iData Research (“iData”), a global consulting and market research firm, has unveiled updated insights on the U.S. high-speed drills market, addressing brand-level metrics including average selling prices (ASPs), revenue by brand, market share by revenue, market share by unit, and total units sold. Based on the data, revenue and units sold both steeply declined in Q2’ 20 as COVID-19 hit. Despite this, both revenue and units sold have begun climbing back up to pre-COVID levels but are still below historical numbers in Q1’ 21.
iData’s analysts utilized primary data from 1000s of reporting hospitals and ambulatory surgery centers (ASCs) to gather accurate data and sales information for the updated reports. After combining this with rigorous primary research, ongoing for over a decade, a cross-verified and highly accurate depiction of the market was developed.
Throughout the analysis on the U.S. high-speed drills market, three companies and over 10 brands were analyzed within three market segments including electric drills, electric microdebriders, and pneumatic drills. The insights obtained from the updated U.S. high-speed drills market analysis generated expected results. Overall, the revenue and units sold significantly decreased due to COVID-19. The global pandemic wreaked havoc on many markets and further influenced the decline within the U.S. high-speed drills market. All of the individual market segments were similarly declining, however, the pneumatic drill and electric microdebrider markets were able to bounce back quickly whereas the electric drill market, which was impacted the least, further decreased into the third quarter of 2020 before recovering.
“Orthopedic procedures, throughout 2020, were not deemed essential,” says Dr. Kamran Zamanian, Senior Partner and CEO of iData Research, “Because of this, a lot of markets experienced declines, including the U.S. high-speed drill market.”
Out of all three companies, Stryker was the luckiest. Stryker barely took a hit from COVID-19 and only experienced a slight decrease when compared to DePuy Synthes and Medtronic. Stryker is the leader by a large margin in terms of revenue share within the electric drill market, which was impacted the least by COVID-19. However, it did take this segment a bit longer to recover from the decline. Additionally, Medtronic is the leader in terms of market share in the pneumatic drill market. When COVID-19 disrupted this market, Medtronic experienced a decline in units sold and revenue whereas Stryker experienced an increase in the same metrics. The combination of events within the electric and pneumatic drill markets allowed Stryker to escape any harsh effects from COVID-19 in comparison to Medtronic and DePuy Synthes.
For a full overview of the U.S. high-speed drills market, follow the link below and view the MedSKU solution in detail:
MedSKU (™) is an accurate brand-level custom solution from iData that provides a level of detail for a go-to strategy of medical device companies of any size. The analysis of infusion pumps is one of many studies that provide up-to-date data and trends on the ASPs, units sold, unit share, revenue, and revenue shares of the top-performing products in the U.S.