Rising prevalence of orthopedic disorders such as osteoporosis, spinal injuries and spinal deformities, are the key factors behind the growth of the surgical drill bits market. According to American Orthopedic Association (AOA), about 1.5 million people were suffering from osteoporosis in the U.S., during the year 2017.
In addition, European Federation of National Associations of Orthopaedics and Traumatology (EFFORT) announced that there were 2.5 million cases of fractures which are registered throughout Europe in 2015, and this is expected to reach 4.5 million by 2050.
In last decade, there was a sudden rise in the adoption of orthopedic power tools to perform various orthopedic surgeries. These orthopedic power tools are 70 to 75 times more economical compared to the standard high-end orthopedic battery drills (OBD). Further, these orthopedic power tools are durable, require low maintenance, and are easy to use. Significant advantages of these orthopedic power tools have led to surge in the usage of surgical drill bits to perform orthopedic procedures.
- Dentsply Sirona
- Arthrex, Inc.
- Zimmer Biomet Dental
- Integra Life Science
- Stryker Corporation
- Institut Straumann AG
- Teleflex Incorporated
- Conmed Corporation
- Medline Industries, Inc.
- Den-Mat Holdings, LLC
- De Soutter Medical
- ADIN Dental Implant Systems Ltd.
- KellMed Sales Ltd
- ETGAR Medical Implant Systems
- MSI France
- IMEX Veterinary, Inc.
Increasing Prevalence of Sports Injuries Offering Impetus to the Market Growth
Surgical drill bits are widely used during the treatment of sport injuries, which are the prime factor behind the rising number of incidences of bone fractures throughout the globe. In the U.S, bone fracture is the second most frequently occurring sports injury for which surgical drill bits are widely used.
Fractures and bone dislocation account for more than 20% of sports injuries in the U.S. thereby potentially raising the demand for surgical drill bits. Additionally, in European countries, 14% of medically treated injuries are related to sports which include bone fractures and sprains.
The availability of favourable reimbursement policies for the treatment of sport injuries in the U.S. and Europe is likely to bolster the volume sales of surgical drill bits in the developed regions.
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Gains Upheld by Growing Preference for Minimally Invasive Surgeries
Over the past few decades, there has been a rise in the preference for minimally invasive surgeries in the developed economies which will upsurge the demand for surgical drill bits. Technological advancements and development of improved implants has propelled the demand for minimally invasive surgeries, which will ultimately boost the revenue growth of surgical drill bits market. Also, conventional and traditional surgical methods have several drawbacks such as a long recovery time and high risk of infection.
Hence, the limitations of traditional surgical methods have increased the need for minimally invasive surgery in developed economies, and the result is likely to lead to robust growth of the surgical drill bits market.
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Lack of Acceptance of Advanced Surgical Instruments Hampering the Market Growth in Developing Economies
Relatively low acceptance of advanced surgical instruments such as surgical drills bits in developing economies and greater focus of medical professionals towards traditional surgical methods have been creating a hindrance in the global market growth. In addition, limited budget allocated by both government and private hospitals for the procurement of advanced surgical instruments is likely to restrict the expansion of profit margin for manufactures in surgical drill bits market.
Furthermore, limited adoption of minimally invasive surgeries in developing economies, due to the high cost associated with these surgeries may deter the growth of surgical drill bits market over the forecast period.
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Manufacturers of Surgical Drill Bits Focus on Establishing Partnerships with Healthcare Facilities
Majority of global players in the surgical drill bits market are strategizing to establish partnerships with healthcare facilities by becoming preferred vendors. The collaborative effort enables companies to identify areas of need for physicians and surgeons, enhance access to affordable surgical care products, and provide training and support to healthcare staff.
For instance, in 2016, Stryker Corporation signed 20 years of partnership with Indo UK Institute of Health (IUIH) to deliver orthopedic care in India. Such strategic initiatives are vital for manufacturers of surgical drill bits to identify areas of need within operating rooms (OR) and develop products that addresses feedback from healthcare providers. In doing so, manufacturers of surgical drill bits are also able to integrate further downstream of the value chain.
A comprehensive view of the surgical drill bits market has led our analysts to conclude that North America is the leading region for the surgical drill bit market, followed by Europe. South Asia and East Asian regions are anticipated to show faster growth than other regions, due rising adoption of surgical drill bits in countries such as India and China.
The standard, solid surgical drill bits are more preferred by the surgeon during the surgical procedures. Surgical drill bits are commonly used for orthopedic and dental surgeries. Calibrated surgical drill bit is anticipated to show significant growth than other segments over the forecast period. Disposable surgical drill bits have higher adoption rate in developed economies while reusable drill bits are more preferred in developing and under developing economies.
Strengthening product portfolio by launching new products with improved characteristics through innovation is a key strategy adopted by leading manufacturers of surgical drill bits. Acquisitions, mergers, expansions, product launches, and agreements also remain key to gain distinct competitive edge in the surgical drill bits market.
Key Segments of Surgical Drill Bits Market
PMR’s study on the surgical drill bits’ market offers information divided into four important segments - product, function, application, end user, and region. This report offers comprehensive data and information about the important market dynamics, and growth parameters associated with these categories.
Key Questions Answered in PMR’s Surgical Drill Bits Market Report
- Which regions will continue to remain the most profitable regional markets for surgical drill bits market players?
- Which factors will induce a change in the demand for surgical drill bits in the assessment period?
- How will changing trends impact the surgical drill bits market?
- How can market players capture the low-hanging opportunities in the surgical drill bits in developed regions?
- Which companies are leading the surgical drill bits market?
- What are the winning strategies of stakeholders in the surgical drill bits market to upscale their position in this landscape?