Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Orthopedics is the treatment of conditions involving the musculoskeletal system, which includes musculoskeletal trauma, spine diseases, injuries, infections, genetic disorders, etc. Different procedures are performed by using electrical instruments and accessories while other equipment are pneumatic that are powered using nitrogen gas. Orthopedic power tools are light in weight, easy-to-assemble, and user friendly as compared to conventional heavy tools, which are expected to boost growth of the orthopedic power tools market.
Global Orthopedic Power Tools Market - Impact of the Coronavirus (COVID – 19) Pandemic
The COVID – 19 pandemic is expected to drive growth of the global orthopedic power tools market over the forecast period. According to the Journal of Clinical Orthopedics and trauma, on May, 2020, the coronavirus affects the bones and joints of the patients. Therefore, many orthopedic doctors have been deployed for the monitoring of patients suffering from coronavirus infection. The coronavirus infection causes pain to the patients, which leads to the incapability of patients to perform daily activities. For the treatment of such patients, there has been increasing manufacture of orthopedic implants, tools, instruments and also increase in the ongoing research and development activities for the development of more orthopedic solutions.
The global orthopedic power tools market is estimated to be valued at US$ 943.8 million in 2020 and is expected to witness a robust CAGR of 3.5 % over the forecast period (2020 - 2027).
Figure 1: Global Orthopedic Power Tools Market Share (%) Analysis, By Product Type 2020
Increasing prevalence of orthopedic disorders among the population is expected to drive the global orthopedic power tools market growth
Rising prevalence of osteoarthritis globally is the major factor bolstering the market growth. For instance, according to the World Health Organization, 2019, osteoarthritis is considered as one out of ten disabling diseases in the developed countries. According to the same source, it is estimated that there are 9.6% men and 18.0% women over 60 years of age suffering from symptomatic osteoarthritis, worldwide. Furthermore, 80% people suffering from osteoarthritis have limitations in movement, while 20% of patients cannot carry out their major day to day activities.
Key players are involved in inorganic strategies such as acquisitions, collaborations etc., in order to modify the products by combining the technologies of both the companies
Market players are engaged in inorganic activities such as acquisitions and collaborations, which is expected to enhance their product portfolio and strengthen their position in the global market. For instance, in 2019, Medtronic Plc. acquired Titan Spine, a titanium spine interbody implant and surface technology company. Medtronic Plc. also acquired the complete product portfolio of Titan Spine and is planning to combine the nanoLock surface technology of Titan Spine with technologies of Medtronic Plc., in order to improve the positive impact on patient outcomes during spinal surgical procedures.
Orthopedic Power Tools Market Report Coverage
||Market Size in 2020:
||US$ 943.8 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 1,243.9 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Product Type: Large Bone Orthopedic Power Tools, Small Bone Orthopedic Power Tools, High Speed Orthopedic Power Tools, Orthopedic Reamers.
- By Technology: Electric Powered Systems, Battery Operated Powered Systems, Pneumatic Powered Systems.
- By End User: Orthopedic Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers.
De Soutter Medical Ltd, B. Braun Melsungen AG, AYGUN CO.,INC, Medtronic Plc., DePuy Synthes Companies (Johnson & Johnson), Zimmer Biomet, Stryker Corporation, Exactech, Inc., ERMIS MedTech GmbH, Nouvag AG, Medical Bees GmbH, iMEDICOM, Adeor medical AG, Shanghai Bojin Medical Instrument Co. Ltd, and AlloTech Co. LTD
- Increasing product launches
- Increasing prevalence of orthopedic disorders
|Restraints & Challenges:
Global Orthopedic Power Tools Market - Restraints
The high cost of the orthopedic power tools is expected to restrain the global orthopedic power tools market growth over the forecast period. For instance, the orthopedic power tools are very costly, leading to low utilization of these products in the low / middle income region. For instance, Multifunction Ortho Drill & Saw Set costs around US$ 2 – 3 thousand per piece. Similarly, all other products are in the range from US$ 1 – 3 thousand.
In 2016, the U.S. Food and Drug Administration (U.S. FDA) issued a Class I designation product recall for DePuy Synthes Companies’ (Johnson & Johnson) product, surgical tool power 451 adaptor and light adaptor power sources, as they were found to produce extreme internal pressure and were thought to explode.
Global Orthopedic Power Tools Market - Regional Analysis
On the basis of region, the global orthopedic power tools market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the orthopedic power tools market, owing to the increasing research and development activities and increasing product launches in the region. For instance, in 2018, Medtronic Plc. launched Mazor X Stealth Edition for spine surgery in the U.S., which was developed by Mazor Robotics, a subsidiary of Medtronic Plc.
Figure 2: Global Orthopedic Power Tools Market Value (US$ Mn) & Y-o-Y Growth (%), 2016 - 2027
Global Orthopedic Power Tools Market - Competitive Landscape
Some of the key players operating in the global orthopedic power tools market include De Soutter Medical Ltd, B. Braun Melsungen AG, AYGUN CO.,INC, Medtronic Plc., DePuy Synthes Companies (Johnson & Johnson), Zimmer Biomet, Stryker Corporation, Exactech, Inc., ERMIS MedTech GmbH, Nouvag AG, Medical Bees GmbH, iMEDICOM, Adeor medical AG, Shanghai Bojin Medical Instrument Co. Ltd, and AlloTech Co. LTD.