Orthopedic Power Tools Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Orthopedic Power Tools market was valued at USD 1,007.20 million in 2020, and it is expected to reach USD 1,254.37 million by 2026, registering a CAGR of 3.78% during the forecast period.
The pandemic has had ramifications for 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.
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 Centers for Disease Control and Prevention, unintentional injury accounted for 167,127 in 2018, and the number of deaths due to traffic accidents was reported to be 37,991 in the United States in the same year. According to the same data, 39.5 million physician visits and 29.4 million emergency department visits occurred in 2017in 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 statistics of the Arthritis Foundation, in 2017, an estimated 30.8 million adults were found to be suffering from osteoarthritis (OA). The prevalence of OA increases with age, and it is seen in up to 80% of people, over the age of 65 in high-income countries. 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.
In addition, the rising number of sports-related injuries around the world has also increased the demand for technological innovations in orthopedic surgeries. For instance, according to the National Safety Council (NSC), in 2017, 526,000 injuries were reported due to personal exercise, 500,000 players were injured due to basketball, 457000 due to bicycling, and 341,000 due to football. NSC also reported that 199,000 swimming injuries were treated in the emergency room in 2017. Spine, shoulder, head, and knee injuries accounted for more than 50% of these total injuries. 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.
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.
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 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. The increasing need for orthopedic procedures is driving the demand for orthopedic power tools in the region. 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.
Apart from North America, Europe is also expected to hold a significant share of the market owing to the rising geriatric population and increasing demand for orthopedic procedures. As per the Germany Federal Statistical Office 2020 report, currently, there are about 83 million people in Germany. Of these, 16.2 million people are above 67 years of age, and this number is projected to reach 21.4 million by 2040. 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.
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.