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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.
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.
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.
The following are the various segments of the Global High-Speed Surgical Drill Market:
The US High Speed Surgical Drill Market was valued at US$ 220.5 Mn in 2021.
Surgical procedures are increasing in developed countries such as the US owing to a number of accidents, sports injuries, dental surgery, and orthopedic surgery.
The US High-Speed Surgical Drill Market is projected to expand at a CAGR of 3.7% during the forecast period.
The market is majorly driven by factors such as increased health care expenditure and rising access to healthcare facilities.
The high cost of surgical drills and increasing postoperative complications may hinder the market growth over the forecast period.
The growing medical tourism industry is providing a lucrative opportunity for market growth.
The various segmentations considered to analyze the US High-Speed Surgical Drill Market are based on type, product, and application.
The electric high-speed surgical drill holds the highest market share in 2021.
Consumable sale is the highest product segment in the US High-Speed Surgical Drill Market.
Orthopedics application segment dominates the US high-speed drill market in 2021.
The key players in the Global High-Speed Surgical Drill Market are Johnson & Johnson, Conmed, Medtronic, Stryker, Brasseler, Conmed and Smith & Nephew among others.
Covid-19 had a negative impact on the US high-speed surgical drill market due to supply chain restrictions.
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