Surgical Drills Market to Surpass US$ 1,030.1 Million by 2030, Says Coherent Market Insights (CMI)
Revolutionizing the Operating Room: An In-Depth Analysis of the Surge in Demand for High-Tech Surgical Drills and Their Impact on the Global Healthcare Industry
/EIN News/ -- Burlingame, April 14, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global surgical drills market is estimated to be valued at US$ 604.7 million in 2023 and is expected to exhibit a CAGR of 7.9% during the forecast period (2023-2030).
Analysts’ Views on Global Surgical Drills Market:
The global surgical drills market growth can be driven due to emergence of new advanced surgical and minimally invasive techniques for the treatment of orthopedic diseases. For instance, in September 2020, according to the data published by the National Centers for Biotechnology Information, biologically augmented microdrilling (BAM) is the new minimally invasive technique for cartilage regeneration. It is an outpatient procedure, in which damaged knee cartilage is infused with stem cells derived from bone marrow to promote regeneration and improve symptomatic pain and stiffness. The procedure includes microdrilling surgery (initially) followed by biological injections and physical therapy. Thus, such new and advanced techniques are expected to drive demand for surgical drills by surgeons. It is a novel alternative to total knee replacement (TKR) surgery.
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Key Trends and Analysis of the Global Surgical Drills Market:
The increasing incidence of oral health diseases such as tooth cavities (dental caries) is expected to drive the global surgical drills market over the forecast period. For instance, in December 2022, according to the data published by the Centers for Disease Control and Prevention, it was estimated that up to 11.2% of children aged 2 to 5 have untreated cavities globally in the year 2022. More than half of teenagers between the ages of 12 and 19 had at least one cavity in a permanent tooth in the U.S. in the year 2022. Furthermore, according to the same source, in the year 2022, it was estimated that 28% of North America adults from the age range 20 to 64 had untreated cavities in the year 2022.
Key Driver of Global Surgical Drills Market:
Increasing adoption of the inorganic growth strategies like acquisition for developing the advanced surgical drills is expected to drive the market growth over the forecast period
For instance, in December 2022, the Integra LifeSciences Holdings Corporation, a medical technology company, acquired Surgical Innovation Associates (SIA), a medical device company, and surgical center based in the U.S. for innovation of technologically advanced surgical drill equipment, which facilitates the neurological surgeries.
Surgical Drills Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 604.7 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.91% | 2030 Value Projection: | US$ 1,030.1 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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 | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Recent Devlopment:
In December 2022, Stryker Corporation, a pharmaceutical and medical equipment company, announced the launch of Citrefix, a suture anchor system for foot and ankle surgical procedures.
In April 2022, THINK Surgical, Inc., medical technology company, collaborated with Concordia University, based in Canada, and initiated the collaborative project to invent artificial intelligence-based surgical equipment which assists in orthopedic surgeries.
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Key Market Takeaways:
The global surgical drills market is expected to exhibit a CAGR of 7.9% during the forecast period. Increasing investment and funding by the key players to develop new surgical drill equipment is expected to drive market growth over the forecast period. For instance, in October 2022, THINK Surgical, Inc., medical technology company, announced that KDB Investment Global Healthcare of Korea, a private investment firm, based in South Korea had invested US$ 100 million to fasten the commercial launch of the new surgical drill equipment for joint replacement. This investment will also allow THINK Surgical to bring new products to market which will offer a common planning solution across multiple robotic platforms along with a choice of implants from different manufacturers.
Among application, the orthopedic surgery segment is dominant due to increasing orthopedic surgeries due to increasing sports injuries and traumatic conditions. For instance, in December 2022, according to the article published by the National Center for Biotechnology Information, it was estimated that 33% of soft tissue injuries and 34% of bone fractures occurred due to sports injuries in the U.S. in the year 2022. Furthermore, in December 2022, according to the same source, it was estimated that 22.3 million orthopedic surgeries took place globally from the year 2018 to 2022 out of which 27.5% orthopedic surgeries were due to sports injury.
Competitive Landscape:
Key players operating in the global surgical drills market include 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.
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Market Segmentation:
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Global Surgical Drills Market, By Product Type:
- Instruments
- Pneumatic drills
- Battery Powered Drills
- Electric Drills
- Others
- Accessories
- Instruments
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Global Surgical Drills Market, By Application :
- Dental Surgery
- Orthopedic Surgery
- Neurosurgery
- Ear Nose Throat Surgery
- Others (Spin Surgery, Cranial Surgery, etc.)
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Global Surgical Drills Market, By End User:
- Hospitals
- Orthopedic Centers
- Specialty Clinics
- Ambulatory Surgical Centers
- Others (Research and Academic Institutes, etc.)
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Global Surgical Drills Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
Related Market Intelligence Reports:
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Urolithiasis Management Devices Market, By Product Type (Shockwave lithotripter (Intracorporeal Lithotripter, Extracorporeal Lithotripter), and Ureterorenoscope (Rigid Ureterorenoscope, Semi Rigid Ureterorenoscope, Flexible Ureterorenoscope)), By End Users (Hospitals, Clinics, Ambulatory Surgical Centers), And by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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Coherent Market Insights
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