Surgical Drill Market to Reach $1.52 Bn, Globally, by 2031 at 4.4% CAGR: Allied Market Research
Rise in incidences of road accidents and increase in number of surgical operations drive the growth of the global surgical drill market.
PORTLAND, Ore., Aug. 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Surgical Drill Market by Product (Instrument, Accessories), by Application (Orthopedic Surgery, Neurosurgery, Ear Nose Throat, Dental Surgery, Others), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global surgical drill industry was estimated at $983.55 million in 2021, and is anticipated to hit $1.52 billion by 2031, registering a CAGR of 4.4% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
Pre-determinant of growth-
Rise in incidences of road accidents and increase in number of surgical operations drive the growth of the global surgical drill market. Moreover, surge in R&D activities in terms of advancements in surgical drills, product launch, and product approvals have supplemented the growth yet more. At the same time, growing geriatric population across the world has created multiple opportunities for the key players in the industry.
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Impact of Covid-19 on Surgical Drill Market-
- Implementation of lockdown in most countries gave way to disruptions in the supply chain. The entire healthcare industry chose to focus on Covid-19-related products, which had a sheer adverse impact on the global surgical drill market, especially during the initial phase.
- Furthermore, the majority of elective surgeries were either canceled or postponed, which declined the demand for surgical drills altogether.
- Nevertheless, the healthcare sector has been restructured to provide safer healthcare facilities and the market for surgical drills has also started getting back on track.
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The instrument segment to dominate by 2031-
Based on product, the instrument segment held nearly two-thirds of the global surgical drill market revenue in 2021, and is expected to lead the trail by 2031, due to advancements in surgical drill and increasing prevalence of dental disorders across the world. The accessories segment, nevertheless, would manifest the fastest CAGR of 4.8% from 2022 to 2031. Increase in number of surgeries and product launches fuels the segment growth.
The orthopedic surgery segment to rule the roost-
Based on application, the orthopedic surgery segment generated the major share in 2021, holding more than two-fifths of the global surgical drill market. The same segment would also cite the fastest CAGR of 5.0% by 2031. This is owing to increase in prevalence of bone disorders and rise in incidence of road accidents.
The hospitals segment to maintain the lion's share-
By end-user, the hospitals segment contributed to more than half of the global surgical drill market share in 2021, and is expected to retain its dominance by 2031. The same segment is also expected to exhibit the fastest CAGR of 4.7% from 2022 to 2031. This is attributed rise in number of hospitals and surge in demand for advanced treatment.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating more than two-fifths of the global surgical drill market. Increase in product launches in the region and the presence of key players along with well-established healthcare infrastructure fuel the market growth. Asia-Pacific, simultaneously, would garner the fastest CAGR of 6.3% by 2031. This is due to rise in incidence of road accidents, developments in healthcare infrastructure, and high population base across the province.
Key players in the industry-
- Allotech Co., Ltd
- Arthrex Inc
- Brasseler USA
- Sofemed
- Zimmer Biomet Holdings, Inc.
- ClearPoint Neuro, Inc.
- ConMed Corporation
- GPC Medical Ltd.
- Johnson & Johnson
- Joimax Inc.
- Marver Med
- De Soutter Medical Ltd
- Adeor Medical AG
- B Braun Melsungen AG
- Medtronic plc
- MicroAire Surgical Instruments, LLC.
- Stryker Corporation
The report analyzes these key players in the global surgical drill market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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