Market Trends of Orthopedic Power Tools Industry
Large Bone Power Tools Segment is Expected to Hold the Major Share of the Market Over the Forecast Period
Large bone power tools are specialised orthopaedic tools designed specifically for larger bone procedures, such as hips, femurs, and tibias. These tools include drills, saws, and reamers, engineered to handle large bones' size, density, and complexity. The large bone power tools segment holds a significant share of the orthopaedic power tools market. It is anticipated to sustain its dominance during the forecast period, owing to the increasing prevalence of accidents, sports injuries, and orthopaedic diseases.
The increase in road accidents and trauma cases led to several bone injuries, necessitating the availability of advanced large bone power tools, thereby augmenting the market growth. For instance, as per the report published by the Ministry of Road Transport and Highways of India (MoRTH) in December 2022, about 1,130 road accidents are reported daily in India. Hence, India's high frequency of road accidents is projected to drive the segment growth during the forecast period. In addition, injuries such as fractures, sports-related trauma, and accidents often require surgical intervention for proper treatment and recovery. For instance, as per the data released by the Bureau of Labor Statistics in December 2022, fatal work injuries increased by 8.9% to 5,190 in the United States in 2021. Hence, the rising number of injuries is projected to propel the demand for extensive bone power tools.
Furthermore, the prominent players are actively participating in launching innovative and technologically advanced large bone power tools, which are also projected to augment market growth during the forecast period. For instance, in August 2021, DynaMedic launched an effective bone power tool, the flagship model of electric handpieces. Thus, owing to the growing number of accidents and injuries, the launch of technologically advanced products is expected to fuel the orthopaedic power tools market during the forecast period.
North America Dominates the Market, and it is Expected to do same Over the Forecast Period
The geographical analysis of the orthopaedic power tools market shows that North America holds a significant market share in the global market owing to the presence of robust healthcare infrastructure, a high number of orthopaedic procedures, and the growing ageing population of the region. For instance, as per Statpearls update in August 2022, it was estimated that one in seven persons in the United States has wrist arthritis which stands for nearly 13.6% of the population in the country. The same source also reported that the prevalence of rheumatoid arthritis affecting the wrist is 2.5 million people in the United States. Such a high burden of wrist arthritis creates the need for wrist arthroplasty and thus propels the growth of orthopaedic power tools.
Furthermore, the rising research studies and government investment to expand and improve orthopaedic power tool offerings also contribute to the market growth. For instance, in September 2022, Grand River Hospital initiated a study designed to evaluate the use of intraoperative technology for patients undergoing hip replacement surgery. The government of Ontario has invested USD 1 million in this study. Intraoperative tools are innovative technologies used to increase the accuracy of hip implants. Such studies are expected to improve patient outcomes, efficiencies, and cost savings. Also, in April 2022, the Ontario government provided USD 300 million 2022 2023 for the Surgical Recovery Strategy to benefit thousands of Ontarians living with arthritis and waiting for their joint replacement surgery. Such government investment will support people undergoing surgeries to treat fractures caused due to arthritis, which is expected to boost the demand for orthopaedic power tools in the country.
Therefore, due to the high prevalence of arthritis and various government initiatives, the regional orthopaedics market is expected to grow significantly during the forecast period.
