Surgical Drills Market is projected to expand at a CAGR of 4.7% during from 2018 to 2026
Transparency Market Research (TMR) has published a new report titled, “Surgical Drills Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”.According to the report, the global surgical drills market was valued at US $ 412.6 Mn in 2017. It is projected to expand at a CAGR of 4.7% during the forecast period. Factors such as rise in number of surgical procedures and an increase in prevalence of chronic diseases that require surgical procedures are driving the surgical drills market. Moreover, factors such as increased healthcare spending and medical tourism are propelling the global surgical drills market. North America is expected to dominate the global surgical drills market due to the presence of major players and an increase in the number of surgical procedures. Latin America and Asia Pacific are potential markets for surgical drills. The market in Asia Pacific is expected to expand at a CAGR of 5.2% during the forecast period.
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Rise in number of surgical procedures and increase in healthcare spending to drive the global market
Rise in number of surgical procedures is a major driver for the global surgical drills market. Increase in number of surgeries, especially orthopedic and dental surgeries, fuel the use of surgical drills. According to the WHO, the total number of surgical procedures were 226.4 million in 2004 and it increased to 312.9 million in 2012, globally, a 38.2% increase over the previous 8 years. The number of people affected with chronic diseases continues to rise across the world. This, in turn, fuels the need for surgical operations. Hence, a rise in the incidence of chronic disorders that require surgeries is a key factors that drives the global market. Similarly, increase in per capita healthcare expenditure and medical tourism drive the global surgical drills market. Health care expenditure in the U.S. was 17.6% of the country’s GDP in 2011. Per capita expenditure on health care increased from US$ 8,500 in 2011 to US$ 10,348 in 2016. Medical tourism is also a major contributor to the expansion of the surgical drills market.
Battery powered drills to be highly lucrative segment
Battery powered drills is an emerging segment of the surgical drills market. It is projected to account for 20.2% share of the market by 2026, expanding at a CAGR of 5.2% during the forecast period. The segment is anticipated to reach a value of US $ 125.77 Mn by 2026. Advancements in technology, ease of usage, and reduction in average waiting time for surgeries are expected to boost the demand for battery powered drills in the global market during the forecast period.
Orthopedic to be dominant segment
Orthopedic is a dominant segment of the surgical drills market. It is expected to maintain its position during the forecast period. The segment is anticipated to reach a value of US $ 343.01 Mn by 2026. It is projected to account for 55.2% share of the market by 2026, expanding at a CAGR of 4.9% during the forecast period. Increase in the number of orthopedic surgeries, rise in the geriatric population and increase in healthcare expenditure for orthopedic surgeries are major factors that drive the global market. For instance, according to the Agency for Healthcare Research and Quality (AHRQ), in the U.S., the volume of orthopedic surgical procedures increased to 37, 85,000 in 2011 from 27, 40,000 in 2001 a 38% rise in 10 years.
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Hospitals & Ambulatory Surgical Centers to be promising segment
In terms of end-user, the global market has been segmented into hospitals & ASCs, clinics, and others. The hospital & ambulatory surgical centers segment held a major share of the global market in 2017. It is expected to expand and hold a notable share of market during the forecast period. The hospital & ambulatory surgical centers segment is projected to hold 69.5% share by 2026, expanding at a CAGR of 4.9% during the forecast period. Expansion of the segment can be attributed to the increase in application of surgical drills for surgical procedures and the rising number of operating procedures. Hospitals and ambulatory surgical centers are preferred due to the availability of advanced technology and better health care services, which drive the demand for surgical drills in the market.
North America expected to dominate global market
In terms of region, the global surgical drills market has been segregated into five major regions: North America, EU Economic zone, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The market in North America is expected to expand at a CAGR of 4.5% during the forecast period. In terms of revenue, the market in the U.S. was valued at US$ 148.83 Mn in 2017. It accounted for 34.5% share of the market in North America, owing to the presence of major players in the region and rising number of surgical procedures. Orthopedic is the dominant segment of the market in the region. It is likely to expand at a CAGR of 4.7% during the forecast period. Asia Pacific is a lucrative market. The market in the region is projected to expand at a CAGR of 5.2 % during the forecast period due to medical tourism, rise in awareness regarding lifestyle diseases, and improvement in healthcare infrastructure.
Stryker Corporation anticipated to lead global market
The global surgical drills market is semi-consolidated, in terms of number of players. Key players operating in the global 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. were market leaders in 2017. They are expected to dominate the market during the forecast period. Focus on introducing new and advanced innovative products and acquiring neuro and surgical instruments portfolios in the surgical drills segment by these players are key factors responsible for their high share in the global market. Strengthening product portfolio through partnerships and mergers with domestic and multinational players are key strategies adopted by major players.
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