SURGICAL DRILLS MARKET ANALYSIS

Surgical Drills MarketSize and Trends

The global surgical drills market is estimated to be valued at US$ 604.7 million in 2023 and is expected to exhibit a CAGR of 7.91% during the forecast period (2023-2030). For instance, increasing prevalence of musculoskeletal conditions is expected to drive the market growth over the forecast period. For instance, in July 2022, a data was provided by the World Health Organization, according to which approximately 1.71 billion people have musculoskeletal conditions worldwide including low back pain, neck pain, fractures, other injuries, osteoarthritis, amputation and rheumatoid arthritis.

Global Surgical Drills Market - Driver

Rising number of surgerical procedures

The constantly rising number of surgeries owing to the increasing prevalence of chronic disorders and increasing nervous system surgeries due to road accidents, trauma, and sports injuries is expected to drive the market over the forecast period. For instance, in September 2021, according to the data published by the World Health Organization, around 1.2 million nervous system surgeries took place globally in the year 2020 – 2021. Furthermore, according to the data published by the World Health Organization, 289,000 Nose, mouth, and pharynx surgeries were performed in the year 2020.

Moreover, according to the data published by the National Center for Biotechnology Information, in September 2020, 310 million major surgeries were performed in the U.S. in the year 2019.

Market- Trends

Rapidly rising geriatric population leads to the growth in number of patients with orthopedic disorders

Increasing geriatric population leads to the growth in the number of patients with orthopedic disorders, leading to a rise in the number of surgeries such as arthroscopy, and joint replacement organ transplants among elderly patients. These factors are augmented to drive the global surgical drills market over the forecast period. For instance, in June 2022, according to the data published by the World Health Organization, there were 1 billion people 60 and older in the world in 2019. This geriatric population will increase to 1.4 billion by 2030 and 2.1 billion by 2050. This growth is taking place at an unprecedented rate and will pick up speed in the upcoming decades, especially in developing nations. Furthermore, according to the same source, 1 in 6 people in the world will be aged 60 years or over by the year 2030.

Moreover, according to the data published by the United States Census Bureau, in June 2022, among Asian subregions, by 2060, 33.7% of the population of Eastern Asia, a subregion of Asia, is expected to be 65 or older. In contrast, it is anticipated that the share of older persons in Western Asia (17.9%) and Southern Asia (18.6%) will be the lowest.