High Speed Surgical Drill Market Size, Share, and Trends 2024 to 2034

High Speed Surgical Drill Market Size and Forecast 2024 to 2034

The global high speed surgical drill market size accounted for USD 632.60 million in 2024 and is predicted to reach around USD 922.54 million by 2034, growing at a CAGR of 3.85% from 2024 to 2034. 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 Takeaways:

• North America led the global market with the highest market share in 2023.
• By Product Type, the electric high speed surgical drill segment had the highest market share of 50% in 2023.
• By Application, the orthopedic segment generated more than 40% in 2023.

U.S. High Speed Surgical Drill Market Size and Growth 2024 To 2034

The U.S. high speed surgical drill market size was valued at USD 140.74 million in 2023 and is expected to be worth around USD 214.93 million by 2034, expanding growth at a CAGR of 3.92% from 2024 to 2034.

North America is Valued to be 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.

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.

Market Scope

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.

Segment Analysis

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 2023 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 2023. 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.

High Speed Surgical Drill Market Companies

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:

• Medtronic
• Conmed
• Stryker
• Smith & Nephew
• Zimmer Biomet
• J&J
• Nouvag AG
• AYGUN CO.,INC
• Aesculap
• Brasseler USA

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:

• In 2018, Medtronic a leading player has acquired Mazor Robotics which is a major innovator of the spine surgery that delivers a harmless surgical environment for surgeons, patients, and staff.
• In 2019, Medtronic acquired AV Medical, a company of medical devices that develops interventions based on catheters.

Major Market Segments Covered:

By Type

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

By Application

• Orthopedic
• Dental
• Neurology
• Others

By Geography

• North America
  • • U.S.
    • Canada
• Europe
  • • Germany
    • France
    • United Kingdom
    • Rest of Europe
• Asia Pacific
  • • China
    • Japan
    • India
    • Southeast Asia
    • Rest of Asia Pacific
• Latin America
  • • Brazil
    • Rest of Latin America
• Middle East & Africa (MEA)
  • • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa