Global Orthopedic Power Tools Market to Exceed $1.24 Billion by 2027

According to Coherent Market Insights, the global orthopedic power tools market is estimated to be valued at $943.8 million in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 3.5 percent through 2027.
 
Key trends in the market include increasing prevalence of orthopedic disorders and rising adoption of growth strategies such as products launches, acquisition and collaboration, and others.
 
Increasing product launches is expected to boost the global orthopedic power tools market growth over the forecast period. In 2019, Zimmer Biomet Holdings Inc. launched the ROSA Knee System, which helps the surgeons performing Total Knee Arthroplasty (TKA). The ROSA Knee System helps the surgeons during bone resections and by identifying the state of the soft tissues in order to carry out implant positioning intraoperatively.
 
Market players are focusing on inorganic activities such as acquisition and collaborations in order to enhance their product portfolio and strengthen their position in the global market, which is expected to propel the global orthopedic power tools market growth. In December 2018, Medtronic plc acquired Mazor Robotics, an Israel-based company, which is an innovator of spine surgeries using guidance systems and complementary products, which has led to the expansion of product portfolio of Medtronic.
 
Increasing prevalence of orthopedic disorders globally is expected to spur the global market growth over the forecast period. For instance, according to the World Health Organization, 2019, the prevalence of rheumatoid arthritis is increasing globally. The prevalence varies between 0.3 percent and 1 percent, and is more common in women and in developed countries. Moreover, back pain is the most common cause of disability among young adults. Lower back pain is the most common spinal disorder and affects over 80% of people at some point in their life time.
 
The global orthopedic power tools market is expected to exhibit a CAGR of 3.5 percent through 2027, owing to rising product launches by market players during the forecast period. In 2017, Stryker Corporation launched System 8 power tools, which has high capacity battery cells as compared to the System 7 power tools.
 
North America region is expected to hold a dominant position in the global orthopedic power tools market over the forecast period. This is owing to increasing adoption of inorganic growth strategies by the market players. In 2019, Stryker acquired Orthospace Ltd., for acquiring the rotator cuff implant i.e., the company’s biodegradable InSpace Balloon. The balloon spacer fits between the shoulder’s scapula, acromonion bone, and humerus of the arm, which helps to realign the natural mechanics of the shoulder, reduce pain, and improve the motion of the arm.
 
Key players operating in the global orthopedic power tools market include De Soutter Medical Ltd., B. Braun Melsungen AG, AYGUN Co. Inc., Medtronic., DePuy Synthes Companies (Johnson & Johnson), Zimmer Biomet, Stryker, Exactech Inc., ERMIS MedTech GmbH, Nouvag AG, Medical Bees GmbH, iMEDICOM, Adeor medical AG, Shanghai Bojin Medical Instrument Co. Ltd., and AlloTech Co. Ltd.