Orthopedic Power Devices Market: Current Analysis and Forecast (2021-2027)

Orthopedic power tools are commonly used for performing orthopedic surgeries and help in shaping the bone surface on which the prosthesis (implant) will be placed. They are lightweight, and user-friendly as compared to conventional heavy orthopedic tools. The optical imaging 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.

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 generated major revenue in 2020 and it is estimated that it will exhibit a significant 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 the major market share in 2020 and it is expected to grow with a substantial CAGR in the forecast period.

Based on the power source, the market is fragmented into pneumatic, battery-powered, and electric. The battery-powered segment grabbed a significant market share of the orthopedic power devices market in 2020 and is expected to grow at a considerable CAGR during the forecast period. However, the electric segment is anticipated to grow with the fastest CAGR during the projected timeframe.

Based on the end-users, the market is fragmented into hospitals, ambulatory surgical centers, and others. The hospitals captured a major market share in 2020. However, the ambulatory surgical centers segment is expected to grow at the highest CAGR over the projected timeframe.

For a better understanding of the market adoption of the Orthopedic Power Devices, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the orthopedic power devices industry and generated major revenue in 2020 owing to growing healthcare expenditure and an increase in the aging population in the region. Some other major factors contributing to the growth of the market in the region is increasing adoption of advanced technologies and systems among countries including the United States and Canada. In addition to this, rising elderly population coupled with surge in knee and hip related problems have also led to the increased demand for orthopedic power devices market.

Some of the major players operating in the market are Stryker Corporation, Medtronic PLC, CONMED Corporation, Zimmer Biomet, DePuy Synthes, Brasseler USA, De Soutter Medical, Smith & Nephew PLC, MicroAire Surgical Instruments, Arthrex Inc., among others. Several M&A's along with partnerships have been undertaken by these players to develop new and advanced orthopedic power devices.