Orthopedic Power Devices Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Large Bone Powered Devices, Small-Bone Powered Devices); Product Type (Drills, Saws, Reamers, and Others); Power Source (Pneumatic, Battery-Powered, and Electric); End-Users (Hospitals, Ambulatory Surgical Centers, and Others); and Region/Country
Detailed Analysis of COVID-19 Impact on the Orthopedic Power Devices Market
The orthopedic power devices market is expected can be attributed to the rising prevalence of various orthopedic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Some of the most common orthopedic diseases among the elderly population are arthritis, lateral epicondylitis, ligament injuries to the knee, etc. Moreover, according to the Centers for Disease Control and Prevention, approximately 29.3% of adults aged 45 to 64 years, reported doctor-diagnosed arthritis, and almost 50% of older people aged 65 years or older, reported doctor-diagnosed arthritis. Owing to these facts, there is a growing demand for various orthopedic power devices which in turn is boosting the growth of their market globally.
Global Orthopedic power devices market is expected to register a CAGR of around 4% over the period of 2021-2027. With the rapid advancement in technology and rising investment in research & development for introducing innovative devices, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the orthopedic power devices market is witnessing an uptick all over the globe. For example, in November 2021, DePuy Synthes launched the UNIUM System which is designed for ergonomics, reliability, and efficiency in the trauma setting and can be used across the small bone, sports medicine, spine, and thorax procedures.
Stryker Corporation, Medtronic PLC, CONMED Corporation, Zimmer Biomet, DePuy Synthes, Brasseler USA, De Soutter Medical, Smith & Nephew PLC, MicroAire Surgical Instruments, Arthrex Inc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative devices.
Insights Presented in the Report
“Amongst Type, large bone powered devices category accounted for the majority share in the market in 2020”
Based on type, the orthopedic power devices market is segmented into large bone powered devices and small-bone powered devices. The large bone powered devices segment accounted for the largest market share in 2020 and it is estimated that it will exhibit a significant CAGR during the forecast period owing to factors, such as the rise in the incidences of accidents, sports injuries, and orthopedic diseases. Furthermore, the growth in advancement in technology and frequent product launch in the market is also contributing to the growth of the segment.
“Amongst Product Type, drills is expected to witness highest CAGR during the forecast period”
Based on the product type, the orthopedic power devices market is segmented into drills, saws, reamers, and others. The drills segment occupied a substantial share of the orthopedic power devices market in 2020 and it is expected to grow considerably in the upcoming years owing to the growing number of orthopedic surgeries and the increasing launch and approvals of new & advanced products in the market. For example, in June 2021, Zethon received the 510k approval from the US Food and Drug Administration for their hekaDrill for use in the incisions, drilling, and sawing of soft and hard bone tissue.
“Amongst Power Source, battery-powered category accounted for the majority share in the market in 2020”
Based on the power source, the market is fragmented into pneumatic, battery-powered, and electric. In 2020, the battery-powered segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the increasing preference for these devices among healthcare providers and surgeons due to their compact and cordless design. Also, battery-powered devices are associated with less bacterial contamination which in turn is also positively impacting the growth of this segment. However, the electric segment is anticipated to grow with the fastest CAGR during the projected timeframe.
“Amongst End-Users, hospitals is expected to witness highest CAGR during the forecast period”
Based on end-users, the market is fragmented into hospitals, ambulatory surgical centers, and others. In 2020, the hospitals segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the increasing preference of patients to undergo orthopedic surgical procedures in hospitals owing to the well-established infrastructure, presence of trained healthcare professionals, and advanced devices. However, the ambulatory surgical centers segment is expected to grow considerably in the upcoming years owing to the increasing number of these centers, especially in emerging countries.
“North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the orthopedic power devices market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the orthopedic power devices market industry and generated major revenue in 2020 owing to strong healthcare infrastructure and growing adoption of advanced technological devices in the healthcare industry in the region.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Orthopedic Power Devices Market|
|2.2.||Research Methodology of the Orthopedic Power Devices Market|
|2.5.||Main Objective of the Orthopedic Power Devices Market Study|
|5||GLOBAL ORTHOPEDIC POWER DEVICES MARKET COVID-19 IMPACT|
|6||GLOBAL ORTHOPEDIC POWER DEVICES MARKET REVENUE, 2019-2027F|
|7.1.||Large Bone Powered Devices|
|7.2.||Small-Bone Powered Devices|
|10.2.||Ambulatory Surgical Centers|
|11.1.||North America Orthopedic Power Devices Market|
|11.1.3.||Rest of North America|
|11.2.||Europe Orthopedic Power Devices Market|
|11.2.6.||Rest of Europe|
|11.3.||Asia Pacific Orthopedic Power Devices Market|
|11.3.5.||Rest of Asia Pacific|
|11.4.||Rest of World Orthopedic Power Devices Market|
|13||ORTHOPEDIC POWER DEVICES MARKET OPPORTUNITIES|
|14||ORTHOPEDIC POWER DEVICES MARKET TRENDS|
|15||LEGAL & REGULATORY FRAMEWORK|
|16.1.||Demand Side Analysis|
|16.2.||Supply Side Analysis|
|17||VALUE CHAIN ANALYSIS|
|18.1.1.||Porter’s Five Forces Analysis|
|19.7.||De Soutter Medical|
|19.8.||Smith & Nephew PLC|
|19.9.||MicroAire Surgical Instruments|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global orthopedic power devices market were the three major steps undertaken to create and analyze the adoption of orthopedic power devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global orthopedic power devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of orthopedic power devices market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the orthopedic power devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, product type, power source, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of orthopedic power devices market. Further, we conducted factor analysis using dependent and independent variables such as various type, product type, power source, and end-users of orthopedic power devices. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Orthopedic power devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global orthopedic power devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of orthopedic power devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global orthopedic power devices market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global orthopedic power devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, product type, power source, and end-users in the global orthopedic power devices market.
The main objective of the Global Orthopedic Power Devices Market Study
The current & future market trends of global orthopedic power devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of orthopedic power devices market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, product type, power source, and end-users
- Define and analysis of the regulatory framework for the orthopedic power devices market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the orthopedic power devices market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the orthopedic power devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry