iData Research recently completed a detailed SKU-level analysis on the U.S. market for orthopedic high-speed drills. The analysis includes an overview of the companies and brands. In addition, our analysis includes revenue, units sold, revenue share, unit share, and average selling prices (ASPs). Based on the data, revenue and units sold decreased in the second quarter of 2020. Despite this, two brands, the Midas Rex MR8 from Medtronic and the S2 πdrive from Stryker, maintained their dominant stance within this market.
Overall, the revenue generated from the three U.S. companies in the high-speed drills market analysis exceeded $7.5 million by the end of the first quarter in 2021. Despite the seemingly large number, this value was slightly lower than the overall revenue generated throughout the fourth quarter of 2020. COVID-19 created market fluctuations, forcing all companies to re-analyze their strategies surrounding the return to pre-COVID levels. Both units sold and revenue for all three U.S. companies analyzed plummeted in the second quarter of 2020. Fortunately, units sold and revenue were able to recover into the third quarter of 2020. However, they have yet to reach historical levels.
ORTHOPEDIC HIGH-SPEED DRILLS BRAND ANALYSIS
iData’s analysis covers four brands offered by Stryker in the electric drill segment. Firstly, the company’s S2 πdrive, which accounted for the majority of revenue and revenue share. The other products offered by Stryker in this market, such as the S2 Drill, and S2 Mini Drill lag behind in sales volume and revenue. Additionally, Stryker offers one brand within the pneumatic drill segment, the Maestro Air Motor. However, this product was not able to compete against Medtronic’s Midas Rex MR8. The Midas Rex MR8 dominates the pneumatic drill segment and generates the vast majority of revenue with the greatest overall revenue share.
In the electric drill segment our analysis looked at the details for three major drills offered by Medtronic: the Legend EHS Stylus, the Legend EHS Stylus Motor, and the Legend EHS Stylus Touch. Medtronic’s Legend EHS Stylus Touch obtained the largest revenue share and revenue, in comparison to the other electric drills offered by Medtronic, in the first quarter of 2021. The company also offers two brands in the electric microdebrider segment. These include its Straightshot M4 Microdebrider and its Straightshot M5 Microdebrider. Additionally, Medtronic offers four brands in the pneumatic drill segment with the Midas Rex MR8 being the company’s best-seller in terms of revenue in Q1 ’21.
WHICH ORTHOPEDIC HIGH-SPEED DRILL BRAND LEADS?
(Based on revenue, revenue share, and units sold in Q1 ’21)
Overall, Medtronic was able to maintain just under 40% of the total market share. Stryker, on the other hand, was able to increase its overall market share, accumulating over 50% of the total market. Therefore, Stryker leads by just over $2.5 million in the U.S. high-speed drills market. In terms of units sold, Stryker’s electric drill, the S2 πdrive, is the current market favorite with the second most popular being Medtronic’s pneumatic drill, the Midas Rex MR8. Due to the uncertainty of the ongoing COVID-19 pandemic, many wonder if Stryker can maintain its leading position or if Medtronic will become the new leader.
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MedSKU (™) is an accurate brand-level custom solution from iData. MedSKU provides a level of detail for a go-to strategy of medical device companies of any size. The analysis of high-speed drills 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.