Orthopedic medicine majorly deals with the prevention and treatment of the impairments caused due to any type of physical injury and birth-related disorders of the musculoskeletal systems. Orthopedic power tools are electrical devices that are used in orthopedic surgeries to drill holes through the bones to aid with implants fixation during an orthopedic surgery. Orthopedic power tools are integral part of the modern orthopedic operations that provides more precision, higher accuracy resulting in greater pace of the surgeries. Thus, using orthopedic power tools over conventional surgical tools are highly preferred nowadays. Furthermore, the orthopedic power tools can also be used in case of wound management of pulse lavage to treatment of bone fractures. Orthopedic power tools provides several advantages as they are light weight, easy to assemble, economically viable and highly modular in nature. Due to consistent development in the field of orthopedics, surgical power tools have been very popular in the global orthopedic power tools market.
Rise in the rate of fractures and prevalence of osteoporosis worldwide is expected to fuel growth of the global orthopedic power tools market
The National Osteoporosis Society of England reported over 300,000 fragility fractures in the U.K. in 2014. The report also suggests 1 in 2 women and 1 in 5 men over the age of 50 will suffer a fracture at some point in their lives. Many of such damages could be cured with appropriate treatment, suggesting high probabilities of growth in global orthopedic power tools market. In addition to this, the changing demographics of the world population estimates that by 2050, around half of the hip fracture incidence would be reported in Asia, leading to marginal growth of market globally.
The global orthopedic power tools market can be segmented on the basis of technology, product type and geographical regions
On the basis of technology,
Based on the product type,
On the basis of regional segmentation, the orthopedic power tools market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America holds the highest share in terms on sales in the global orthopedic power tools industry. This owes to rapid technological advancement and increase in volume of orthopedic procedures. Additionally, rise in incidence rate of osteoporosis is projected to fuel growth of the orthopedic power tools market in countries such as China, Japan and Australia
Stimulation of global orthopedic power tools market driven by technological advancements and rise in geriatric population
The global orthopedic power tools market is majorly driven by high prevalence of osteoporosis and orthopedic injuries. According to the International Osteoporosis Foundation, 200 million women worldwide were suffering with Osteoporosis in 2014. This high prevalence rate is expected to fuel the demand for orthopedic power tools for orthopedic surgical procedures in the near future. Several other factors leading to rapid growth of the global market includes evolution of technological and operational tools, growing geriatric population and increase in incidences of fragile fractures. However, the reimbursement policies and excise tax applicable on these tools hinders the growth of the market.
The novel products introduced by new entrants creating extremely competitive scenario in the global orthopedic power tools market
The key players operating the global orthopedic power tools market include Stryker Inc., Zimmer Holdings Inc., Misonix Inc., Arthrex, Aesculap, ConMed Corporation, DePuy Synthes, Brasseler, Medtronic, MedicMicro, B. Braun, OsteoMed and Aygun Surgical Instruments. The frequency of launching innovative products and technology based power tools are reasons because of which these companies are able to hold dominant positions in the market. However, the new entrants are also coming up with novel and efficient power tools that can potentially grab the market in the future.
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