Orthopedic Power Tools Market growing at a CAGR of 3.9% over the forecast period
Orthopedic Power Tools Market Overview
By 2026, the Orthopedic Power Tools market is estimated to reach US$ 1,254.37 million, growing at a CAGR of 3.9% over the forecast period.
With rapid technological advancement and increasing orthopedic procedures volume, the orthopedic power tools market is expected to have a healthy growth rate and high demand for orthopaedic power tools in the forecast period.
The orthopedic power tools market is predicted to increase due to the usage of minimally invasive orthopaedic surgery equipment and the advent of cutting-edge technologies such as robotic and power-assisted technologies.
Growing elderly population, rising incidence of orthopaedic ailments such as osteoarthritis and rheumatoid arthritis, rising volumes of orthopaedic operations, and growing demand for orthopaedic power tools, demand for less invasive surgical techniques are all contributing to orthopedic power tools market revenue growth.
Other major factors driving the orthopedic power tools market share include an increase in sports-related injuries and road accidents, introduction of high-power, and high-performance of surgical tools such as pneumatic-powered and electric-powered systems.
What has been the Impact of COVID-19 on the Orthopedic Power Tools Market?
The pandemic has had an impact on how many medical operations, especially orthopaedic surgery, are performed and sales of orthopaedic power tools.
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Due to the obvious regulatory authorities’ strict guidance in the orthopaedic power tools market to prevent any non-emergent surgery, the demand for orthopaedic power tools has decreased dramatically throughout the pandemic.
What are the Factors Driving the Orthopedic Power Tools Market?
Orthopedic power tools market is driven by technological advancement, the rise in aging population around the globe, increasing orthopedic procedures volume, operating room supply standardization, rising competition forces businesses to innovate.
Sales of orthopaedic power tools may alleviate not just the sterilising issues connected with power tools, but also the expense of maintenance and servicing, resulting in potential orthopedic power tools market growth.
The increasing incidence of sports-related injuries throughout the world has fueled demand for orthopaedic power tools technical advancements in orthopaedic surgery.
Which Segment of the Orthopaedic Power Tools Market has a Major Share?
Due to reasons such as the growth in the occurrence of accidents, sports injuries, and orthopaedic disorders, the big bone power tools category of the orthopedic power tools market currently owns the largest orthopaedic power tools market share, and it is expected to maintain its demand for orthopaedic power tools over the projected period.
What Factors hamper the Orthopedic Power Tools Market Growth?
Growing competition and austerity policies are anticipated to put strain on the healthcare providers to lower device costs, potentially hampering orthopedic power tools market growth.
Hospital consolidation and cost-containment pressures, reimbursement policies and medical devices excise tax act as a barrier for sales of orthopedic power tools as well as the demand for orthopaedic power tools.
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