According to the latest report published by Credence Research, Inc. “Surgical Drills Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the Surgical Drills Market was valued at USD 419.9 Mn in 2017, and is expected to reach USD 636.0 Mn by 2026, expanding at a CAGR of 4.6% from 2018 to 2026.
Browse the full report Surgical Drills Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/surgical-drills-market
Surgical drills have multiple applications and its design varies based on the application. The surgical drills are in huge demand as most crucial surgeries require these drills, an efficient technological evolution has been observed in surgical drills over this decade. Surgical site infections were initially major concern especially during surgeries that required application of drills. The initial designs of surgical drills were based on domestic drilling machines which carried huge risk of bone & tissue damage along with post-surgery infections. However, over the period of time the surgical drills have changed drastically and available in various designs and well-equipped with wide range of accessories. The key factors responsible for growth of surgical drills market is incessant development in technology of surgical drills, rising awareness related to surgical treatment, and upgradation in the healthcare infrastructure & equipment in developing countries from Asia, Africa, & South America.
Surgical drills are segmented based on type of products such as pneumatic drills, electric drills, battery powered drills, and accessories. Pneumatic drills were identified as the largest segment in 2017 due to key market driving factors such as rising prevalence of chronic diseases & trauma conditions, pneumatic drills are comparatively lower back end costs compared to other drills, and it is the most ideal surgical drill for dental/oral surgeries as it provides superior torque compared to battery-powered drill.
In case of several applications provided by surgical drills, orthopedic application dominated the market in year 2017bdue to major factors responsible for growth of this segment are rising prevalence of orthopedic diseases & trauma injuries, and significant demand for orthopedic implants whose ideal placement is assisted by surgical drills. According to the American Association of Orthopedic Surgeons, by 2030 the demand for primary knee arthroplasties is projected to grow by 4.5% and reach 3.48 million procedures in the Unites States. Thus, to meet such huge demand the surgical drills market with specifically grow throughout the forecast period.
North America identified as the largest surgical drills market due to high patient & physician awareness related to safety & efficiency of surgical drills, and developed healthcare infrastructure along with highly accessible technologically enhanced surgical drills.
Market Competition Assessment:
The growth of surgical drills is at steady pace and major market players are building strategies on development of drills that will provide efficient and cost-effective products. The major surgical drill manufacturers present in the surgical drills market are Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic plc, DePuy Synthes, CONMED Corporation, and B.Braun Melsungen AG among others.
Key Market Movements:
- Rising prevalence of chronic orthopedic, dental and neurological diseases assisting the growth of surgical drills
- Technological advancements in the surgical drills are incessantly carried out due to increasing demand of efficient surgical drills to prevent post-surgery complications
- Asia Pacific will be remain as the fastest growing surgical drills market due to developing healthcare infrastructure, and growing medical tourism industry coupled with increasing number of hospitals