The Global Orthopedic Power Devices Market was valued at USD 1.11 billion in 2021, growing at a CAGR of 4.36% during the forecast period from 2022 to 2027 to reach USD 1.44 billion by 2027.
Factors such as increasing prevalence of degenerative bone disorders, rising aging population, rising number of trauma cases, and growth in the product innovation are stimulating the growth of the orthopedic power devices market positively.
Some of the key market players operating in the Orthopedic Power Devices market include Stryker (NYSE: SYK), CONMED Corporation (NYSE: CNMD), Medtronic (NYSE: MDT), DePuy Synthes (Medical Devices Business Services, Inc.), MicroAire Surgical Instruments, LLC, Zimmer Biomet (NYSE: ZBH), De Soutter Medical, adeor medical AG, Smith & Nephew (LON: SN), Arthrex Inc, Brasseler USA, Nouvag AG, AYGUN CO.,INC, iMEDICOM, Shanghai Bojin Medical Instrument Co.,Ltd, ORTHOPROMED, Allotech Co. Ltd., medical bees GmbH, MatOrtho Limited, NAKANISHI INC., and others.
DelveInsight’s “Orthopedic Power Devices Market Insight & Forecast” report will offer an in-depth understanding of the Orthopedic Power Devices market, further benefiting the competitors or stakeholders operating in the Orthopedic Power Devices arena.
Orthopedic Power Devices Overview
A surgical power tool or an orthopedic power device is an equipment which is used to perform surgery on bone or bone fragments. These tools help in sawing, drilling, screwing, and reaming.
Interested to know more about the functioning of Orthopedic Power Devices- Visit @ Orthopedic Power Devices Operations & Working.
Orthopedic Power Devices Market Insights
Among all the regions, North America is expected to amass the largest share of orthopedic power devices market. The growing number of orthopedic surgical procedures owing to the high prevalence of arthritis and other bone diseases, rising population of the elderly, increasing number of sports-related injuries well as better healthcare facilities and reimbursement programs coupled with the presence of major market players as well as higher investment in the research and development activities in the region are predicted to be the major influencing factors in driving the overall growth of the orthopedic power devices over the forecast period.
In North America, the US is expected to account for the largest share in of the North America Orthopedic Power Devices market. This can be attributed to the increasing cases of bone-related disorders in the country. As per the data provided by the US Centers for Disease Control and Prevention (2018), it has been estimated that by 2025, 67 million people in the country will have doctor-diagnosed arthritis and it is expected to reach 78 million by 2045. This increase in the diseases population affected with arthritis would lead to the increased number of orthopedic surgeries in the country which in turn will contribute in the increasing demand for orthopedic power devices thereby aiding in the growth of the orthopedic power devices market in the country and as well as the region. As per the facts provided by the National Safety Council (NSC), a US-based non-profit organization, in 2019, irrespective of the use of exercise equipment, exercise-related injuries accounted for about 468,000 injuries, the most of any category of sports and recreation. It was followed by bicycling with about 417,000 injuries, while basketball with 404,000 injuries, and football, with 292,000 injuries, ranked third and fourth.
The above-mentioned facts point towards the growing need for surgical interventions in order to correct bone-related defects and injuries either due to disease-related etiologies or in trauma cases. All these factors require the usage of orthopedic power devices in bone fixation and correction of bone deformities, thereby contributing in the high demand for orthopedic power devices.
Moreover, the large presence of key market players as well as the launch of new products in the region as a reason of extensive R&D activities also provide favorable conditions for the growth of the North American orthopedic power devices market.
To read more about why North America is leading the market growth in the Orthopedic Power Devices market, get a snapshot of the Orthopedic Power Devices market report.
Orthopedic Power Devices Market Dynamics
One of the main reasons behind the positive growth of the orthopedic power devices market is the rising number of cases of bone fractures among adults. As per the study published in the Lancet journal titled “Global, regional, and national burden of bone fractures in 204 countries and territories, 1990–2019: a systematic analysis from the Global Burden of Disease Study 2019” published in 2021 stated that in 2019, there were 178 million new fractures (an increase of 33.4% since 1990), 455 million prevalent cases of acute or long-term symptoms of a fracture (an increase of 70.1% since 1990), and 25.8 million YLDs (an increase of 65.3% since 1990). As per the above-mentioned source, in 2019, the lower leg fractures of the patella, tibia or fibula, or ankle were the most common and burdensome fractures worldwide. The increasing incidence rate of bone fractures can be attributed to the rising prevalence of degenerative bone disorders such as osteoporosis and spinal disc degeneration in adults particularly the elderly population. Thus, the demand for orthopedic power devices will also increase which will drive the market growth during the forecast period.
Moreover, according to the World Health Organization factsheet (2021) on road traffic injuries, road traffic injuries are the leading cause of fatality in children and young adults in the age group of 5-29 years across the globe. The same factsheet further stated that near about 20-50 million people suffer from non-fatal injuries in road accidents resulting in a disability as a result of their injury. Road traffic injuries (RTIs) are the leading cause of unintentional injuries, accounting for the greatest proportion of deaths from unintentional injuries worldwide. Injuries of these nature also result in the orthopedic surgical procedures as a major corrective treatment course thereby resulting in the increased demand for orthopedic power devices.
However, factors such as the complex designs of the conventional orthopedic power devices that restrict the access of the area to be operated due to attached wires and the requirement for cleaning and sterilization before being reused may inhibit the growth for orthopedic power devices in the market.
Recent Breakthroughs in Orthopedic Power Devices Market:
- In June 2021, Stryker received the 510k approval from the US Food and Drug Administration for their Stryker iBur hubs and cutting accessories which are intended to be used with the Stryker Core Consolidated Operating Room (CORE) Console and electric and pneumatic motors.
- In June 2021, Zethon Ltd received the 510k approval from the US Food and Drug Administration for their hekaDrill for use in the incisions, drilling, sawing of soft and hard bone tissue.
- In April 2021, adeor medical AG received the 510k approval from the US Food and Drug Administration for their Velocity Alpha High speed Surgical Drill System for rapid cutting, sawing, drilling and manipulation of soft tissue and bone.
Key Players Proactively Working In the Orthopedic Power Devices Market
Key Orthopedic Power Devices companies involved in manufacturing and production are making significant growth in the advancement of these devices. To boost their market position, they also engage in mergers and acquisitions. Some of the key Orthopedic Power Devices companies operating actively in the Orthopedic Power Devices market include Stryker, CONMED Corporation, Medtronic, DePuy Synthes (Medical Devices Business Services, Inc.), MicroAire Surgical Instruments, LLC, Zimmer Biomet, De Soutter Medical, adeor medical AG, Smith & Nephew, Arthrex Inc, Inc, Brasseler USA, Nouvag AG, AYGUN CO.,INC, iMEDICOM, Shanghai Bojin Medical Instrument Co.,Ltd, ORTHOPROMED, Allotech Co. Ltd., medical bees GmbH, MatOrtho Limited, NAKANISHI INC and others.
Scope of the Orthopedic Power Devices Market Report:
- Geography Covered: Global
- Study Period: 2022-2027
- Key Orthopedic Power Devices Companies: Stryker, CONMED Corporation, Medtronic, DePuy Synthes (Medical Devices Business Services, Inc.), MicroAire Surgical Instruments, LLC, Zimmer Biomet, De Soutter Medical, adeor medical AG, Smith & Nephew, Arthrex Inc, Inc, Brasseler USA, Nouvag AG, AYGUN CO.,INC, iMEDICOM, Shanghai Bojin Medical Instrument Co.,Ltd, ORTHOPROMED, Allotech Co. Ltd., medical bees GmbH, MatOrtho Limited, NAKANISHI INC and others.
- Market Segmentation by Type: Large-Bone Powered Devices and Small-Bone Powered Devices
- Market Segmentation by Product Type: Drills, Saws, Reamers, and Others
- Market Segmentation by Power Source: Pneumatic, Battery-Powered, and Electric
- Market Segmentation By Usability: Single-Use and Reusable
- Market Segmentation By End-User: Hospitals, Ambulatory Surgical Centers, and Others
- Market Segmentation by Geography: North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Table of Contents
|3||Regulatory and Patent Analysis|
|4||Key Factors Analysis|
|5||Orthopedic Power Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Orthopedic Power Devices Market|
|7||Orthopedic Power Devices Market Layout|
|8||Orthopedic Power Devices Global Company Share Analysis – Key 3-5 Companies|
|9||Orthopedic Power Devices Companies and Product Profiles|
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