Surgical Drills Market is Estimated to Witness High Growth Owing to Increasing Orthopedic Surgeries
Surgical drills are used in orthopedic surgeries and procedures to aid in cutting or grinding bone and tissue. Key applications include repairing bone fractures and injuries, joint replacements such as knee, hip and shoulder surgeries, spinal procedures, and dental procedures. Increasing prevalence of degenerative joint diseases such as osteoarthritis and osteoporosis requiring complex bone and joint repair procedures are driving the demand for surgical drills.
The global surgical drills market is estimated to be valued at US$ 696.62 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing orthopedic surgeries owing to rising geriatric population is a major driver fueling the growth of the surgical drills market. It is estimated that over the next four decades, the number of people aged 60 years and older will triple, reaching around 2 billion by 2050. According to the United Nations Population Fund (UNFPA), more than 12% of the global population will be aged 65 and above by 2030. Aging reduces bone density and increases the risk of fractures and degenerative joint conditions such as arthritis requiring bone grafting and joint replacement procedures. Convenient features of surgical drills such as precise drilling speeds and torque control, adjustable chuck systems, attachments for various accessories, and integrated irrigation systems are also increasing adoption among healthcare facilities and ambulatory surgical centers. Advancements in drill designs and materials for improved precision and safety further support market growth.
SWOT Analysis
Strength: Surgical drills offer precision and control during surgical procedures such as orthopedic, neurological and dental surgeries. The drills enable smooth bone cutting and help obtain tissue/bone samples for diagnosis. They come equipped with advanced features such as micro-controlled speed and torque settings.
Weakness: Heavy reliance on batteries requires frequent recharging/replacement, increasing operational costs. Lack of standard protocols sometimes leads to complications.
Opportunity: Growing geriatric population and prevalence of lifestyle diseases will fuel demand for various surgical procedures. Untapped regions in Asia and Africa present huge market potential. Technological advances in materials and miniaturization can further improve drill precision and functionality.
Threats: Stringent regulatory norms delay new product launches. Economic slowdowns impact discretionary healthcare spending. Alternative minimally invasive treatment methods pose competition.
Key Takeaways
The global surgical drills market size is expected to witness high growth. Advancing healthcare infrastructure in developing nations will catalyze the market in the coming years. The global surgical drills market is estimated to be valued at US$ 696.62 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Regional analysis related content comprises
The North America region currently dominates the surgical drills market owing to rapid adoption of new technologies and significant healthcare spending. Asia Pacific is projected to witness fastest growth during the forecast period supported by rising medical tourism, healthcare reforms and increasing focus of global players. China and India offer immense opportunities due to their large patient pools and improving medical capabilities.
Key players related content comprises
Key players operating in the surgical drills market are Ecoppia and Solavio. Ecoppia offers a comprehensive portfolio of drills and saws for orthopedic, neurological and dental surgeries. Solavio provides advanced cordless surgical drills with capabilities like adjustable speed and customizable chucks.
Get more insights on this topic: https://www.newswirestats.com/surgical-drills-market-size-and-outlook/
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