PUBLISHER: Grand View Research | PRODUCT CODE: 1529787
PUBLISHER: Grand View Research | PRODUCT CODE: 1529787
Orthopedic Power Tools Market Trends
The global orthopedic power tools market size was estimated at USD 1.71 billion in 2023 and is projected to grow at a CAGR of 3.86% from 2024 to 2030. The market is driven by several factors, including the increasing incidence of orthopedic injuries & diseases, the growing geriatric population, advancements in surgical techniques, and the rising demand for minimally invasive procedures. For instance, in January 2024, Paragon 28, Inc. presented the FJ2000 Power Console and Burr System, a solution aimed at revolutionizing ankle and foot surgery. This advanced system enables various non-surgical and open practices in the ankle and foot, leveraging the latest technological advancements to enhance surgical outcomes and patient care.
The orthopedic power tools market is experiencing significant growth due to the increasing volume of orthopedic procedures. The rising incidence of bone deformities & injuries is expected to accelerate the need for diverse surgical interventions, such as kyphoplasty, laminectomies, spinal fusions, spinal decompressions, and discectomy, thereby, driving the need for orthopedic power tools. A study released by the NCBI in May 2022 revealed that approximately half a million individuals worldwide experience spinal cord injuries (SCI) annually, with roughly 17,000 fresh cases documented each year in the U.S. This significant incidence of spinal cord injuries is expected to drive the need for orthopedic instruments capable of delivering precise bone preparation, accurate implant positioning, and effective surgical results.
The orthopedic power tools market is poised for growth, driven by the increasing number of product launches by leading players. These new product introductions are bringing advanced technologies, innovative features, and improved surgical outcomes, attracting healthcare providers' attention and adoption. This trend of continuous innovation and product development is expected to be a key driver for the market during the forecast period. For instance, in March 2023, Arbutus Medical introduced the QuikBow, an advanced wire/pin tensioning device that surpasses traditional Kirschner bows in speed and reliability. The QuikBow is included in Arbutus Medical's TrakPak product, a sterile kit for bedside skeletal traction to enhance the efficiency and dependability of orthopedic procedures.
Global Orthopedic Power Tools Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global orthopedic power tools market report based on product, technology, modality, end-use, and region.
U.S.
Canada
Mexico
UK
Germany
France
Italy
Spain
Denmark
Sweden
Norway
Japan
China
India
Australia
South Korea
Thailand
Brazil
Argentina
South Africa
Saudi Arabia
UAE
Kuwait