The Surgical Drills Market is estimated to be valued at US$ 604.7 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The surgical drills market consists of drills that are used in various surgical procedures for cutting holes in bones, preparing sites for screws or plates, removing diseased tissues and lesions. Surgical drills come in various designs and sizes depending on the type of procedure and anatomical site. They provide precise cutting of hard tissues with minimum thermal injury.
Market key trends:
One of the major trends driving the growth of the surgical drills market is the increasing prevalence of neurological disorders and the rising number of neurosurgeries globally. Neurosurgeries often require drilling of bones to access target regions in the brain. According to the Brain Aneurysm Foundation, around 6 million people in the US suffer from brain aneurysms. Moreover, advances in drilling technologies have led to development of drills with increased precision and reduced procedure times. Battery powered drills further provide improved accessibility in minimally invasive surgeries. Adoption of these technologically advanced drills is expected to support the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: New players will face high initial investments in R&D, manufacturing, marketing and distribution to compete in this market. They also need to have patented technologies and strong brand recognition to challenge established players.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players offering a variety of products in this market. However, buyer concentration is low with large number of hospitals, clinics and ASCs globally.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials used in manufacturing surgical drills are commodity chemicals and metals. Established players can also choose from multiple suppliers.
Threat of new substitutes: Threat is low as surgical drills have no close substitutes for drilling bone during orthopedic, neurosurgery and dental procedures. Advancements lead to upgraded products but core function remains same.
Competitive rivalry: Market is consolidated with top players holding major share. Players compete on technological innovations, brand recall, geographic expansion and service quality.
SWOT Analysis
Strengths: R&D investments lead to continuous product upgrades. Established brand trust and recalls. Wide geographic coverage.
Weaknesses: High dependence on discretionary hospital spending. Supply chain disruptions impacted productivity.
Opportunities: Rising orthopedic surgeries drive demand. Emerging markets yet to reach maturity. Adjacent areas like cranial surgeries opening up.
Threats: Strict regulations delay product approvals. Reimbursement policies impact sales. Substitutes in nascent stages pose threat.
Key Takeaways
The global Surgical Drills Market Growth is expected to witness high growth at a CAGR of 7.9% over the forecast period, due to increasing number of orthopedic surgeries globally. As per estimates, over 1.7 million hip replacement and 1.2 million knee replacement surgeries happen annually in the U.S. alone. This has directly contributed to growing adoption of surgical drills.
Regional analysis indicates that North America will continue dominating the surgical drills market, accounting for over 35% share by 2030. Presence of major players, higher healthcare spending, and growing geriatric population driving orthopedic procedures makes the region highly lucrative. Meanwhile, Asia Pacific is expected to exhibit the fastest growth at a CAGR of around 9%, led by expanding medical infrastructure and patient awareness in large economies like China and India.
Key players operating in the surgical drills market are B. Braun SE, Stryker Corporation, Adeor Medical Ag, Medtronic, Allotech Co. Ltd., Arthrex Inc., Brasseler USA, ClearPoint Neuro, Inc., ConMed Corporation, De Soutter Medical Ltd., GPC Medical Ltd., Johnson & Johnson, Joimax
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