Medical Cutting Tools Market is Forecasted to Reach USD 0.8 Billion in 2028, Says Stratview Research

The global Medical Cutting Tools Market is projected to witness a growth rate of 5.1% annually from 2023 to 2028, with an anticipated size of USD 0.8 billion in 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Medical Cutting Tools Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/3615/medical-cutting-tools-market.html#form

Report Highlights: `
Market Size in 2028: USD 0.8 billion
Growth (CAGR): 5.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Medical Cutting Tools Market:
The global Medical Cutting Tools Market is segmented by material type, product type, machine type, application type and region

Based on material type: The market is segmented into cemented carbide, ceramic, and others. Among these material types, cemented carbide is expected to maintain its market dominance as well as witness the fastest growth, over the next five years. It offers excellent hardness, wear resistance, strength, and biocompatibility, making it suitable for a wide range of medical cutting and machining applications. It is a key machine that allows efficient and precise metal removal processes in the medical industry.
This material can also withstand repetitive usage and maintain sharp cutting edges, which is crucial in various medical procedures, including surgery and dentistry. As a result, cemented carbide is the most favored material type in the medical cutting tool market.

Based on product type: The market is segmented into inserts, round tools, and tools & tooling systems. Among these product types, the round tool is expected to maintain its market dominance as well as witness the fastest growth during the forecast period.
Round tools, such as drills and end mills, exhibit remarkable versatility, finding applications across a broad spectrum of medical tasks. Their capacity to execute precise cutting, drilling, and shaping tasks on diverse materials makes them well-suited for functions such as the production of medical instruments and implants.

Based on machine type: The market is segmented into milling machines, turning machines, and others. Among these machine types, milling machines are expected to remain the dominant segment of the market during the forecast period.
Milling machines can handle diverse materials and are equipped with various cutting tools and tool holders, making them versatile for a wide array of medical applications. These machines enable the mass production of identical parts and can achieve high levels of precision and accuracy.

Based on application type: The market is segmented into implants and others. Among these application types, implants are expected to remain in the dominant category in the market during the forecast period.
Many medical implants are made from materials like titanium, stainless steel, or various biocompatible polymers, which are precisely cut into the required shapes with the help of cutting tools. As a result of the growing adoption of implants in the medical industry, it is likely that the cutting tools industry will witness decent growth in the coming years.

To know the most attractive segments, click here for a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3615/medical-cutting-tools-market.html#form

Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America is projected to maintain its position as the leading market for medical cutting tools in the foreseeable future. This growth outlook is majorly attributed to the following-
• This is attributed to the large presence of cutting tool manufacturers, coupled with the vast and established medical landscape in the region.
• Furthermore, there is a high demand for medical and orthopedic implants in the USA, in particular. In addition, in 2020, the American Dental Association reported that more than 5 million individuals in the USA, aged between 65 and 74 years, had experienced complete tooth loss, with nearly 3 million of them being completely edentulous.
• Consequently, dental loss among senior citizens is a prevalent issue resulting from dental conditions, thereby, contributing to the increased demand for dental implants in the country.
Concurrently, Asia-Pacific is likely to be the fastest-growing region during 2023-2028 with China, Japan, and India being the major growth contributors.

Medical Cutting Tools Market Drivers:
The growth of the Medical Cutting Tools Market is driven by several factors.
• There is a high demand for medical and orthopedic implants in the USA, in particular. In addition, in 2020, the American Dental Association reported that more than 5 million individuals in the USA, aged between 65 and 74 years, had experienced complete tooth loss, with nearly 3 million of them being completely edentulous.

Top 10 Companies in the Medical Cutting Tools Market:
Stratview Research has identified the following companies as the top market players:
• Ceratizit Group
• IMC Group
• Kennametal Inc.
• KYOCERA Precision Tools
• Mitsubishi Materials Corporation
• OSG Corporation
• PH Horn
• Sandvik AB
• Sumitomo Electric Industries Ltd.
• Zhuzhou Cemented Carbide Cutting Tools Co., Ltd.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Medical Cutting Tools Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
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This release was published on openPR.