Global Market Study on Surgical Drill Bits: Growth 1.0 Led by Rapid Adoption of Power Tools for Orthopedic Surgeries


Surgical Drill Bits  Market
  • Published On : Oct-2019 |
  • Pages : 218 Pages |
  • Format : PPT PDF Excel Word

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.

surgical drill bits market analysis

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.

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.

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.

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.

Analysts’ Viewpoint

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.

Surgical Drill Bits Market - Scope of the Report

Persistence Market Research (PMR) recently published a market study on the global market for surgical drill bits. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the surgical drill bits market structure. The market study presents exclusive information about how the surgical drill bits market will grow during the forecast period 2019-2029.

Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the surgical drill bits market during the forecast period.

The study is relevant for stakeholders in the surgical drill bits market, including surgical drill bits products manufactures, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the surgical drill bits market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in PMR’s study.

The study also includes statistics as well as facts related to macroeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the surgical drill bits market. Furthermore, small businesses and new entrants in the surgical drill bits market too can make use of the information presented in this study, based on, which they can make appropriate business decisions in order to gain momentum 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.

Product

Function

Application

  • Standard Solid Drill Bits
    • Single Use Drill Bits
    • Reusable Drill Bits
  • Cannulated Drill Bits
    • Single Use Drill Bits
    • Reusable Drill Bits
  • Calibrated Drill Bits
    • Single Use Drill Bits
    • Reusable Drill Bits
  • Cutting
  • Tapping
  • Marking
  • Shaping
  • Orthopedic Surgery
  • Neurosurgery
  • Dental Surgery
  • General Surgery
  • Veterinary

End User

Region

  • Hospitals
  • Office Based Clinics
  • Ambulatory Surgical Centers
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA

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?

Surgical Drill Bits Market: Research Methodology

In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the surgical drill bits market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.

Secondary resources referred to analysts during the production of the surgical drill bits market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the surgical drill bits market, and makes PMR’s projection on the growth prospects of the surgical drill bits market more accurate and reliable.

Company Profiles:

  • 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.

 

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