The global surgical drill bits market is anticipated to grow at CAGR of 5% over the period of 2019-2029, owing to rise in adoption of surgical drill bits in neurosurgery such as craniotomy. In 2019, global sales of surgical drill bits is estimated to reach a value of ~US$ 230 Mn.
PMR reveals that around 7 million people in the U.S. required hospitalization due to orthopedic conditions, of which 10% of patients have orthopedic impairment issue, leading to an upsurge in the demand for surgical drill bits. The American Academy of Orthopaedic Surgeons stated that on an average 29 surgeries performed in a month by orthopedic surgeons are related to sport injuries are bone fractures which require surgical drill bits.
Key Takeaways from the Surgical Drill Bits Market Study
- Standard solid surgical drill bits continue to account for major share of the manufacturers’ bottom lines, while more focus has been placed on increasing the production of cannulated drill bits, as they efficiently aid in minimal access surgery and newer requirements such as cost effectiveness and improved tactile advantages.
- Adoption of single use surgical drill bits has been gaining momentum in developed economies, owing to high healthcare expenditure and availability of favourable reimbursement scenario.
- The North American and European regions are expected to collectively account for ~60% of revenue share of the surgical drill bits market.
- India, China and Brazil are top three developing markets for surgical drill bits, which are estimated to gain ~10% of the revenue share of global surgical drill bits market in 2019.
“Increasing incidences of orthopedic disorders such as osteoporosis, spinal deformities, and spinal injuries are primarily responsible for the growth of the surgical drill bits market. With the rise of minimally invasive and robotic surgeries, the war of innovation supremacy among the manufacturers is likely to be quite strong going forward,” says the PMR analyst.
Tier 1 Players to Account for Half of the Total Revenue Share
Dentsply Sirona, Arthrex Inc., Zimmer Biomet, Integra Life Sciences and Stryker Corporation are leading players of surgical drill bits market. In 2018, these top five players accounted for over 55% share in the surgical drill bits market. Dentsply Sirona remains the leading supplier of surgical drill bits, backed by the company’s reliance on inorganic growth strategies and expansion of its territorial reach and business. Other key market participants such as Arthrex, Inc. and Zimmer Biomet collectively account for a prominent market share owing to their emphasis on product innovation and collaborations with hospitals and orthopedic surgeons.
Find More Valuable Insights on Surgical Drill Bits Market
Persistence Market Research offers a unique perspective and actionable insights on the surgical drill bits market in its new study, presenting historical demand assessment from 2014 – 2018 and projections from 2019 – 2029 on the basis of product (standard solid drill bits, cannulated drill bits, and calibrated drill bits), function (cutting, tapping, marking, and shaping), application (orthopedic surgery, neurosurgery, dental surgery, general surgery, and veterinary), and end user (hospitals, office based clinics, ambulatory surgical centers) in seven key regions.
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