Surgical Drills Market

Global Surgical Drills Market Size (2023 to 2028)

The global surgical drills market size is forecasted to grow at a CAGR of 6.04% during the forecast period. As a result, the market size is predicted to grow to USD 1.47 billion by 2028 from USD 1.1 billion in 2023.

Impact of COVID-19 on the global surgical drills market:

The impact of the COVID-19 outbreak on the surgical drills market will be explored from both the demand and supply sides. Most product manufacturers were forced to shut down their manufacturing facilities due to unfavorable circumstances such as lockdowns in key countries, supply chain disruptions, and shifting raw material supplies, affecting them negatively. In addition, the COVID-19 pandemic had significant ramifications on the world economy due to the emergence of state-wide lockdowns and social distance restrictions. However, the increased focus on various preventive measures to decrease the danger of viral transmission within operating settings aided the expansion of the surgical drills market. In addition, drill splatter's growing popularity in orthopedic surgeries due to the outbreak further helped market growth.

MARKET DRIVERS:

Due to an increase in the number of surgical procedures and the frequency of chronic conditions that necessitate surgical procedures, the market for surgical drills is rapidly growing.

Factors such as growing medical tourism and increased healthcare spending, particularly in emerging markets, are fuelling the growth of the surgical drills market. Surgical drills are in high demand since they are required for most critical procedures. Surgical drills have seen significant technological evolution over the last decade. On the other hand, surgical drills have evolved significantly through time and are now available in various forms and with an extensive range of accessories.

During the forecast period, the worldwide surgical drills market is likely to benefit from the increased use of electric-operated instruments.

Electrically powered power tools deliver consistent torque even when faced with resistance and a higher load due to better safety procedures such as inbuilt fuses to prevent accidental damage. Electric power tools rapidly gain popularity among surgeons due to their ability to adjust speed, allowing for more surgical versatility. In addition, patients prefer electric surgical instruments since they do not cause vibrations. Positive internet ratings and a higher patient retention rate result from patient contentment.

The growing number of surgical procedures happening worldwide boosts the surgical drills market.

The rising occurrence of road accidents, sports, orthopedic diseases, and dental difficulties has increased with surgical treatments worldwide. Furthermore, the growing number of R&D investments, technological advancements, and the world's growing elderly population is further predicted to propel the market forward. In addition, there has been an increase in demand for these devices and equipment from various end-user application industries. This, too, is expected to contribute to the global market's overall growth.

MARKET RESTRAINTS:

To perform successful treatments, surgeons require high-quality surgical instruments. Surgeons depend heavily on the quality of surgical tools to execute treatments to the highest standard. However, surgeons frequently utilize newly bought surgical power instruments without sterilizing them, resulting in severe consequences. Government regulations and a lack of qualified medical professionals, particularly in developing economies, are projected to stifle global surgical drills market expansion. Market growth is challenged by the availability of alternatives and reimbursement policies and the adoption of stringent regulatory processes.

REPORT COVERAGE:

This research report on the global surgical drills market has been segmented and sub-segmented based on the product, application, end-user, and region.

Surgical Drills Market – By Product:

• Pneumatic Drills
• Electric Drills
• Battery Powered Drills
• Accessories

Based on the product, the pneumatic drills segment is expected to grow at a healthy CAGR during the forecast period. Pneumatic drills use pneumatic motors that expand compacted air to function and are most typically used in dental procedures. In addition, pneumatic drills have more torque, making drilling easier and faster, resulting in less time spent under anesthesia and safer surgical operations. As a result, the global expansion of the pneumatic drills segment is likely to be fueled by an increase in the number of dental/oral procedures.

Surgical Drills Market – By Application:

• Orthopedic Surgery
• Neurosurgery
• Ear Nose Throat (ENT)
• Dental Surgery

In 2022, the neurology segment accounted for the most significant proportion of the global surgical drills market. The segment's expansion is majorly driven by the growing number of people suffering from neurological illnesses, resulting in a rising need for surgical treatments as a treatment. As a result, the need for surgical power instruments, such as drills, is on the rise.

Surgical Drills Market – By End-User:

• Hospitals
• Ambulatory Surgical Centers
• Research Institutes

In 2022, hospitals and ASCs had the largest share of the global surgical drills market. The segment's domination can be credited to more procedures conducted in hospitals and ambulatory surgery centers and suitable reimbursement schemes offered by hospitals in emerging countries. Furthermore, in established and growing countries, experienced healthcare workers and more significant adoption of modern tools for complicated surgical treatments are two important reasons pushing patient migration to these settings.

Surgical Drills Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American surgical drills market led the market for surgical drills worldwide in 2022, and the domination is predicted to appear throughout the forecast period. The availability of highly qualified surgeons in various professions and the expanding demand for orthopedic and dental surgeries promote market growth in North America. Furthermore, major market participants, government regulations, well-established healthcare infrastructure, and favorable government policies make this region a leader. In addition, the availability of favorable reimbursement regulations for the treatment of sports injuries in the United States is expected to boost surgical drill bit volume sales in the developed world.

The Asia Pacific surgical drills market is showcasing the fastest growth owing to increased hospitals, a growing elderly population, and rising healthcare expenditure. Furthermore, the market has grown due to increased chronic diseases, government initiatives, and patient inflow. Due to its large senior population and quickly rising economy, China presently dominates the Asia Pacific surgical drills market. Furthermore, India and Australia account for a substantial share of the APAC market during the forecast period.

KEY MARKET PARTICIPANTS:

Companies playing a pivotal role in the global surgical drills market profiled in this report are Zimmer Biomet, Stryker, Medtronic, B. Braun Medical Inc., Johnson & Johnson Services, McGinley Orthopedics, and CONMED Corporation.

RECENT HAPPENINGS IN THIS MARKET:

• NAVENTO Navigation Endoscopic Tower was launched, a new generation tower from Joimax. NAVENTO will be demonstrated at the North American Spine Society (NASS) meeting in Boston later this month and at EUROSPINE in Vienna in October 2021 and is optimized for endoscopic spine surgery with particular settings for the safe treatment of delicate structures.
• In 2019, Medtronic announced the purchasing decision of Israeli catheter producer AV Medical.