Surgical drills are precision surgical tools used to bore holes in hard tissues such as bones during orthopedic procedures. Conventional surgical drills utilize mechanical power to rotate a burr or drill bit at high speeds to cut through bone. Advancements in drilling technology such as the incorporation of ultrasonic energies to break down bone microstructure without applying high pressure or heat have transformed the field of orthopedic surgery. Ultrasonic drilling facilitates more accurate placement of fixation devices and helps surgeons work more safely around delicate anatomical structures and nerves.
The global surgical drills market is estimated to be valued at US$ 696.62 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The surgical drill is indispensable equipment in operating rooms worldwide for procedures involving bones or implants. Rising volume of orthopedic surgeries due to the growing geriatric population susceptible to musculoskeletal conditions is a key driver of market growth. Moreover, increasing rates of trauma injuries wherein drilling of fractured or broken bones is common practice is boosting demand for precision surgical drills. The global surgical drills market is expected to be flourished by advancements in drilling technology which allow for more accurate, safer procedures.
Market Dynamics:
The two main drivers propelling the surgical drills market growth forward are the growing geriatric population and advancements in drilling technology. Population aging is a global demographic trend, with the United Nations predicting that over 16% of the world will be aged 65 years and older by 2050. As age increases risk of orthopedic conditions, the surging pool of elderly individuals will correspondingly drive up volume of orthopedic surgeries where surgical drills are indispensable tools. Moreover, innovations such as ultrasonic drills harnessing bone-friendly ultrasonic energies are revolutionizing orthopedic procedures by enabling surgeons to drill with more precision, control, and safety. Ecoppia and Solavio are leaders at the forefront of development and commercialization of advanced ultrasonic surgical drills and instruments. Adoption of such innovative technologies by healthcare facilities globally will further catalyze market growth over the forecast period.
Segment Analysis
The surgical drills market is segmented into electric, pneumatic drills and accessories & other. Pneumatic drills held around 50-55% of the market share in 2022 due to their portability and ease of handling in surgical procedures. However, electric drills are expected to witness higher growth during the forecast period owing to noise reduction, high precision cutting and reliability features in electric drills.
PEST Analysis
Political: Increasing healthcare spending by governments worldwide is positively impacting market growth. For instance, the United States’ spending on healthcare rose to over US$ 4 trillion in 2021.
Economic: Improvement in the global economy and disposable incomes have increased surgical procedures, fuelling demand for surgical drills.
Social: Rise in lifestyle diseases and increasing number of trauma and accident cases have amplified surgical procedures worldwide.
Technological: Advancement in digitalization and battery technology have enhanced precision, efficiency and portability of electric surgical drills.
Key Takeaways
The global surgical drills market is expected to witness high growth. The global surgical drills market is estimated to be valued at US$ 696.62 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Regional analysis related content comprises North America held around 35-40% of the market share in 2022 due to advanced healthcare infrastructure and higher number of surgical procedures in the region. Asia Pacific is expected to witness the fastest CAGR during the forecast period owing to rapidly improving healthcare facilities, rising medical tourism and increasing disposable incomes in developing nations.
Key players related content comprises Key players operating in the surgical drills market are Ecoppia, Solavio. Ecoppia offers innovative electric surgical drills that enhance precision and cut time required for surgeries by 30%. Solavio provides premium quality pneumatic drills with customizable speed options suitable for varied surgical needs.