United States High-Speed Surgical Drill Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Market Scenario

According to the National Highway Traffic Administration of the US, car accidents happen every 60 seconds which equates to about 5.25 million accidents across the nation on a yearly basis. The United States High-Speed Surgical Drill Market is projected to witness a major leap forward in its revenue from US$ 220.5 Mn in 2021 to US$ 301.4 Mn by 2030. The market is registering a CAGR of 3.7% during the forecast period. Surgical procedures are increasing in developed countries such as the US owing to a few accidents, sports injuries, dental surgery, and orthopedic surgery. In dentistry, surgical drills may cause a nerve impairment from thermal damage even though the surgical drill does not violate the mandibular canal. In cranial and spinal wounds, surgical drills are used to lift craniotomy bone flaps, remove skull base bone and thereby exposing underlying neurovascular structures and decrease the need for significant brain retraction, and facilitate bone decompression and instrumentation in spine surgery.

The market is majorly driven by factors such as increased healthcare expenditure and rising access to healthcare facilities. Health spending in the U.S. increased by 9.7% in 2020 to $4.1 trillion or $12,530 per capita. This growth rate is higher than in 2019 (4.1%). The growth in spending can be attributed to spending increases within both private health insurance and Medicare that were driven by the reinstatement of the Affordable Care Act (ACA) and health insurance tax (which was previously suspended in 2017). Further, the rising access to healthcare leads to the growth of surgical high-speed drills in the US. Moreover, the growth of the medical tourism industry is providing a lucrative opportunity for market growth. However, the high cost of surgical drills and increasing postoperative complications may hinder the overall market growth over the forecast period. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the United States High-Speed Surgical Drill Market for the study period of 2017-2030; where the historical years are 2017-2020, the base year is 2021 and the forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 8 chapters distributed across 102 pages with 9 lists of tables and 25 lists of figures.
• The market is segmented based on type, product, and application.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, high-speed surgical drill manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global High-Speed Surgical Drill Market Report:

• Based on type, the electric High-Speed Surgical drill holds the highest market share in 2021 and further registers the highest CAGR during the forecast period. Electric High-Speed Surgical drill offers high torque in a compact size, making it suited for a wide range of surgeries, including spine, neurotology, and ENT procedures. High-speed pneumatic drills offer more power and performance for the spine, cranial, ENT, orthopedic, and other surgical procedures. However, electric high-speed surgical drills are more favored because of their compact size and high speed than pneumatic drills.
• In terms of product, the consumable sales segment dominates the US High-Speed Surgical drill market in 2021 and registers the highest growth rate over the projection period. Consumable sales are increasing because of the abundant availability of surgical and other medical consumables in the US market.
• Based on application, the orthopedics segment registers the highest market share in 2021. Further, the segment also registers the highest CAGR over the projection period. Bone fracture treatment involves bone drilling to fix fractured bone with specialized equipment. The drilling process is influenced by drill, shape, drill bit material, and bone structure. Electrical power drills are very commonly used in these surgeries. Recent studies have shown that power-assisted drills are faster than manual devices.

Impact of covid-19

The Covid-19 pandemic and the associated lockdown had its consequences in the US High-Speed Surgical drill market, where a major dip of 12.34% was recorded in the year 2020. In North America, imported material was impacted by a serious disruption in transport facilities and warehousing spaces. On the other hand, the region encountered an extreme shortage of medical devices and equipment. During covid times there was an acute shortage of beds and other healthcare facilities in the USA. Further, in the month of February 2020, the USA was strongly hit by hurricanes and extreme weather conditions. This further negatively impacted the demand for and supply of raw materials and other finished goods. 

As the healthcare sector was the worst hit sector due to mobility restrictions and reduced transport activities, the healthcare devices and equipment manufacturers experienced a major shortage of raw materials like silicon and other metals used for making High-Speed Surgical devices. However, in 2021, a major peak of 13% was seen due to the high demand for orthopedic surgeries and other surgeries. Therefore, the market is projected to grow during the post covid times. 

Competitive Dashboard

The key players in the Global High-Speed Surgical Drill Market are Johnson & Johnson, Conmed, Medtronic, Stryker, Brasseler, Conmed, and Smith & Nephew, among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the various segments of the Global High-Speed Surgical Drill Market:

By Type segment of the Global High-Speed Surgical Drill Market is sub-segmented into:

• Pneumatic High-Speed Surgical Drill
• Electric High-Speed Surgical Drill

By Product segment of the Global High-Speed Surgical Drill Market is sub-segmented into:

• Capital
• Consumable Sales

 By Application segment of the Global High-Speed Surgical Drill Market is sub-segmented into:

• Dentistry
• Orthopaedics
• Neurology
• Others