Surgical Power Tools Global Market Report 2024

The surgical power tools market size has grown strongly in recent years. It will grow from $2.2 billion in 2023 to $2.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The increase observed in the historical period can be attributed to early initiatives in surgeon training, regional adoption dynamics, and the establishment of foundational regulatory standards.

The surgical power tools market size is expected to see strong growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to the integration of digital and robotic features in surgical power tools, market penetration strategies, enhanced surgeon training programs, and the expansion of healthcare infrastructure. Major trends expected in the forecast period involve a focus on safety and precision in surgical procedures, a growing demand for specialized surgical techniques, and an increased adoption of robotics in the field of surgical power tools.

The growth of the surgical power tools market is being propelled by the increasing number of knee and hip replacement surgeries. These surgical procedures involve the replacement of damaged or diseased joint components with artificial prosthetic implants. Surgical power tools play a crucial role in these surgeries, facilitating activities such as drilling, sawing, reaming, screw insertion, and bone shaping. Notably, the 2022 Australian Orthopedic Association National Joint Replacement Registry (AOANJRR) Annual Report revealed an 8% increase in hip, knee, and shoulder joint replacements in 2021 compared to the previous year. Consequently, the rising prevalence of knee and hip replacement surgeries is expected to drive the growth of the surgical power tools market.

The growth of the geriatric population is anticipated to further boost the surgical power tools market. The elderly, constituting those aged 65 and older, face an increasing need for surgical interventions. Surgical power tools are valuable in reducing surgery duration, particularly beneficial for older patients with limited physical reserves. Minimizing the time spent under anesthesia and on the operating table contributes to faster post-operative recovery and decreased complications. A report by the World Health Organization (WHO) in October 2022 predicted that one in six people globally would be 60 or older by 2030, reaching 2.1 billion people aged 60 or older by 2050. This increase in the geriatric population is a key driver for the growth of the surgical power tools market.

The higher costs associated with adopting surgical power tools are expected to impede market growth. Despite the rising demand for advanced surgical tools due to an increasing number of patients with orthopedic, craniomaxillofacial, and spinal disorders, the high prices of these products present a challenge. This can act as a significant barrier to market growth, particularly in cost-sensitive healthcare systems where healthcare providers and patients may hesitate to invest in expensive surgical power tools. For example, Alibaba.com lists various surgical power tools, including bone surgical tools and power drills, with prices ranging from $461.72 to $490.58 for a set. Hence, the higher costs linked to adopting surgical power tools hinder the market's growth.

Major companies in the surgical power tools market are responding to market needs by developing innovative products with advanced technologies. The CD NXT power tool system, featuring real-time depth measurement during drilling, is an example. Stryker Corporation, a US-based medical technology company, launched the CD NXT System in March 2023. The patented technology provides real-time depth measurement, ensuring quick, precise, and uniform digital depth measurement in various procedures. The system's features include one-step drilling and measurement, automatic cortex-to-cortex measurement with digital readout, and compatibility with all legacy cordless driver attachments. This technology enhances surgical precision across different procedures.

In November 2021, Globus Medical Inc., a US-based musculoskeletal devices company, acquired Capstone Surgical Technologies for $50 million. This strategic move allows Globus Medical to expand its advanced drill and robotic surgery platform businesses. The acquisition also includes additional considerations contingent on FDA approval for new devices. Capstone Surgical Technologies, a US-based medical device company specializing in surgical power tools, particularly surgical drills, is now part of Globus Medical Inc.

Major companies operating in the surgical power tools market report are Johnson & Johnson, 3M, Medtronic plc, Becton Dickinson and Company (BD), Stryker Corporation, Zimmer Biomet Holdings Inc., Olympus Corporation, GPC Medical Ltd., Smith and Nephew plc, B. Braun Melsungen AG, Arthrex Inc., Altra Industrial Motion Corp., Integra LifeSciences Corporation, Conmed Corporation, Karl Storz GmbH & Co. KG, Exactech Inc., KLS Martin Group, Komet Medical, De Soutter Medical Ltd., MatOrtho Limited, MicroAire Surgical Instruments LLC, Nouvag AG, Shanghai Bojin Medical Instruments Co. Ltd., Imedicom Co. Ltd., Orthopromed Inc., Sharpline Group.

North America was the largest region in the surgical power tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surgical power tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the surgical power tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The surgical power tools market includes revenues earned by entities that provide services such as sterilization services, equipment testing services, and emergency services. The market value includes the value of related goods sold by the service provider or included within the service offering. The surgical power tools market consists of sales of products such as pneumatic surgical tools, cordless surgical tools, and surgical saw blades. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary products in the category of surgical power tools include surgical drills and electric pen drives. A surgical drill is a specialized medical device employed in surgical procedures to create holes or openings in bones or hard tissues with precision and safety. These drills utilize various technologies, including electric-operated power tools, battery-driven power tools, pneumatic power tools, and others, available as both reusable and disposable tools. Surgical drills are utilized in various applications such as orthopedic surgery, neurosurgery, dental and craniomaxillofacial surgery, ear, nose and throat (ENT) surgery, cardiothoracic surgery, plastic and reconstructive surgery. These tools are utilized by hospitals, clinics, ambulatory surgical centers, and other healthcare facilities.

The surgical power tools market research report is one of a series of new reports that provides surgical power tools market statistics, including the surgical power tools industry global market size, regional shares, competitors with a surgical power tools market share, detailed surgical power tools market segments, market trends and opportunities, and any further data you may need to thrive in the surgical power tools industry. This surgical power tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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