Technology Advancements in Battery-powered Surgical Drills to unlock Promising Avenues
Surgical drills (or drills) have been occupying a prominent position in the armamentarium of surgeons for making safe surgeries across medical specialties. Drills are used to place various types of implants, notably surgical pins, plates, and screws, by drilling into the bones of patients. They are popularly used in the surgeries related to orthopedic, neurosurgery, eyes, nose, and throat (ENT) and dental. The growing demand for reliable and affordable surgical drilling tools is a key factor reinforcing the growing potential of the surgical drills market. A great deal of worldwide demand impetus for surgical drills stems from the burgeoning surgical procedures on patients suffering with chronic diseases, world over.
According to a projection by a report by Transparency Market Research, the global surgical drills market is expected to generate opportunities that will rise at 4.7% CAGR from 2018 to 2026.
Rising Use in Orthopedic Surgeries generates Sizeable Revenues
The demand for surgical drills naturally correlates with the rising number of surgical procedures in various parts of the world. These have prominent use in orthopedic surgeries and the segment will serve more than half of the global demand for surgical drills over the next seven years. Rising number of orthopedic surgeries, especially owing to burgeoning geriatric populations, in developing and developed nations is the key to this demand. The growth will be catalyzed by rising healthcare spending in numerous emerging economies, mainly for surgical interventions in the management of chronic diseases.
Battery powered drills have been witnessing a robust demand in surgeries. Technology advancements in these types of drills are fueling the demand. Hospitals and ambulatory surgical centers in developing and developed regions are at the forefront of utilizing such technological improvements. Additionally, advances in materials used in surgical drills have also expanded the prospects considerably in recent times. Efforts to develop single-battery powered drills that can be used for back-to-back surgeries, especially in low-resource settings, will open exciting avenues in the near future.
Presence of Several Prominent Players make Developed Regions Thriving for Stakeholders
The various key regions where surgical drills are witnessing growing demand are North America, EU Economic zone, Latin America, the Middle East and Africa, and Asia Pacific. Of these, North America has emerged out as the most prominent region, supported by the presence of several globally key players in the region. Relentless efforts to bring technological improvements for improving surgical outcomes and products innovations are expected to create abundant opportunities in the region.
However, it is the developing regions that will expand at more attractive CAGR from 2018 to 2026. Particularly, Asia Pacific is expected to generate substantial revenues over the next seven years. Opportunities in Asia Pacific is bolstered by burgeoning medical tourism in its numerous key economies. The growth is catalyzed by constant advancements in healthcare infrastructures across the region over the past few years. In addition, growing awareness about better surgical interventions for managing various chronic diseases in patient populations in several parts of the region is likely to contribute to the expanding prospect. Furthermore, global players are also shifting their attention to the region for tapping unmet medical needs of the patient populations.
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