Orthopedic Power Tools Market: Industry Analysis, Opportunity Assessment and Forecast upto 2026
Orthopedic power tools are used in the treatment and prevention of impairments caused by physical injuries, or birth-related disorders regarding musculoskeletal systems. Orthopedic power tools are devices manufactured for carrying out specific actions such as fixing implants, and drilling in surgical procedures. These are electrically operated devices that facilitate surgeons in performing surgeries with high precision and in lesser time. Large bone power tools, small bone power tools, and high speed power tools are included in the orthopedic power tools currently available in the orthopedic power tools market.
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Increased Adoption of Robotic Surgery to Propel Growth of Orthopedic Power Tools Market
Orthopedic power tools market remains influenced by prevalence of minimally invasive surgeries, which create demand for treating various disorders such as neurosurgical, spinal and orthopedic diseases. Minimally invasive surgeries require orthopedic power tools, which carry out surgeries with a miniscule incision, lower the risk of bleeding, have shorter hospital stay post-surgery, and offer faster recovery.
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Growth of orthopedic power tools market is driven by increased adoption of robotic surgery, owing to limited availability of skilled surgeons worldwide. Surgical robots with multiple arms are foraying into healthcare sector with their high surgical efficiency, with the capability of handling various equipment at the same time, thereby driving growth of orthopedic power tools market. However, hospital consolidation, cost-containment pressures, medical device excise taxes, and unfavorable reimbursement policies are some factors expected to restrain expansion of orthopedic power tools market.
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In its new report, Fact.MR has projected the orthopedic power tools market to register an average expansion throughout the forecast period, 2017 to 2026. Roughly US$ 2,500 Mn revenues will be reaped from the orthopedic power tools market by 2026-end.
North America to Account for Largest Revenue Share of Orthopedic Power Tools Market
Rapid technological advancements, and increasing volume of orthopedic procedures have accelerated growth of orthopedic power tools market in North America. In terms of revenues, the largest share of the orthopedic power tools market will be accounted by North America during 2017 to 2026. Europe and Asia-pacific excluding Japan (APEJ) will also remain lucrative regions for growth of the orthopedic power tools market.