Transparency Market Research
(TMR) has published a new report titled, “Surgical Drills Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”.
According to the report, the global surgical
drills market was valued at US $ 412.6 Mn in 2017. It is projected to
expand at a CAGR of 4.7% during the forecast period. Factors such as rise in
number of surgical procedures and an increase in prevalence of chronic diseases
that require surgical procedures are driving the surgical drills market.
Moreover, factors such as increased healthcare spending and medical tourism are
propelling the global surgical drills market. North America is expected to
dominate the global surgical drills market due to the presence of major players
and an increase in the number of surgical procedures. Latin America and Asia
Pacific are potential markets for surgical drills. The market in Asia Pacific
is expected to expand at a CAGR of 5.2% during the forecast period.
Rise in number of surgical
procedures and increase in healthcare spending to drive the global market
Rise in number of surgical
procedures is a major driver for the global surgical drills market. Increase in
number of surgeries, especially orthopedic and dental surgeries, fuel the use
of surgical drills. According to the WHO, the total number of surgical
procedures were 226.4 million in 2004 and it increased to 312.9 million in
2012, globally, a 38.2% increase over the previous 8 years. The number of
people affected with chronic diseases continues to rise across the world. This,
in turn, fuels the need for surgical operations. Hence, a rise in the incidence
of chronic disorders that require surgeries is a key factors that drives the
global market. Similarly, increase in per capita healthcare expenditure and
medical tourism drive the global surgical drills market. Health care
expenditure in the U.S. was 17.6% of the country’s GDP in 2011. Per capita
expenditure on health care increased from US$ 8,500 in 2011 to US$ 10,348 in
2016. Medical tourism is also a major contributor to the expansion of the
surgical drills market.
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Battery powered drills to be
highly lucrative segment
Battery powered drills is an
emerging segment of the surgical drills market. It is projected to account for
20.2% share of the market by 2026, expanding at a CAGR of 5.2% during the
forecast period. The segment is anticipated to reach a value of US $ 125.77 Mn
by 2026. Advancements in technology, ease of usage, and reduction in average
waiting time for surgeries are expected to boost the demand for battery powered
drills in the global market during the forecast period.
Orthopedic to be dominant
segment
Orthopedic is a dominant segment
of the surgical drills market. It is expected to maintain its position during
the forecast period. The segment is anticipated to reach a value of US $ 343.01
Mn by 2026. It is projected to account for 55.2% share of the market by 2026,
expanding at a CAGR of 4.9% during the forecast period. Increase in the number
of orthopedic surgeries, rise in the geriatric population and increase in
healthcare expenditure for orthopedic surgeries are major factors that drive
the global market. For instance, according to the Agency for Healthcare
Research and Quality (AHRQ), in the U.S., the volume of orthopedic surgical
procedures increased to 37, 85,000 in 2011 from 27, 40,000 in 2001 a 38% rise
in 10 years.
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Hospitals & Ambulatory
Surgical Centers to be promising segment
In terms of end-user, the global
market has been segmented into hospitals & ASCs, clinics, and others. The
hospital & ambulatory surgical centers segment held a major share of the
global market in 2017. It is expected to expand and hold a notable share of
market during the forecast period. The hospital & ambulatory surgical
centers segment is projected to hold 69.5% share by 2026, expanding at a CAGR
of 4.9% during the forecast period. Expansion of the segment can be attributed
to the increase in application of surgical drills for surgical procedures and
the rising number of operating procedures. Hospitals and ambulatory surgical
centers are preferred due to the availability of advanced technology and better
health care services, which drive the demand for surgical drills in the market.
North America expected to
dominate global market
In terms of region, the global
surgical drills market has been segregated into five major regions: North
America, EU Economic zone, Asia Pacific, Latin America, and Middle East &
Africa. North America dominated the global market in 2017. The market in North
America is expected to expand at a CAGR of 4.5% during the forecast period. In
terms of revenue, the market in the U.S. was valued at US$ 148.83 Mn in 2017.
It accounted for 34.5% share of the market in North America, owing to the
presence of major players in the region and rising number of surgical
procedures. Orthopedic is the dominant segment of the market in the region. It
is likely to expand at a CAGR of 4.7% during the forecast period. Asia Pacific
is a lucrative market. The market in the region is projected to expand at a
CAGR of 5.2 % during the forecast period due to medical tourism, rise in
awareness regarding lifestyle diseases, and improvement in healthcare
infrastructure.
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Stryker Corporation
anticipated to lead global market
The global surgical drills market
is semi-consolidated, in terms of number of players. Key players operating in
the global market include Stryker Corporation, Zimmer Biomet Holdings, Inc.,
Medtronic plc, DePuy Synthes, De Soutter Medical, CONMED Corporation, adeor medial
AG, Arthrex, Inc., AlloTech Co.Ltd., and B.Braun Melsungen AG. Stryker
Corporation and Zimmer Biomet Holdings, Inc. were market leaders in 2017. They
are expected to dominate the market during the forecast period. Focus on
introducing new and advanced innovative products and acquiring neuro and
surgical instruments portfolios in the surgical drills segment by these players
are key factors responsible for their high share in the global market.
Strengthening product portfolio through partnerships and mergers with domestic
and multinational players are key strategies adopted by major players.\
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