Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The surgical drill market is set to hit a whopping USD 1.78 billion by 2028, with a CAGR of 6.2% throughout the forecast period, the market already flaunted a value of USD 1.12 billion. Prepare for a market surge due to rising chronic disorders needing surgeries and rapid advancements in next-gen solutions.
This intel comes straight from Fortune Business Insights in their report titled "Surgical Drill Market, 2021-2028."
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Surgical Drill Market Key Industry Development:
Arbutus Medical has unveiled its latest orthopedic power tool, the "SteriTrak kit." This innovative kit comprises both a single-use cover and a specialized pin cover, all conveniently packaged together.
Key Takeaways:
- In December 2020, Medtronic obtained approval from the USFDA for its Midas Rex high-speed drills integrated with the Mazor Robotic Guidance System.
- Based on a research study carried out by the National Patient Safety Agency (NPSA) in the U.S., surgical drills comprised the largest group (40%) of broken and poor-quality instruments.
- The global market is categorized by indication, with segmentation into orthopedic, dental, neurology, ENT, and other segments.
- In 2020, the North American market for surgical drills was valued at USD 0.61 billion in terms of market size.
Discover the Leading Players Featured in the Report:
Medtronic (Dublin, Ireland), Stryker (Kalamazoo, U.S.), Johnson & Johnson Services, Inc. (New Brunswick, U.S.), NSK/NAKANISHI INC. (Kanuma, Japan), Zimmer Biomet (Warsaw, U.S.), B. Braun Melsungen AG (Melsungen, Germany), De Soutter Medical (Buckinghamshire, U.K.), AlloTech Co., LTD. (Namyangju-si, Korea)
Surgical Drill Market Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.2% |
| 2028 Value Projection | USD 1.78 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.17 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 149 |
| Segments covered | Product Type; Type; Application; End User; and Region |
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Surgical Drill Market Segmentation:
The market is classified into instruments and accessories by product type. In terms of type, it is split into reusable and disposable categories. The application segment includes ENT, neurological, dental, orthopedic, and others. End-users are categorized into specialty clinics and hospitals & ASCs. Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Surgical Drill Market Driving factor:
Rising surgical procedures set to drive the demand for dependable medical devices
The increasing prevalence of various chronic disorders is anticipated to drive the demand for efficient medical devices. Additionally, the rise in road accidents, sports injuries, and trauma is expected to fuel the demand for technologically precise and efficient surgical solutions. According to data from the World Health Organization (WHO), global surgery numbers ranged from 666 to 11,168 in 2019, with trauma and road accidents being significant contributors. Furthermore, there is a strong demand for effective medical instruments, contributing to increased product demand. Manufacturers are making substantial investments in research and development to enhance the efficiency and user-friendliness of surgical drills. The integration of AI and robotics aids medical professionals in safe and efficient operations. These factors are poised to propel the growth of the surgical drill market.
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Surgical Drill Market Regional insights:
North America is poised to maintain its dominance in the surgical drill market share, primarily due to the high prevalence of neurological and orthopedic disorders. The market in North America was valued at USD 0.61 billion in 2020 and is anticipated to exhibit positive growth in the coming years. Additionally, the increasing healthcare expenditure is expected to drive the demand for surgical drills, contributing to market expansion.
In Europe, the growth of the market is expected to be fueled by the increasing number of orthopedic surgeries in countries like Germany and the U.K. Moreover, a rising number of hip and knee procedures, exemplified by approximately 160,000 knee and hip procedures annually in Wales and England according to data from the National Joint Registry, is likely to boost product sales and overall market growth.
In Asia Pacific, the market is anticipated to experience development driven by factors such as the expanding presence of market players in developing countries, the surge in medical tourism, and the overall increase in surgical procedures in the region.
Competitive Landscape
Key players in the market unveil innovative products to capture consumer interest and enhance their brand visibility. For instance, in June 2021, Jiomax introduced its new Shrill, the Shaver Drill System, which has the potential to attract a substantial consumer base and elevate the company's brand recognition. Moreover, the adoption of acquisition strategies allows companies to acquire resources, broaden their product portfolios, and enhance their brand reputation. Additionally, substantial investments in research and development result in the creation of cutting-edge products, driving sales and enabling companies to augment their annual revenues.
FAQs
How big is the Surgical Drill Market?
Surgical Drill Market size was USD 1.17 billion in 2021.
How fast is the Surgical Drill Market growing?
The Surgical Drill Market will exhibit a CAGR of 6.2% during the forecast period, 2021-2028
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Related Links:
Orthopedic Devices Market Size, Share, Growth Industry Report.
Orthopedic Power Tools Market Share, Size, Demand, and Forecast.
Medical Devices Market Size, Share, Growth Industry Report.
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