by The global 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 surgical power tools used to cut or form holes in bone. They are primarily used in orthopedic surgeries such as hip or knee replacement surgeries. Surgical drills come in different sizes and shapes depending on the area of surgery and type of bone. High-speed surgical drills are preferred for their precision and ability to complete procedures within less time by minimizing trauma to surrounding tissues. Developments in drill bit technology have allowed safe and effective bone and tissue removal. Advancements in drill design and materials have also improved cutting accuracy and enabled minimally invasive procedures.
Market key trends:
Growing prevalence of orthopedic disorders owing to an aging population and increasing injuries due to accidents is a major driver for the surgical drills market. According to the United Nations, the population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. Older individuals are at an increased risk of fracture and arthritis that require orthopedic surgeries. Additionally, key players are investing in developing advanced drilling technologies to improve drills precision and efficiency. For instance, Stryker Corporation launched cordless system drills that provide ease of use with improved mobility in the operating room. Increased investments in R&D of surgical power tools are expected to introduce many innovative technologies in the coming years.
Porter’s Analysis
Threat of new entrants: The surgical drills market has high costs associated with R&D, which limits the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power compared to large hospital systems and group purchasing organizations that purchase large volumes.
Bargaining power of suppliers: A few large companies dominate the supply of components and parts for surgical drills, giving them moderate bargaining power over OEMs.
Threat of new substitutes: New technologies like robotic surgery pose a threat to traditional drill-based procedures.
Competitive rivalry: The surgical drills market is competitive with a few large players and several mid-sized companies competing on product quality, features and price.
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 number of orthopedic and neurosurgery procedures.
Regional analysis
North America is expected to dominate the surgical drills market during the forecast period. This is attributed to advanced healthcare infrastructure, favorable reimbursement policies, and higher adoption of technologically advanced products. Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period due to rising medical tourism industry and increasing healthcare expenditure.
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., Brasseler 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
