Orthopedic is a branch of medical science that aims at providing the diagnosis, therapy and/or correction, treatment of disorders and deformities related to bones such as spine injuries, joint-related issues, musculoskeletal trauma, infection, and diseases, etc. According to BlueWeave Consulting, it the worth USD 945 million in 2019, and is further projected global Orthopedic Power tools market to reach USD 1.24 billion by 2026, growing at a CAGR of 4% during 2021-2027 (forecast period).
Orthopedic power generated accessories or instruments are needed to perform small-scale surgical procedures like cut, dissect, fragment, emulsify on the bone tissues, with high precision and avoid every human error possible.
Orthopedic power tools Market: End-User
The orthopedic power tools are categorized by end-user as follows: Hospitals, Orthopedic Clinics, Ambulatory surgery centers.
Orthopedic power tools Market: Product type
Under the category of product type orthopedic tools, we have large bone orthopedic tools, small bone orthopedic tools, high-speed orthopedic tools, orthopedic reamers orthopedic tools, and consumables orthopedic tools.
An increasing rate of spinal and neurological injuries coupled with the increasing orthopedic surgeries drive the growth of the Orthopedic power tools market.
The rising injury rate of spinal and neurological injuries is the significant driver for the market. It is anticipated to directly benefit the surgeons and hospitals with the facilities to perform the surgeries with high precision and accuracy, which in turn is likely to fuel the growth of the global Orthopedic tools market.
Hospitals occupy the largest share of the orthopedic power tools market
The demand for orthopedic power tools is growing significantly due to the rising number of patients in hospitals. The hospital's segment growth is followed by pre-hospitals and home care and is likely to dominate in the orthopedic power tools market due to rising patient numbers.
Global orthopedic power tools Market: Regional insights
The global market for Orthopedic power tools is divided into Asia-Pacific, North America, South America, Europe, and Middle-East region. North America catering to the largest share and expected to witness significant growth in the orthopedic power tools market during the forecast period.
The leading players for global Orthopedic Power Tools product market include, Medtronic plc, DePuy Synthes Companies, Stryker Corporation, Zimmer Biomet Holdings Inc. and Johnson & Johnson Medical Inc, NuVasive Inc, Smith & Nephew PLC, and others, are expanding their presence in the market by implementing various business strategies.