Surgical Drills Market Overview:
Global surgical drills market had a market valuation of USD 463.64 million in 2017, which can now register a growth by a CAGR of 4.93% by 2023. Market Research Future (MRFR) declared in their latest report on the same that this growth would take place between 2018 and 2023, which as per various parameters, is the forecast period.
Surgical drills are known for their ability to pass through bones and assist in surgeries with significant ease. Its application mostly covers drilling, cutting, and boring holes to accommodate various surgical plates, pins, or screws. The market is showing potential in expanding the sector with different types like electric drills, pneumatic drills, battery-powered drills, and others. Its assistance to reduce the workload of a surgeon can be taken into consideration to analyze the permeation process across several industries. Growing awareness among people regarding surgical procedures, better reimbursement schemes, and others are expected to create opportunities for the surgical drills market to expand. However, the price is often a factor in developing regions, especially in countries from Africa where most of the countries display poor economic structure.
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Surgical Drills Market Segmentation
The report on the global surgical drills market can be studied by having the details segmented into application, product, and end-user.
By products, the market report with a coverage of the surgical drills market reveals accessories, battery-powered drills, pneumatic drills, electric drills, and others. The pneumatic drills segment covered the largest share in 2017 and can inspire better growth in the coming years. It depends a lot on the wider acceptance of devices and increasing approval regarding patient compliances.
By application, the market report encompassing the surgical drills market includes neurosurgery, orthopedic surgery, dental surgery, ENT, and others. The orthopedic surgery had the largest market share in 2017 and the dental surgery segment had the second spot.
By end-users, the market report includes ambulatory surgical centers, hospitals & clinics, academic & research institutes, and others. The hospitals & clinics segment covered the maximum part in 2017. The ambulatory surgical centers are set to score a better growth rate in developing countries.
Surgical Drills Market Regional Analysis:
The Americas have a better scope of registering high growth for the surgical drills market. This is primarily due to the growing acceptance of surgeries in sectors like orthopedic surgeries, increasing demand for control over the dental hygiene, the inclusion of better surgical approaches, support from the reimbursement claims, and others are expected to make sure that the regional market growth goes in the right direction. The high disposable income of the population is also a major reason that can bolster the growth in the coming years.
Europe is making sure that its growth follows the same trajectory set by North America. This is mostly due to the increasing demand for rising investment in the research and development sector where the growth can be substantial. The growth in the Asia Pacific region would depend a lot on countries like India, Japan, China, and others. Several countries like India and China are revamping their healthcare sector and trying to emerge as a medical tourism hub, which can inspire growth for the surgical drills market.
Competitive Landscape
Arthrex Inc., Adeor medical AG, AlloTech Co.Ltd. CONMED Corporation, Stryker Corporation, B.Braun Melsungen AG, Medtronic plc, De Soutter Medical, DePuy Synthes, and Zimmer Biomet Holdings, Inc. are expected to play prominent roles in taking the surgical drills market forward. Their contributions had been noted in the report by MRFR to get a proper scope for assessing recent trends and the forming of the future market.
Surgical Drills Industry News / Update
In October 2019, Neocis announced that they have received clearance for their robot-assisted dental surgery drill. This company from Miami declared that this would enhance the drilling experience of the physician.
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