Medical Cutting Tools Market is Forecasted to Reach US$783.3 Million in 2028, Says Stratview Research

The global Medical Cutting Tools market size was valued at US$610.3 million in 2023 and is projected to reach US$783.3 million by 2028, witnessing a market growth CAGR of 5.1% from 2023 to 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 industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Market Statistics:

Market Size in 2023: US$610.3 million
Market Size in 2028: US$783.3 million
Growth (CAGR): 5.1% during 2023-2028
Leading Material Type: Cemented Carbide
Leading Product Type: Round Tools
Leading Machine Type: Milling Machines
Leading Application Type: Implant
Leading Region: Asia-Pacific
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 & Market Share Analysis of the Medical Cutting Tools Market:

The global Medical Cutting Tools market is segmented based on Application type, Material type, Product type, Machine type, and Region.

Based on the 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 the 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.
Which region shows the most promising growth forecast and opportunity?
- 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, the 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:

Some of the key drivers listed in the report are given below.

- The global rise in orthopedic, dental, and spinal implants is fueling demand for precision surgical tools such as bone saws, drills, and burrs required for accurate implant placement and revision surgeries.
- Rising Incidences of Orthopedic and Dental Disorders.
- Rising Surgical Procedures Globally.
- Rising Healthcare Expenditure & Infrastructure.

Competitive Landscape: Top Companies in the Medical Cutting Tools Market:

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the Medical Cutting Tools Market:

• 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.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

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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?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.