Surgical Power Tools Market Is Expected to Generate $3.7 Billion by 2031: Allied Market Research
Surge in prevalence of brain tumor and spine tumor serves as a potential opportunity for the expansion of the global surgical power tools market. Based on region, North America held the largest share in 2021, contributing to nearly half of the global surgical power tools market share. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global surgical power tools market.
Portland, OR, March 30, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global surgical power tools market garnered $2.2 billion in 2021, and is estimated to generate $3.7 billion by 2031, manifesting a CAGR of 5.2% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.2 billion |
| Market Size in 2031 | $3.7 billion |
| CAGR | 5.2% |
| No. of Pages in Report | 280 |
| Segments covered | Technology, Product, Application, End User, and Region |
| Drivers | Surge in prevalence of brain tumor and spine tumor |
| Opportunities | Increase in the prevalence of chronic diseases such as cardiovascular diseases, orthopedic diseases, cancer and others |
| Restraints | Surgical power tools are expensive, and many small hospitals and medical facilities may not be able to afford them High acquisition and maintenance costs of surgical power tools High cost of orthopedic, cardiology, and neurology surgical procedures |
Impact of Covid-19 on Surgical Power Tools Market:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global surgical power tools market, as a lot of clinics and hospitals across the globe were restructured to increase the hospital capacity for the patient diagnosed with COVID-19.
- Decrease in the number of elective surgeries during COVID-19 pandemic due to lockdown had decreased the demand for surgical power tool. For instance, World Journal of Orthopedic, in 2020, states that there was an observed reduction in the total number of orthopedic admissions by 55% during the pandemic and elective orthopedic interventions were observed to have been declined by 72% in Poland.
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The research provides detailed segmentation of the global surgical power tools market based on Technology, Product, Application, End User, and Region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on technology, the electric operated segment held the highest share in 2021, accounting for nearly half of the global surgical power tools market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 5.5% from 2022 to 2031.
Based on product, the surgical drill segment accounted for the highest share in 2021, contributing to more than two-fifths of the global surgical power tools market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 5.7% from 2022 to 2031.
Based on end user, the hospitals segment accounted for the highest share in 2021, holding more than half of the global surgical power tools market, and is expected to continue its leadership status during the forecast period. This segment is estimated to grow at the highest CAGR of 5.7% during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to nearly half of the global surgical power tools market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 6.4% during the forecast period.
Leading market players of the global surgical power tools market analyzed in the research include Johnson & Johnson, CONMED Corporation, Sharma Orthopedic, B. Braun SE, GPC Medical Ltd., Stryker Corporation, Medtronic plc, Zimmer Biomet Holding Inc., Arthrex, Inc., Altra Industrial Motion Corp.
The report provides a detailed analysis of these key players of the global surgical power tools market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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