The global high speed surgical drill market size is predicted to reach USD 811.1 million by the 2030 from USD 564 million in 2020, growing with a CAGR of 3.7% during the forecast period 2021 to 2030.
The global high speed surgical drill market growth is spur by growing number of surgical procedures, increasing access to health care facilities globally and increased health care expenditure.
Key market Insights:
Increasing numbers of surgical procedures across the globe is major factor driving growth of global high speed surgical drill market. Surgical procedures are increasing now days in developed as well as emerging economies owing to numbers of accidents, sport injuries, dental surgery, and orthopedic surgery. These various surgeries are due to a high incidence of dental disorders, orthopedic diseases and other chronic conditions where surgery is recommended as mandatory. These factors are creating huge demand for the surgical drills in turn which is driving growth of global market. Additionally, rising access to health care facilities across the globe is another factor expected to fuel growth of global market during the forecast period.
COVID-19 Impact on Global High Speed Surgical Drill Market
The effects of Covid-19 pandemic will be played out and analyzed on the overall industry including both the demand side and supply side perspectives. Due to some unfavorable situations like lockdown across the leading countries; disruption of the supply chain, fluctuating supply of the raw materials forced most of the product manufacturers to shut their production facilities which has affected adversely on the growth of target industry. However, COVID-19 situation is resolving slowly due to the launch of COVID vaccine worldwide, which is improve the market situation over the forecast period.
Future of Global High Speed Surgical Drill Market
Increasing medical tourism can create lucrative growth opportunity for the key players in the target market. In the developed countries such as U.S. and Canada the healthcare treatment, service, and surgery costs are relatively high owing to availability of advanced healthcare infrastructure. This factor supports to the growth of medical tourism. Additionally, availability of the latest medical technologies, along with growing compliance on international quality standards in turns leads to the growth of medical tourism. Further, health insurance portability, high quality of service, and advertising and marketing of the medical tourism are some among the major factors propelling growth of medical tourism which is in turn creating demand for the surgical drills and supports growth of global market. People in developing countries can't afford the massive medical expenditure. Not all health care costs are paid by insurance providers, which makes the patients turn to foreign countries. Countries in Asia, the Middle East, and South America provide far lower-than-developed economies with high-quality medical services. Growth in emerging economies and their increasing healthcare expenditure is another factor to creating growth opportunity for the key players in the global market.
The Electric High Speed Surgical Drill Segment Is Predictable to Lead the Product Type Segment of global Market Revenue
Based on product type, electric high speed surgical drill segment is leading with more than 50% in 2020 and the pneumatic high-speed surgical drill product is expected to grow over the forecast period at moderate CAGR. Increasing adoption of pneumatic high-speed surgical drills by various end users worldwide in order to perform orthopedic and neurosurgeries is major factor driving growth of segment.
Orthopedic Segment Is Likely to Take over the Application Segment of High Speed Surgical Drill Market Revenue
Based on application, orthopedic segment is leading with more than 40% in 2020. The growth of orthopedic application segment is owing to, increasing adoption of high speed surgical drills in orthopedic surgeries because of increasing old age population and incidence bone diseases.
North America is Valued to be the Major Market for High Speed Surgical Drill
The study report delivers prospects and trends of high speed surgical drill products across different geographical regions counting Europe, North America, Latin America, Asia-Pacific, Middle East, and Africa. However, geographically, the target market is dominated by North America due rise in demand of minimally invasive surgeries, promising reimbursement policies in the North America. Europe constitute a share of more than 25% of the global market in 2020. Presence of key operating players in the countries of the region is expected to help the development of the Europe market in the coming years of the forecast period. Asia Pacific Market is anticipated to grow at a CAGR of 4.0% over the forecast period. Latin America market is expected to grow at a CAGR of moderate range.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global high speed surgical drill market. Foremost players contending in global high speed surgical drill market are as follows:
For the better understanding the recent situation of the global target market and for most policies of the country, Precedence Research forecast the future evolution of the target industry.
Key Market Developments:
Major Market Segments Covered:
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