoMed

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Volume of Orthopedic Procedures
4.2.2 Rise in Aging Population Across the World
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Hospital Consolidation and Cost-containment Pressures
4.3.2 Reimbursement Policies and Excise Tax on Medical Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Large Bone Orthopedic Power Tools
5.1.2 Small Bone Orthopedic Power Tools
5.1.3 High-Speed Orthopedic Power Tools
5.1.4 Orthopedic Reamers
5.2 By Technology
5.2.1 Pneumatic-powered Systems
5.2.2 Electric-powered Systems
5.2.3 Battery-powered Systems
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Arthrex
6.1.2 Aygun Surgical Instruments
6.1.3 B Braun Melsungen AG
6.1.4 Brasseler USA
6.1.5 Conmed Corporation
6.1.6 De Soutter Medical
6.1.7 DePuy Synthes
6.1.8 MedicMicro
6.1.9 Medtronic PLC
6.1.10 Micro Aire
6.1.11 Misonix Inc.
6.1.12 OsteoMed
6.1.13 Stars Medical Devices
6.1.14 Stryker Corporation
6.1.15 Zimmer Biomet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Arthrex
  • Aygun Surgical Instruments
  • B Braun Melsungen AG
  • Brasseler USA
  • Conmed Corporation
  • De Soutter Medical
  • DePuy Synthes
  • MedicMicro
  • Medtronic PLC
  • Micro Aire
  • Misonix Inc.
  • OsteoMed
  • Stars Medical Devices
  • Stryker Corporation
  • Zimmer Biomet
Note: Product cover images may vary from those shown

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