The outbreak of coronavirus is expected to have a positive impact on the global surgical power tools market, owing to their increasing demand in the healthcare industry coupled with rise in geriatric population across the globe. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.
New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global surgical power tools market is expected to generate a revenue of $3,237.5 million by 2027, growing rapidly at a CAGR of 6.4% during the forecast period 2020-2027. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Influencing the CAGR Figures Pre and Post COVID-19 Outbreak
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market is predicted to grow at a CAGR of 6.4% during the forecast period, while it was anticipated to be 5.8% in the pre-COVID-19 scenario from 2020 to 2027. Significant increase in the geriatric population coupled with the rising cases of osteoporosis across the globe is expected to drive the growth of the market during the forecast period. In addition, power surgical tools have longer life cycle, and provides a reliable and optimized performance. This factor is expected to bolster the growth of the power surgical tools market during the forecast period.
Factors Influencing the Market Size Pre and Post COVID-19 Outbreak
According to the report, the real-time market size of the market has significantly increased compared to the pre-COVID-19 estimations. The real-time market size reached a revenue of $2,103.4 million in 2020, while its estimations were $2,068.0 million during the pre-COVID scenario. Increasing incidences of fractures in wrists, hips, spine, and other parts of the body among people are expected to stimulate the growth of the market. In addition, rising investments in the research and development of surgical power tools is further projected to accelerate the growth of the surgical power tools market during the forecast period.
A massive rise in the number of diseases associated with the geriatric population such as arthritis, fragility fracture, and others are expected to drive the growth of the market during the forecast period. In addition, technological advancements and strategic collaborations and acquisitions initiated by prominent players of the market is expected to create tremendous opportunities for the growth of the surgical power tools in the post-pandemic era.
The Illustrious Players of the Surgical Power Tools Market Include-
Medical Devices Business Services
Allotech Company Ltd.
De Soutter Medical
Desoutter Industrial Tools
B. Braun Melsungen AG
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in November 2020, Stryker, an American multinational medical technologies corporation, acquired Wright Medicals, a global medical device company focused on extremities and biologics, in order to optimize Stryker’s global market position in trauma and extremities, providing significant opportunities to advance innovation and reach more patients.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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