Surgical Drills Market Is Estimated To Witness High Growth Owing To Technological Advancements
The surgical drills market is estimated to be valued at US$ 604.7 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surgical drills are essential medical devices used for cutting through bones and creating spaces during orthopedic and neurosurgery. Powered by electricity, batteries or pneumatically, surgical drills are available in different sizes and shapes depending on the surgical procedure. Key applications of surgical drills include orthopedic surgery for fixing bones or installing screws and plates, and neurosurgery for craniotomy procedures. Advancements in drill design, power source and attachments have improved accuracy and safety in complex surgical procedures.
Market Dynamics:
The surgical drills market is primarily driven by growing geriatric population undergoing joint replacement surgeries and rising incidence of neurological disorders necessitating neurosurgeries. As per the United Nations, the global population aged 60 years and older is projected to double from 12% to 22% between 2015 and 2050. The number of joint replacement surgeries is increasing annually owing to surge in orthopedic disorders like arthritis among the elderly. Additionally, innovations in battery powered drills and cordless technologies have spurred their adoption in ambulatory surgical centers and home healthcare settings. However, risks of heat injury to bones and high cost of powered devices restrain the market growth.
SWOT Analysis
Strength: Surgical drills offer precision, speed and flexibility during surgical procedures. Their compact size allows delicate procedures. Advanced drills provide variable speed control and accurate torque assistance which reduces surgeon fatigue.
Weakness: High cost of advanced drills limit their adoption in low resource settings. Lack of proper sterilization can cause infection risks. Improper handling may damage tissues.
Opportunity: Growing geriatric population and chronic disease prevalence fuel demand for orthopedic and neurological surgeries. Technological advances in materials and battery life widened drills' applications. Rising medical tourism in emerging nations boosts market.
Threats: Stringent regulatory approvals delay product launches. Reusable drills need frequent maintenance imposing operating challenges. Economic slowdowns lower healthcare budgets constraining purchases.
Key Takeaways
The global Surgical Drills Market Growth is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of degenerative diseases and number of accidents worldwide.
Regional analysis
North America dominates the market currently due to supportive healthcare infrastructure and investments. Asia Pacific exhibits fastest growth led by expanding medical facilities, growing insurance coverage and increasing healthcare spending in China and India.
Key players
Key players operating in the surgical drills market are B. Braun SE, Stryker Corporation, Adeor Medical Ag, Medtronic, Allotech Co. Ltd., Arthrex Inc., Brasselser USA, ClearPoint Neuro, Inc., ConMed Corporation, De Soutter Medical Ltd., GPC Medical Ltd., Johnson & Johnson, Joimax Inc., Marver Med, MicroAire Surgical Instruments, LLC., Sofemed, Zimmer Biomet Holdings, Inc., and Manman Manufacturing Company Private Limited.
Read More,
https://cmiinfopiece.blogspot.com/2023/12/robotic-assisted-surgery-is-fastest.html
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