Renub Research projects Surgical Drill Market to reach US$ 872.92 Million by 2027, propelled by technological advancements, growing incidence of orthopedic and dental disorders, and increasing demand for minimally invasive surgeries
Renub Research has recently released a report named “Surgical Drill Market, Global Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that consists of market share insights. In addition, the report covers research on competitors and areas and current advancements in the Surgical Drill Market. The Surgical Drill Market shall experience a CAGR of 5.26% from 2022 to 2027.Surgical drills are used in orthopedic, neurosurgical, and dental surgeries to create precise holes in bones or hard tissues.
Depending on the surgery, it comes in various designs, sizes, and types and is powered by electricity or compressed air to make accurate cuts at high speeds. In addition, advanced depth control and laser guidance are also available for enhanced accuracy and safety. The World Health Organization (WHO) estimates that globally, around 1.71 billion people suffer from orthopedic or musculoskeletal disorders. Meanwhile, according to the WHO Global Oral Health Status Report (2022), oral diseases affect nearly 3.5 billion people worldwide. Specifically, about 2 billion people suffer from permanent tooth decay, and 514 million children experience primary tooth decay.
The surgical drill market shall grow in the future due to the rising incidence of orthopedic and dental disorders that necessitate surgical interventions employing surgical drills, as well as the expanding demand for minimally invasive surgeries that rely on smaller and more precise surgical drills. In addition, technological advancements in surgical drills, including robotic technologies and 3D printing, are anticipated to propel market growth further. Moreover, the increasing volume of surgical procedures conducted worldwide, particularly in emerging markets, and the growing number of specialized hospitals and surgical centers are also poised to expand the market.
Additionally, the aging population, increasing healthcare expenditure, and burgeoning medical tourism industry will likely create new avenues for growth in the surgical drill market. However, the surgical drill market is restrained due to the high cost of advanced surgical drill technologies, concerns regarding the safety and efficacy of surgical drills, and the availability of alternative surgical techniques such as laser surgeries.
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The accessories segment dominates the surgical drill market due to the recurring demand for drill bits, burrs, and blades, which need frequent replacement, and healthcare providers’ increasing adoption of powered surgical instruments. Additionally, advancements in surgical drill accessories, such as developing high-speed diamond-coated burrs and specialized drill bits for specific surgical procedures, contribute to the accessories segment’s dominance in the surgical drill market.
Product – Surgical drill Market breakup from 4 viewpoints
1. Pneumatic drill
2. Electric drill
3. Battery powered
4. Accessories
The increasing prevalence of bone-related disorders like osteoporosis, arthritis, and osteoarthritis that require surgical interventions using surgical drills adds to the dominance of orthopedic surgery in the surgical drill market. The aging population and the rise in sports-related injuries are also driving the growth of the orthopedic surgery segment. Advancements in orthopedic surgical drill technologies, including high-speed powered instruments and specialized drill bits and burrs, are also contributing to the dominance of the orthopedic surgery segment in the surgical drill market.
Application – Surgical drill Market breakup from 5 viewpoints
1. Orthopedic surgery
2. Dental surgery
3. ENT surgery
4. Neurology surgery
5. Others
Hospitals are the primary healthcare providers for patients requiring surgical interventions, making them the largest end-users of surgical drills. Also, the increasing number of specialized hospitals and surgical centers, particularly in emerging markets, is expected to fuel demand for surgical drills. Additionally, the rising geriatric population and increasing healthcare expenditure shall drive growth in the hospital segment of the surgical drill market. Furthermore, the increasing number of surgical procedures performed globally and the growing trend of medical tourism will also create new opportunities for growth in the hospital segment of the surgical drill market.
End User – Surgical drill Market breakup from 3 viewpoints
1. Hospital
2. Ambulatory Care
3. Others
North America has been a primary market for surgical drills. It is expected to continue its growth due to the region’s robust healthcare infrastructure, increasing prevalence of orthopedic and dental disorders, and the growing demand for minimally invasive surgical procedures. In addition, the presence of major market players and significant investments in research and development in the healthcare sector has also contributed to the growth of the surgical drill market in North America. Furthermore, technological advancements in surgical drills and the increasing adoption of robotic-assisted surgeries shall fuel market growth in the region.
Region – Surgical drill Market breakup from 5 viewpoints
1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. Middle East & Africa
Competitive Landscape
Medtronic, Smith & Nephew Plc., Johnson & Johnson, B. Braun Melsungen, Stryker, Zimmer Biomet, Conmed Corporation, and Altra Industrial Motion Corp are among the key players in the surgical drill market. In February 2023, Arbutus Medical Inc., a medical device company based in British Columbia, received a $1.13 million investment from Genome British Columbia (Genome BC). Arbutus Medical Inc. is focused on developing advanced surgical drill technology and procedure kits that can enhance hospital workflow and reduce the costs associated with treating patients.
Key Players: All key players have been covered from 3 points such as
• Overview
• Recent Developments
• Financial Insights
Company Analysis
1. Medtronic
2. Smith &Nephew plc
3. Johnson & Johnson
4. B. BaruMelsungen
5. Stryker
6. Zimmer Biomet
7. Conmed Corporation
8. Altra Industrial Motion corp.
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