New York, USA, Jan. 11, 2021 (GLOBE NEWSWIRE) -- According to a report by Research Dive, the global surgical power tools market is estimated to garner $3,237.5 million at a CAGR of 6.4% during the forecast period. The all-inclusive report provides a brief summary on the current scenario of the market including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during and post the pandemic era. The report also offers the market figures which makes it easier and more beneficial for the new participants to understand the real-time market.
Factor Impacting the CAGR Figures Pre and during COVID-19
The report discloses the real-time CAGR recorded by the market during the pandemic. According to the report, the global surgical power tools market has earned a CAGR of 11.1%. The market was predicted to raise at a CAGR of 10.8% as per a previous analysis by the Research Dive. The reason behind this growth is the beneficial factors of the tools such as longer life cycle, enhanced reliability, and good performance.
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Factors Impacting the Market Size in Pre and Post Pandemic Period
The comprehensive report states that the real-time market size has surpassed the pre-Covid-19 approximations. The real-time market size is recorded to be $2,103.4 million, while the estimated revenue was $2,068.0 million. Various beneficial usages of these tools are the growth enhancing factors of the industry.
Post Pandemic Insight
According to the report, the global surgical power tools market is going to sustain its growth and demand even after the post pandemic. With the growing geriatric population and increasing diseases, the demand of the surgical power tools are never going to diminish.
Recent Development
According to the report, the key players of the global market of surgical power tools include -
- Medtronic
- Stryker
- MatOrtho Limited
- Exactech, Inc.
- Allotech Co., Ltd.
- Desoutter Industrial Tools.
- De Soutter Medical
- B. Braun Melsungen AG
- Medical Devices Business Services, Inc.
- Zimmer Biomet
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These players are focusing on developing newer strategies by research and development, mergers and acquisitions, partnership, and new product development. For instance, in July 2020, Medtronic plc, has made an announcement about the acquisition with the Medicrea, a pioneer in spinal surgeries. This acquisition is aimed to strengthen the company’s position as a global innovator in enabling technologies.
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