April 23, 2024
Surgical Drills Market

Global Surgical Drills Market is driven by Increasing Number of Surgical Procedures

The global surgical drills market has witnessed significant growth in recent years owing to growing application of surgical drills in orthopedic surgeries and neurosurgeries. Surgical drills are a vital part of many medical procedures and help in drilling holes or performing osteotomies in bones and teeth during fracture repair, replacement of hip or knee joints, dental extractions and implant surgery. They facilitate precise cutting or grinding of hard tissues like bones by producing rotary motion and are available in pneumatic and electric models. Precise control, improved ergonomics and material compatibility allow surgeons to perform intricate procedures easily.

The global Surgical Drills Market is estimated to be valued at US$ 696.62 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends in the surgical drills market is the growing demand for multi-functional drills. Conventionally, surgical drills were designed to perform only a single function like drilling or reaming. However, with technological advancements, manufacturers are now developing multi-functional drills that allow surgeons to perform multiple steps of a procedure using a single drill. This reduces procedural time and requirement of multiple drill instruments. For instance, the Stryker Reciprocating Tip Drill allows drilling, reaming and tapping in a single device. Similarly, Zimmer Biomet’s Versaptic convertible drill facilitate bone preparation with three interchangeable tips. Moreover, research efforts are underway to develop drills using new materials that increase precision and speed while reducing friction at the bone-drill interface. This will further boost demand in coming years.

Porter’s Analysis

Threat of new entrants: Low entry barriers pose a threat of new entrants entering the surgical drills market. However, established players have strong brand equity and distribution networks.

Bargaining power of buyers: The bargaining power of buyers is moderate in the surgical drills market due to the availability of substitutes.

Bargaining power of suppliers: A few large suppliers along with availability of alternatives provide moderate bargaining power to suppliers in the surgical drills market.

Threat of new substitutes: Products like medical lasers pose a threat of substitution to surgical drills used in soft tissue surgeries.

Competitive rivalry: The surgical drills market comprises of many global and regional players intensifying the competitive rivalry.

Key Takeaways

The global surgical drills market size is expected to witness high growth. The market size for 2024 is US$ 696.62 Bn and is forecasted to reach US$ 1,592.74 Bn by 2031, recording a CAGR of 11% during the forecast period.

Regional analysis: North America dominates the surgical drills market currently owing to growing number of orthopedic and dental surgeries in the region. Asia Pacific is expected to be the fastest growing market for surgical drills over the forecast period due to increasing healthcare expenditure and government initiatives in countries like China and India.

Key players: Key players operating in the surgical drills market are Ecoppia and Solavio. Ecoppia offers surgical drills integrated with IoT for enhanced efficiency. Solavio provides sustainable energy solutions for powering medical devices including surgical drills.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it