Surgical Drills Market is Anticipated to Reach Nearly US $ 622.0 Mn by 2026
Surgical drills have been used for performing various surgical procedures such as orthopedic surgery, neurosurgery, and dental and ENT surgeries. They are needed to cut, drill, fix, and bore holes in the bone in order to attach surgical pins, plates, or screws. The number of people with chronic diseases continues to increase globally and hence, most of them require surgeries.
These conditions or operations need surgical drills to perform orthopedic, dental, and other surgeries. The global surgical drills market was valued at around US $ 410 Mn in 2017. It is expected to expand at a CAGR of around 4.5% from 2018 to 2026. The accessories & others segment dominates the global market, in terms of value. The market for surgical drills is expanding significantly due to a rise in number of surgical procedures and increase in prevalence of chronic diseases that require surgical procedures. Increased healthcare spending and medical tourism, especially in emerging countries, are also major factors that drive the market.
The surgical drills market has been segmented based on Product, application, end-user, and region. Based on Product, the global market has been bifurcated into pneumatic drills, electric drills, battery powered drills, and accessories & others. The battery powered drills segment is projected to expand at a higher CAGR and are gaining popularity among surgeons due to advancements in technology, ease of usage, and cordless functionality. Based on application, the global surgical drills market has been divided into orthopedic, neurosurgery, ENT, dental, and others. Orthopedic is the dominant segment and is expected to expand at a higher CAGR owing to a rise in the geriatric population and increase in healthcare expenditure, particularly for orthopedic surgeries.
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In terms of end-user, the global market has been segregated into hospitals & ASCs, clinics, and others. The hospital & ambulatory surgical centers segment is projected to expand at a notably higher CAGR. This expanded CAGR is attributed to the rise in number of surgical procedures and rapid and high quality services offered at these settings at competitive prices.
In terms of region, the global surgical drills market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global surgical drills market in 2017, owing to a rise in the number of surgical procedures, presence of major players in the region, and increase in healthcare expenditure in the region. Asia Pacific and Latin America are potential markets for surgical drills due to improved healthcare infrastructure in the region, increased awareness among people regarding healthcare and surgical devices, and rise in medical tourism.
Key players operating in the global surgical drills market include Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic plc, DePuy Synthes, De Soutter Medical, CONMED Corporation, adeor medial AG, Arthrex, Inc., AlloTech Co. Ltd., and B.Braun Melsungen AG. Stryker Corporation and Zimmer Biomet Holdings, Inc. are major global players operating in the surgical drills market. These companies have a strong presence in all the regions, partnering with subsidiaries and distributors in these regions.