Surgical Power Tools Market Growth Predicted at Over 5.7% Till 2026: Global Market Insights, Inc.

SELBYVILLE, Del., July 9, 2020 (Newswire.com) - ​According to the latest report “Surgical Power Tools Market by Product (Handpiece, Disposables {Drills, Saws, Staplers, Reamers, Blades, Burrs, Shavers}, Accessories), Technology (Electric-operated Power Tools, Battery-driven Power Tools, Pneumatic Power Tools), Device Type (Large Bone Power Tools, Medium Bone Power Tools, Small Bone Power Tools, High Speed Drilling Systems), Application (Orthopedic Surgery, Dental Surgery, ENT Surgery, Neurology Surgery, Cardiothoracic Surgery), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of surgical power tools will cross $2.9 billion by 2026.

The growing need for orthopedic procedures for medical conditions such as osteoporosis, osteoarthritis, etc. are propelling the surgical power tools market demand. Recent electric motors in surgical power tools are more powerful as compared to the previous motors in the traditional power tools. In addition, the launch of a sensorless, brushless, fully electronically controlled motor will boost the market growth.

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The growing geriatric population, an increase in the preference of surgical power tools and rising acceptance of minimally invasive surgical procedures due to a decrease in out-of-pocket expenditure are some of the factors that will boost the market growth. Additionally, an increase in the number of healthcare facilities such as hospitals and ambulatory surgical centers will enhance the market size.

The small bone surgical power tools market is anticipated to expand at a CAGR of around 5.8% through 2026. An increasing number of ENT surgeries, dental surgeries, maxillofacial surgeries, and extremities will prove beneficial for the segmental growth. For instance, according to a recently published statistics by the Office for National Statistics, in 2017, the total number of dental practices in the UK was around 12,010. Thus, a large group of people requiring dental surgical procedures will positively impact the segmental growth.

The handpiece product segment was valued at USD 952 million in 2019 and is projected to showcase lucrative growth over the coming years. The handpiece allows improved access and a better view of the surgical site and is paired with the accessories, disposables, and attachments. Increasing demand for these handpieces during orthopedic procedures for various applications such as drilling, placing bone screws, fixing of guidewires and pins will contribute to the segmental growth.

The battery-driven surgical power tools market held a revenue share of around 35% in 2019 owing to the advantages such as user convenience and absence of lead attachment with the tools. Moreover, lithium batteries are usually preferred in battery-driven power tools on account of their longer life as compared to nickel batteries. In addition to that, these power tools allow for more freedom of movement due to the absence of cables.

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The cardiothoracic surgery application segment size was over USD 143 million in 2019 due to an increasing number of cardiothoracic surgical procedures such as open-heart procedures, transplantation, implantation of devices, etc. According to a recent statistic by the Texas Heart Institute, more than 200,000 bypass surgeries are performed in the U.S. every year. Thus, an increase in cardiology related surgery procedures will increase the demand and adoption of surgical power tools.

Germany dominated the Europe surgical power tools market and held a share of around 19% in 2019. Increasing neurological disorders and a high preference for surgical power tools contribute to the country’s high share. Moreover, the advent of newer technologies related to surgical power tools will enhance market growth across Germany. For instance, industry players such as Medtronic, Stryker and Johnson & Johnson have introduced simplified and modern approach surgical power tools offering the ability to ream, saw, and drill with the same handpiece.

Table of Contents (ToC) of the report:

Chapter 3.    Surgical Power Tools Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2026

3.3. Industry impact forces

3.3.1.    Growth drivers

3.3.2.    Industry pitfalls & challenges

3.4. Growth potential analysis

3.5. COVID-19 impact analysis

3.6. Porter’s analysis

3.7. Competitive landscape, 2019

3.7.1.    Company matrix analysis, 2019

3.8.    PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Source: Global Market Insights, Inc.