Solid Growth Ahead for Orthopedic Power Tools Market

Slow but steady growth is forecast for the global orthopedic power tools market over the next decade.

Research Nester estimates the sector to swell 4% annually through 2033. Last year, the segment was worth roughly $45 billion.

Expected market growth factors include the technological developments in multifunctional power tools and an increase in the need worldwide for orthopedic power tools. During orthopedic surgeries, power instruments play a crucial role. Among other factors, procedures on bone or bone fragments are performed with these power instruments. Such tools are equipped with a handpiece, consumables, and extras, and are used for various tasks, including reaming, sawing, drilling, and screwing. Rising future healthcare costs and an increasing prevalence of bone diseases will also help drive the market’s expansion. A National Library of Medicine (NLM) survey revealed that approximately 1.5 million people worldwide experience bone fractures due to bone disease annually.
 
In 2019 there were 160 million new occurrences of bone fractures reported globally. Further, bone fractures can occur for various reasons, and there is a specific process required to fix them. Bone fractures are extremely painful and uncomfortable, but the pain and discomfort can be avoided with the help of modernized technologies. In order to mend bones, orthopedic surgeons frequently use power tools. Osteotomes, plate blenders, forceps for cutting through bone, Gigli saws, surgical spoons, suture anchors, and other tools fall under this category. 
 
Additionally, rising bone cancer rates worldwide will contribute to the sector’s growth. American Cancer Society counted 3,910 newly diagnosed cases of primary bone and joint cancer and 2,100 deaths last year. Patients with bone cancer often require many kinds of bone surgeries and bone replacement treatment, orthopedic power tools play a major role during such surgeries. Moreover, the increasing investment in medical research and development is also expected to drive market growth.
 
The global orthopedic power tools market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. The North American segment is expected to retain the largest market share through 2033, due to an advanced healthcare system and the rising occurrence of amputations. It is anticipated that more than 170,000 amputation procedures are performed annually in the United States, and by the year 2050, 3.5 million people are expected to have lost a leg due to various factors. Additionally, the technological advancement in the medical industry and the presence of key market players are likely to accelerate the North American market’s growth.
 
The Asia Pacific segment is estimated to gain noteworthy market share thanks to growing osteoporosis cases. The International Osteoporosis Foundation’s research predicts that by 2050, Asia will be responsible for more than half of all osteoporotic hip fractures. Furthermore, the sporadic intake of a calcium-rich diet, an increase in the prevalence of bone diseases, and high healthcare spending are expected to propel the market;s expansion over the next 10 years.

The market is segmented three ways by technology: battery, electric, and pneumatic powered devices. Of these, the battery powered devices segment is expected to hold the largest market share due to its easy accessibility, reasonable price, and the need for these products to repair bone fractures. There were 160 million new bone fracture cases recorded worldwide in 2019.
 
By end-user, the market is divided three ways: hospitals, clinics, and other specialty clinics. The hospitals segment is estimated to gain noteworthy market share due to rising hospital patient pool and increasing healthcare spending. As per one of the expenditure data reports, global health spending has increased overall during the previous 20 years, doubling in real terms to reach $8.5 trillion in 2019 and 9.8% of gross domestic product (up from 8.5% in 2000). A rising awareness about bone health, medical advancements, and significant investments in healthcare infrastructure across the world also will contribute to the market’s growth.
 
Recent market developments include Stryker Corp.’s September 2022 introduction of the Pulse Intelligent Delivery Platform, a tool designed to aid in foot and ankle procedures performed in ambulatory surgery centers (ASC) facilities; and the strategic partnership between Zimmer Biomet Holdings Inc. and Surgical Planning Associates Inc. Announced in September 2022, the partnership was forged to market HipInsight, a mixed reality U.S. Food and Drug Administration-approved navigation system for total hip replacement.

Orthopedic power tools market players include NSK/Nakanishi Inc., Stryker, CONMED Corporation, India Medtronic Private Limited, Zimmer Biomet, Kaiser Medical Technology Ltd., Johnson & Johnson Services Inc., Allotech Co. Ltd., B. Braun SE, Medtronic plc, and others.