Orthopedic Power Devices -Market Insights, Competitive Landscape and Market Forecast–2027

Orthopedic Power Devices -Market Insights, Competitive Landscape and Market Forecast–2027

Orthopedic Power Devices Market By Type (Large-Bone Powered Devices and Small-Bone Powered Devices), By Product Type (Drills, Saws, Reamers, and Others), By Power Source (Pneumatic, Battery-Powered, and Electric), By Usability (Single-Use and Reusable), By End User (Hospitals, Ambulatory Surgical Centers, and Others), By Geography is expected to grow at a steady CAGR forecast till 2027 owing to increasing incidence of bone fractures and rising number of trauma cases.

Global Orthopedic Power Devices Market was valued at USD 1.11 billion in 2021, growing at a CAGR of 4.36% during the forecast period from 2022 to 2027 to reach USD 1.44 billion by 2027. Factors such as increasing prevalence of degenerative bone disorders, rising aging population, rising number of trauma cases, and growth in the product innovation are stimulating the growth of the orthopedic power devices market positively.

Orthopedic Power Devices Market Dynamics:

One of the main reasons behind the positive growth of the orthopedic power devices market is the rising number of cases of bone fractures among adults. As per the study published in the Lancet journal titled “Global, regional, and national burden of bone fractures in 204 countries and territories, 1990–2019: a systematic analysis from the Global Burden of Disease Study 2019” published in 2021 stated that in 2019, there were 178 million new fractures (an increase of 33.4% since 1990), 455 million prevalent cases of acute or long-term symptoms of a fracture (an increase of 70.1% since 1990), and 25.8 million YLDs (an increase of 65.3% since 1990). As per the above-mentioned source, in 2019, the lower leg fractures of the patella, tibia or fibula, or ankle were the most common and burdensome fractures worldwide. The increasing incidence rate of bone fractures can be attributed to the rising prevalence of degenerative bone disorders such as osteoporosis and spinal disc degeneration in adults particularly the elderly population. Thus, the demand for orthopedic power devices will also increase which will drive the mar.et growth during the forecast period.

Moreover, according to the World Health Organization factsheet (2021) on road traffic injuries, road traffic injuries are the leading cause of fatality in children and young adults in the age group of 5-29 years across the globe. The same factsheet further stated that near about 20-50 million people suffer from non-fatal injuries in road accidents resulting in a disability as a result of their injury. Road traffic injuries (RTIs) are the leading cause of unintentional injuries, accounting for the greatest proportion of deaths from unintentional injuries worldwide. Injuries of these nature also result in the orthopedic surgical procedures as a major corrective treatment course thereby resulting in the increased demand for orthopedic power devices.

However, factors such as the complex designs of the conventional orthopedic power devices that restrict the access of the area to be operated due to attached wires and the requirement for cleaning and sterilization before being reused may inhibit the growth for orthopedic power devices in the market.

Orthopedic Power Devices Market Segment Analysis:

Orthopedic Power Devices Market by Type (Large-Bone Powered Devices and Small-Bone Powered Devices), by Product Type (Drills, Saws, Reamers, and Others), by Power Source (Pneumatic, Battery-Powered, and Electric), by Usability (Single-Use and Reusable), by End User (Hospitals, Ambulatory Surgical Centers, and Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

Based on power source, in the orthopedic power devices market, the battery-powered orthopedic power devices are predicted to witness the fastest growth during the forecast period from 2022-2027. The adoption of battery-driven power tools is increasing as these devices are convenient to use and have no lead attached to the tool. Moreover, battery packs can be sterilized by various methods such as hydrogen peroxide gases, ethylene oxide gases, and gamma rays which reduces the chances of infections significantly.

Further based on usability, single-use orthopedic power devices are also projected to witness a significant growth in the demand during the forecast period from 2022-2027 owing to their added safety in terms of product sterility. As these single-use orthopedic power devices do not require autoclaving or any other sterilization before use thereby improving the efficiency of workflow in busy hospital setups as well as reducing the chances of cross contamination.

North America is expected to dominate the overall Orthopedic Power Devices Market:

Among all the regions, North America is expected to amass the largest share of orthopedic power devices market. The growing number of orthopedic surgical procedures owing to the high prevalence of arthritis and other bone diseases, rising population of the elderly, increasing number of sports-related injuries well as better healthcare facilities and reimbursement programs coupled with the presence of major market players as well as higher investment in the research and development activities in the region are predicted to be the major influencing factors in driving the overall growth of the orthopedic power devices over the forecast period.

In North America, the US is expected to account for the largest share in of the North America Orthopedic Power Devices market. This can be attributed to the increasing cases of bone-related disorders in the country. As per the data provided by the US Centers for Disease Control and Prevention (2018), it has been estimated that by 2025, 67 million people in the country will have doctor-diagnosed arthritis and it is expected to reach 78 million by 2045. This increase in the diseases population affected with arthritis would lead to the increased number of orthopedic surgeries in the country which in turn will contribute in the increasing demand for orthopedic power devices thereby aiding in the growth of the orthopedic power devices market in the country and as well as the region. As per the facts provided by the National Safety Council (NSC), a US-based non-profit organization, in 2019, irrespective of the use of exercise equipment, exercise-related injuries accounted for about 468,000 injuries, the most of any category of sports and recreation. It was followed by bicycling with about 417,000 injuries, while basketball with 404,000 injuries, and football, with 292,000 injuries, ranked third and fourth.

The above-mentioned facts point towards the growing need for surgical interventions in order to correct bone-related defects and injuries either due to disease-related etiologies or in trauma cases. All these factors require the usage of orthopedic power devices in bone fixation and correction of bone deformities, thereby contributing in the high demand for orthopedic power devices.

Moreover, the large presence of key market players as well as the launch of new products in the region as a reason of extensive R&D activities also provide favorable conditions for the growth of the North American orthopedic power devices market.

For instance, in June 2021, Stryker received the 510k product approval from the US Food and Drug Administration for the i Drive 2 Motor, Pi Drive 2 Plus Motor which is intended to be used Stryker Consolidated Operating Room Equipment (CORE) System. When used with a variety of attachments and cutting accessories, the drill is intended for use in cutting, drilling, reaming, decorticating, shaping and smoothing of bone, bone cement and teeth in a variety of surgical procedures.

Orthopedic Power Devices Market Key Players:

Some of the key market players operating in the orthopedic power devices market includes Stryker, CONMED Corporation, Medtronic, DePuy Synthes (Medical Devices Business Services, Inc.), MicroAire Surgical Instruments, LLC, Zimmer Biomet, De Soutter Medical, adeor medical AG, Smith & Nephew, Arthrex Inc, Inc, Brasseler USA, Nouvag AG, AYGUN CO.,INC, iMEDICOM, Shanghai Bojin Medical Instrument Co.,Ltd, ORTHOPROMED, Allotech Co. Ltd., medical bees GmbH, MatOrtho Limited, NAKANISHI INC and others.

Recent Developmental Activities in Orthopedic Power Devices Market:

• In June 2021, Stryker received the 510k approval from the US Food and Drug Administration for their Stryker iBur hubs and cutting accessories which are intended to be used with the Stryker Core Consolidated Operating Room (CORE) Console and electric and pneumatic motors.
• In June 2021, Zethon Ltd received the 510k approval from the US Food and Drug Administration for their hekaDrill for use in the incisions, drilling, sawing of soft and hard bone tissue.
• In April 2021, adeor medical AG received the 510k approval from the US Food and Drug Administration for their Velocity Alpha High speed Surgical Drill System for rapid cutting, sawing, drilling and manipulation of soft tissue and bone.

Key Takeaways from the Orthopedic Power Devices Market Report Study

• Market size analysis for orthopedic power devices market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the orthopedic power devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global orthopedic power devices market.
• Various opportunities available for the other competitor in the orthopedic power devices market space.
• What are the top performing segments in 2021? How these segments will perform in 2027?
• Which is the top-performing regions and countries in the current orthopedic power devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for orthopedic power devices market growth in the coming future?

Target Audience who can be benefited from this Orthopedic Power Devices Market Report Study

• Orthopedic power devices products providers
• Research organizations and consulting companies
• Orthopedic power devices -related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in orthopedic power devices
• Various End-users who want to know more about the orthopedic power devices market and latest technological developments in the orthopedic power devices market.

Frequently Asked Questions for Orthopedic Power Devices Market:

1. What is an orthopedic power device?

A surgical power tool or an orthopedic power device is an equipment which is used to perform surgery on bone or bone fragments. These tools help in sawing, drilling, screwing, and reaming.

2. What is the market for Global Orthopedic Power Devices?

Global Orthopedic Power Devices Market was valued at USD 1.11 billion in 2021, growing at a CAGR of 4.36% during the forecast period from 2022 to 2027 to reach USD 1.44 billion by 2027.

3. What are the drivers for Global Orthopedic Power Devices Market?

The major drivers of the global orthopedic power devices market are increasing prevalence of degenerative bone disorders, rising aging population, and growth in the product innovation are stimulating the growth of the orthopedic power devices market positively.

4. What are the key players operating in Global Orthopedic Power Devices Market?

Some of the key market players operating in the orthopedic power devices market includes Stryker, CONMED Corporation, Medtronic, DePuy Synthes (Medical Devices Business Services, Inc.), MicroAire Surgical Instruments, LLC, Zimmer Biomet, De Soutter Medical, adeor medical AG, Smith & Nephew, Arthrex Inc, Inc, Brasseler USA, Nouvag AG, AYGUN CO.,INC, iMEDICOM, ORTHOPROMED, Allotech Co. Ltd., medical bees GmbH, MatOrtho Limited, NAKANISHI INC and others.

5. Which region has the highest share in Orthopedic Power Devices market?

Among all the regions, North America is expected to amass the largest share of orthopedic power devices market. The growing number of orthopedic surgical procedures due owing to the high prevalence of osteoporosis and other bone diseases, rising population of the elderly, increasing number of sports-related injuries to well as better healthcare facilities and reimbursement programs coupled with the presence of major market players as well as higher investment in the research and development activities in the region are predicted to be the major influencing factors in driving the overall growth of the orthopedic power devices over the forecast period.

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