The orthopedic power tool market is expected to witness significant growth during the forecasted period.
A broad variety of surgical equipment and devices used in orthopaedic surgeries, including joint replacement, fracture fixation, and spinal surgery, are included in the orthopaedic power tool market. These power instruments, which are intended to improve accuracy, effectiveness, and safety during surgical procedures, include screwdrivers, saws, reamers, and drills, among others. The market is driven by several factors, including the growing elderly population, the prevalence of orthopaedic disorders, and technical developments in surgical procedures and equipment.
Technological developments like the creation of battery-operated, minimally invasive orthopaedic power instruments support market expansion. Further driving market expansion is the increasing use of robotic-assisted orthopaedic surgery. The demand for better surgical outcomes and ongoing innovation is projected to fuel the growth of the orthopaedic power tool market globally.
The market for orthopedic power tools is primarily driven by technological improvements, which are transforming surgical techniques and patient outcomes. Innovations such as improved materials, ergonomic designs, and precision control mechanisms enhance the efficiency, safety, and accuracy of orthopaedic surgery. Additionally, surgeons may now do minimally invasive treatments with more control and precision because of the incorporation of robotics and navigation systems into power instruments.
Moreover, advancements in wireless connectivity and battery technology enhance portability and usability, enabling smooth incorporation into surgical operations. In general, orthopaedic power tools are always improving due to technological breakthroughs, which makes them essential tools in contemporary orthopaedic surgery.
For example, Grand River Hospital started research in September 2022 to assess how intraoperative technology is used for patients having hip replacement surgery. One million dollars has been invested in this study by the Ontario government. Innovative technology called intraoperative navigation tools aims to improve the accuracy of hip implants, potentially reducing the risk of hip dislocations after surgery and hastening patient recuperation. To support hip implant alignment during surgery without compromising surgical time, the gadget delivers real-time measurements. The intraoperative instrument utilized in this investigation is called Intellijoint HIP, and it was created by the nearby business Intellijoint Surgical.
One major factor propelling the orthopedic power tool market is the increasing incidence of orthopaedic illnesses. With aging populations and sedentary lifestyles, conditions like osteoarthritis, fractures, and degenerative disc disorders are becoming more prevalent. The need for sophisticated power tools to enable accurate and effective surgeries is rising as more people need surgical procedures to treat various orthopaedic problems.
With the use of orthopedic power tools, surgeons may more precisely and quickly complete treatments, including spinal surgeries, joint replacements, and fracture fixations, satisfying the growing demand for orthopaedic care and improving patient outcomes. In August 2021, DynaMedic introduced its flagship electric handpiece device, an efficient bone power instrument. Therefore, the introduction of technologically improved products is anticipated to drive the orthopaedic power tools market over the forecast period due to the rising incidence of accidents and injuries.
Another major factor driving the orthopedic power tool market is the elderly population. Orthopaedic diseases such as osteoarthritis, fractures, and degenerative spine disorders are more common in older adults. Orthopaedic procedures are becoming more and more necessary to treat these diseases and enhance mobility and quality of life as the aging population grows.
To properly and efficiently execute these surgeries and meet the unique demands of elderly patients, orthopaedic power tools are essential. Consequently, the market for orthopedic power tools is being driven by the aging population, which supports the provision of efficient orthopaedic care to fulfill the healthcare requirements of senior citizens.
In addition, because of osteopenia, osteoporosis, and alterations in bone quality brought on by aging, the incidence of orthopaedic disorders such as osteoarthritis, fractures, and degenerative disc diseases also increases with the aging population. For example, the World Health Organization (WHO) issued figures in October 2022 that by the end of 2030, about 1 in 6 individuals worldwide will be 60 years of age or older. According to the same source, by 2050, there will be 2.1 billion people in the world who are 60 years of age or older. Because of this, it is anticipated that demand for orthopaedic procedures will soar as an older population seeks greater mobility and a higher quality of life.
The orthopaedic power tool market is expanding significantly in the Asia-Pacific area for several reasons. The need for orthopedic procedures and related instruments is being driven by a growing aging population, rapid urbanization, and rising healthcare costs. Additionally, improvements in the healthcare system and growing public knowledge of orthopaedic treatments support market growth.
Further driving market expansion are technological developments in orthopedic power tools and partnerships between healthcare institutions. The Asia-Pacific orthopedic power tool market is anticipated to grow further due to the region's changing healthcare environment and increasing demand for orthopaedic operations. This will present chances for industry participants to innovate and increase their footprint.
For example, according to a report released by the Ministry of Road Transport and Highways of India (MoRTH), States and Union Territories (UTs) reported a total of 4,61,312 road accidents in 2022, leading to above 1 lakh fatalities and more than 4 lakh injuries. Compared to the prior year, there has been an increase of 11.9% in accidents, 9.4% in fatalities, and 15.3% in injuries. India's high rate of traffic accidents is therefore anticipated to fuel the segment's expansion during the projection period.
Maintaining the accessibility and affordability of cutting-edge technology is a significant problem for the orthopedic power tool market, especially in developing nations. Adoption and market penetration of orthopedic power tools may be hampered by their expensive cost as well as certain regions' inadequate infrastructure and healthcare resources. To address this difficulty and provide global accessibility to orthopaedic power tools for patients and healthcare professionals, new pricing structures, strategic alliances, and infrastructure investments in the healthcare sector are needed.