Surgical Drill Market Expected to Reach $1.52 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Surgical Drill Market," The surgical drill market was valued at $983.55 million in 2021, and is estimated to reach $1.52 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.

The surgical drills are the powered instruments that are mainly used to bore hole in bone during surgical operations. The various drills such as pneumatic drills, electric drills, and battery powered drills are used for neurosurgery, orthopedic diseases, and dental procedures.

The increase in prevalence of dental diseases and ear nose throat (ENT) diseases drives the growth of Surgical Drill Market Size. For instance, according to report of world health organization (WHO) updated on March 2022, an estimated 3.5 billion people are affected with dental diseases worldwide. The dental drills are used for the dental procedures such as removing decay, polishing fillings, performing cosmetic dentistry, and altering prostheses. Furthermore, rise in geriatric population drives the growth of surgical drill market. The old age population is more prone to dental problems and orthopedic diseases. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to world health organization (WHO), by 2050, the world’s population of people aged 60 years and older may reach 2.1 billion.

The growing incidences of traumatic brain injuries (TBIs) and sport related injuries contributes in the growth of Surgical Drill Industry. For instance, according to Centers for Disease Control and Prevention (CDC), in 2021, the traumatic brain injuries (TBIs) are responsible for 64,362 deaths in 2020. In addition, increase in geriatric population further drives the growth of market.

Furthermore, increase in adoption of artificial prosthetics contributes in the growth of Surgical Drill Market Size. The surgical drills are used for attachment of prosthetics. Thus, rise in geriatric population, growing incidence of accidents and increasing demand of prosthetics contributes in the growth of market

Furthermore, Surgical Drill Market Trends that drive the growth of the surgical drill market include R&D for development of surgical drill, increase in product approvals, and new product launched in market. In addition, integration of software-based navigation system with surgical drills further contributes in the growth of market. For instance, in April 2022, ClearPoint Neuro, Inc., a global therapy-enabling platform company providing navigation and delivery to the brain, received food and drug administration (FDA) clearance for version 1.1 of its next generation SmartFrame Array neuro navigation system and software, which gives neurosurgeons a faster and more stable drilling. Furthermore, the rise in healthcare expenditure and improvements in healthcare facilities in developing nations contribute toward growth of the Surgical Drill Industry.

The Surgical Drill Market Analysis is segmented into products, application, end user, and region.

On the basis of product, the market is divided into instrument and accessories. The instrument segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advancements in surgical drills and increase in number of surgeries.

By application, the market is categorized into orthopedic surgery, neurosurgery, ear nose throat, dental surgery, and others. The orthopedic surgery segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to rise in prevalence of bone diseases and increase in number of road accidents & sports related injuries.

By end user, the market is classified into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to upsurge in number of hospitals and rise in healthcare eexpenditures.

North America accounted for a majority of the surgical drill market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic diseases and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of hospitals and high population base.

1. Key findings of the study

• On the basis of products, the instrument segment was the highest contributor to the market in 2021.
• By application, the orthopedic surgery segment was the highest contributor to the Surgical Drill Market Forecast in 2021.
• Depending on end user, the hospitals segment was the highest contributor to the market in 2021.
• Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period