Surgical Drill Bits Market is segmented by Standard Solid Drill Bits, Cannulated Drill Bits, Calibrated Drill Bits, Office Based Clinics, Single Use Drill Bits, Reusable Drill Bits
Industry: Healthcare
Published Date: May-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 218
Report ID: PMRREP24085
The global Surgical Drill Bits Market is expected to grow at a rate of 5.3% between 2022 and 2029. The Surgical Drill Bits Market witnessed a CAGR of 4.2% between 2014 and 2021. In 2022, the global Surgical Drill Bits Market size was US$ 269.9 million, which is projected to reach US$ 387.7 million by the year 2029.
| Attribute | Key Insights |
|---|---|
|
Surgical Drill Bits Market Size (2022) |
US$ 269.9 Mn |
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Projected Market Value (2029) |
US$ 387.7 Mn |
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Global Market Growth Rate (2022-2029) |
5.3% CAGR |
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Share in parent market |
9.3% |
The Surgical Drill Bits Market is expected to witness a CAGR of 5.3% during the forecast period between 2022 and 2029. The rising number of surgical operations and the growing prevalence of orthopedic disorders such as osteoporosis, spinal injuries, and spinal abnormalities are all driving increased demand for surgical drill bits. Furthermore, the rise in the adoption of orthopedic power tools to perform various orthopedic surgeries has significantly increased the demand for surgical drill bits, which is driving the market growth.
Increase in the prevalence of orthopedic disorders and Sports Injuries
The increased prevalence of orthopedic disorders such as osteoporosis, spinal injuries, and spinal abnormalities are all accelerating the demand for surgical drill bits. In addition, the rising prevalence of sports injuries is fuelling the market. Fractures and bone dislocations are the most common kind of sports injuries. Surgical drill bits are frequently used to treat common sports injuries such as fractures. The rising prevalence of orthopedic disorders and sports injuries is expected to boost surgical drill bit volume sales in the near future.
Increase in the adoption of orthopedic power tools
Another major aspect projected to enhance the market for surgical drill bits is an increase in the adoption of orthopedic power tools. The rising demand for new and advanced surgical power instruments, such as surgical drills, in hospitals and the other healthcare facilities has been fueled by the rising prevalence of chronic orthopedic disorders, road accidents, and sports injuries. The market is being pushed forward by rising demand for surgical power tools, such as surgical drills. Moreover, market growth is likely to be driven by technological advancements in surgical power tools over the forecast period.
Increasing Preference for Minimally Invasive Surgeries
The key factor fueling the growth of the global Surgical Drill Bits Market is the increasing preference for minimally invasive surgeries. Minimally invasive surgeries have become more popular in the last few decades as a result of their numerous advantages, including a shorter recovery period and a lower risk of infection. Surgical drill bits are in high demand due to the growing preference for minimally invasive surgeries. Technological advancements and the development of better implants have fueled demand for minimally invasive surgeries, which will eventually increase the surgical drill bits market's revenue.
“Inadequate Quality Control and Sterilization Techniques”
To perform successful procedures, surgeons require high-quality surgical instruments. Surgeons rely greatly on the quality of surgical tools to execute surgeries to the highest standards. However, surgeons frequently use newly purchased surgical power tools without first sterilizing them, which can lead to serious complications. Infectious pathogens are transmitted to patients when drills are not thoroughly disinfected or sterilized. The inadequate quality control and sterilization techniques are expected to hinder the market growth during the forecast period.
“Lack of Acceptance of Advanced Surgical Instruments and High Cost of Surgery”
The global Surgical Drill Bits market has been hampered by a lack of acceptance of modern surgical equipment and a greater concentration on conventional surgical approaches in developing nations. Furthermore, the significantly low budgets allotted by both - government and private institutions for the procurement of modern surgical equipment in the developing economies are anticipated to limit the growth of profit margins for surgical drill bit manufacturers. Moreover, very little adoption of minimally invasive surgeries in developing countries due to the high cost of these surgeries may restrain the surgical drill bits market's growth over the forecast period.
“Significant Decline in Sales Due to Reduction in the Number of Surgeries During the Lockdown”
The COVID-19 pandemic wreaked havoc on the global economy, and it had a huge impact on the Surgical Drill Bits Market, as demand for Surgical Drill Bits dropped significantly due to a significant fall in surgeries during the lockdown. To save healthcare resources for the treatment of COVID-19 patients, the governments of several countries issued directives to postpone or cancel non-essential surgeries. This caused a significant drop in non-emergency treatments around the world, thus limiting the surgical drill bits market in 2020-2021.
The Surgical Drill Bits industry is moderately competitive and highly consolidated due to the presence of several large players. Key players in the market are focusing on mergers and acquisitions as the industry is in the growth phase. Companies are making strategic decisions to engage in mergers and acquisitions in order to expand their product portfolios and grow their market share.
Recent Developments
| Attribute | Details |
|---|---|
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Forecast Period |
2022-2029 |
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Historical Data Available for |
2014-2021 |
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Market Analysis |
US$ Mn/Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
By Application |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Surgical Drill Bits Market by Application
Surgical Drill Bits Market by Region
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In 2022, the Surgical Drill Bits Market stands at USD 269.9 million, and it is expected to reach USD 387.7 million by 2029 at a CAGR of 5.3%.
Surgical Drill Bits Market exhibited a 4.2% CAGR between 2014 and 2021.
Inadequate quality control, lack of acceptance of advanced surgical instruments, and high cost of surgery are the key restraints in the Surgical Drill Bits Market.
The increasing prevalence of orthopedic disorders and sports injuries along with the increasing preference for minimally invasive surgeries are the key factors driving the growth of the market.
Dentsply Sirona, Arthrex, Inc., Zimmer Biomet Dental, and Integra Life Science are among the top players in the market.
