Surgical Drill Bits Market Share, Growth, Opportunities 2031

Report Description

The Global Surgical Drill Bits Market size was valued at USD 1.24 Billion in 2022 and is expected to surpass USD 2.13 Billion by 2031, expanding at a CAGR of 6.2% during the forecast period, 2023 – 2031. During orthopaedic surgery requiring internal or external fixation, drilling holes in the bone for the implantation of bone screws is done with surgical drill bits. Surgical drill bits are often available in a variety of sizes and shapes to make their use more convenient.

The use of orthopaedic power tools to perform various orthopaedic procedures has increased dramatically during the previous decade. When compared to normal high-end orthopaedic battery drills, these orthopaedic power tools are 70 to 75 times less expensive (OBD). Furthermore, these orthopaedic power tools are long-lasting, low-maintenance, and simple to operate. The numerous benefits of these orthopaedic power tools have resulted in an increase in the use of surgical drill bits in orthopaedic procedures.

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By becoming preferred vendors, the majority of global surgical drill bits market participants intend to build collaborations with healthcare institutions. Companies can leverage the collaborative effort to discover physician and surgeon shortage areas, enhance access to low-cost surgical supplies, and train and help healthcare personnel.

The pandemic of COVID-19 has had a negative influence on this sector. Due to the large reduction in the number of surgeries during the COVID-19 restrictions, key participants reported a drop in income from major surgical power tools product sales. Furthermore, governments in a number of nations have issued directives to postpone or cancel non-essential surgeries in order to save healthcare resources for COVID-19 patients. This reason caused a significant drop in non-emergency surgeries around the world, significantly limiting surgical drill use during the projected period.

Market Drivers, Restraints, and Opportunities:

• Surgical drill bits are commonly employed in the treatment of sports injuries, which are a major contributor to the rising number of bone fractures around the world.

• Availability of favourable reimbursement regulations for the treatment of sports injuries is expected to boost the surgical drill bits market.

• In developed nations, there has been an increase in the preference for minimally invasive procedures over the last few decades, which is estimated to fuel the demand for surgical drill bits.

• The need for minimally invasive procedures has risen as a result of technological improvements and the creation of better implants, which propel the surgical drill bits market.

• Traditional and conventional surgical techniques have a lengthy recovery time and a high risk of infection this is estimated to hamper the market.

• Lack of acceptance of modern surgical equipment such as surgical drill bits in developing nations is projected to hamper the market

• Restricted budget allotted by both government and private hospitals for the procurement of modern surgical equipment is projected to hinder the market.

• Restricted adoption of minimally invasive operations in emerging economies due to the high cost of surgical equipment may hamper the surgical drill bits market growth during the forecast period.

Scope of Surgical Drill Bits Market Report

The report on the surgical drill bits market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

The Surgical Drill Bits Market Segment Insights

The standard solid drill bits segment held the major market share

Based on products, the market is segregated into standard solid drill bits, cannulated drill bits, and calibrated drill bits. The standard solid drill bits segment is further segregated into single use drill bits and reusable drill bits. The cannulated drill bits segment is sub-segregated into single use drill bits and reusable drill bits. The calibrated drill bits segment is further fragmented into single use drill bits and reusable drill bits. The standard solid drill bits segment held major market share in 2021 due to their efficiency in minimal access surgery and new criteria such as cost effectiveness and increased tactile advantages. Due to high healthcare expenditures and the availability of favorable reimbursement scenarios, single-use surgical drill bits have been gaining traction in industrialized economies.

The cutting segment held the major market share

On the basis of functions, the market is fragmented into cutting, tapping, marking, and shaping. The cutting segment dominated the market in 2021 with a revenue share of over 50.0% owing to their low cost and widespread availability of services.

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The orthopedic surgery segment is expected to grow at a rapid pace during the forecast period

In terms of delivery mode, the market is divided into orthopedic surgery, neurosurgery dental surgery, and general surgery veterinary. The orthopedic surgery segment is expected to grow at a rapid pace during the forecast period owing to increasing global incidence of orthopedic illnesses, resulting in a high number of patients having surgical procedures. On the other hand, the neurology category held the second-largest share of the global market. The segment's expansion is profitable due to an increase in the number of patients suffering from neurological disorders, which leads to high demand for surgical procedures as a treatment, resulting in increased demand and uptake of surgical power instruments like drills.

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The hospital segment is anticipated to expand at a high CAGR during the forecast period

Based on end-users, the market is segregated into hospitals, office-based clinics, and ambulatory surgical centers. The hospital segment is anticipated to expand at a high CAGR during the forecast period. The segment's dominance can be attributed to a higher number of treatments performed in hospitals and ambulatory surgical centers, as well as favorable reimbursement systems offered by hospitals in emerging markets. Furthermore, the presence of competent healthcare staff and a greater acceptance of new instruments for sophisticated surgical treatments are two major factors driving the market.

North America is estimated to dominate the market

In terms of regions, the market is classified as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market during forecast period. The growth of market in the region is attributed to increased prevalence of neurological disorders, orthopaedic disorders, and other chronic conditions, as well as a high percentage of surgeries.

Europe is projected to hold major market share during the forecast period. Some of the factors driving the market include increasing orthopaedic operations in countries such as the United Kingdom, Germany, and others, as well as the introduction of improved drills in the region.

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