Global Orthopedic Power Tools Market to Grow by CAGR of ~4% During 2023 – 2033 on the Back of Growing Demand for Orthopedic Devices
Research Nester published a report titled “Orthopedic Power Tools Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers a detailed overview of the global orthopedic power tools market in terms of market segmentation by orthopedic power tools, product type, technology, application, end-user, and by region.
Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, and supply and demand risk, along with a detailed
discussion of current and future market trends that are associated with the
growth of the market.
The
global orthopedic power tools market is projected to grow at a CAGR of ~4% by
attaining substantial revenue during the forecast period, i.e., 2023 – 2033.
Spiking cases of bone fractures are anticipated to propel the growth of the
market during the forecast period. As of
2019, around 160 million new cases of bone fracture occurred. Additionally,
increasing demand for orthopedic power tools in arthroplasty is further
estimated to propel the market growth over the forecast period. Approximately 4000 new cases of bone and joint
cancer are confirmed in 2022, additionally, 1 out of 100,000 people die each
year owing to bone and joint cancer.
Additionally,
by technology, the global orthopedic power tools market is segmented into battery, electric, and pneumatic powered
devices. Out of these sub-segments, the battery powered devices segment
is estimated to obtain the largest share in the market during the forecast
period. The growth of the segment can be accounted to convenient utilization
and affordability. As of 2019, around 160
million new cases of bone fracture were reported worldwide.
Furthermore,
the global orthopedic power tools market, by region, is bifurcated into North
America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
region. Out of these regions, the market in the North America region is
estimated to grow at a rapid pace over the forecast period on the back of the
rising prevalence of amputation due to several reasons. For instance, approximately 170,000 amputation procedures take place
annually in the USA.
The
research is global in nature and covers a detailed analysis of the market in
North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain,
Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden,
Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America
(Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India,
Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand,
Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE,
Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle
East and Africa). In addition, analysis comprising market size, Y-O-Y growth
& opportunity analysis, market players’ competitive study, investment
opportunities, demand for future outlook, etc. have also been covered and
displayed in the research report.
Increasing Prevalence of Bone
Fracture to Foster the Growth of the Market
As of 2019, around 160 million
new cases of bone fractures were confirmed.
Bone
fractures are caused by several bone diseases and sports injuries and require
constant medical care. Bone fractures are very discomforting and painful but
they can be avoided and treated with the help of orthopedic power tools. Some examples
of these devices are osteotomes, plate blenders, bone cutting forceps, Gigli
saws, surgical spoons, suture anchors, and others. Therefore, such factors are
anticipated to propel the growth of the market during the forecast period.
However,
the requirement for higher initial investment and lack of requisite technology
and skilled medical professionals is expected to operate as a key restraint to
the growth of the global orthopedic power tools market over the forecast
period.
This
report also provides the existing competitive scenario of some of the key
players in the global orthopedic power tools market which includes company
profiling of NSK/Nakanishi Inc., Stryker Corporation, CONMED Corporation, India
Medtronic Private Limited, Zimmer Biomet, Inc., Kaiser
Medical Technology Ltd, Johnson & Johnson Services, Inc., Allotech
Co., Ltd, B. Braun SE, Medtronic PLC. The
profiling enfolds key information of the companies which encompasses business
overview, products and services, key financials, and recent news and
developments. On the whole, the report depicts a detailed overview of the
global orthopedic power tools market that will help industry consultants,
equipment manufacturers, existing players searching for expansion
opportunities, new players searching for possibilities, and other stakeholders
to align their market-centric strategies according to the ongoing and expected
trends in the future.
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