Medical Cutting Tools Market Analysis | 2023-2028

Medical Cutting Tools Market Analysis | 2023-2028

Medical Cutting Tools Market Analysis | 2023-2028
Report code - SR2730 Published On : Sep,2023 No. of Pages: 150
Medical Cutting Tools Market Size, Share, Trend, Forecast Analysis & Growth See more...

“The Medical Cutting Tools Market is set to grow at a promising CAGR of 5.1% over the next five years to reach US$ 0.8 Billion by 2028.”

Market Dynamics

Introduction

Medical cutting tools are specialized instruments designed for precision cutting, shaping, and machining of various materials, including metals, composites, and alloys used in medical components and surgical procedures. These tools are typically made from high-quality materials, such as Cemented Carbide, and are subject to strict quality control standardsThese tools form an essential part of the medical industry as they play a pivotal role in designing surgical tools, instruments, and prosthetic parts, ensuring they meet the necessary specifications for medical use.

Medical cutting tools play a crucial role in the fabrication of such parts, such as in shaping and customizing prosthetic components to fit an individual’s unique anatomy.

COVID-19 Impact

With the emergence of the COVID pandemic in 2020, the overall cutting tool industry was severely affected, due to the disruption in the overall supply chain. However, there was not a significant impact on the medical cutting tools market, particularly due to the increase in demand for medical devices, surgical tools and instruments, and medical implants, during the same period. 

In addition, the long-term interpretations for the market still seem very lucrative due to the growing awareness regarding the use of medical implants and prosthetic body parts over the years. This has been translated into a high-potential market for medical cutting tools. 

Segments Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Material Type

Cemented Carbide, Ceramic, and Others

Cemented carbide is expected to maintain its market dominance as well as witness the fastest growth in the next five years.

Product Type

Inserts, Round tools, and Tools & Tooling Systems

Round tools are anticipated to be the dominant as well as the fastest-growing product in the years to come.

Machine Type

Milling Machines, Turning Machines, and Others

Milling machines are expected to be the dominant as well as the fastest-growing machine type during the forecast period.

Application Type

Implant and Others

Implants are expected to maintain their market dominance as well as witness faster growth in the next five years.

Regional Analysis

North America, Europe, Asia-Pacific, and The Rest of the World

North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.

By Material Type

“Cemented carbide dominates the market during the forecast period.”

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.

By Product Type

“Round tools dominate the market during the forecast period.”

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.

By Machine Type

“Milling machines dominate the market during the forecast period.”

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.

By Application Type

“Implants dominate the market during the forecast period.”

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.

Regional Analysis

“North America is projected to maintain its position as the leading market for medical cutting tools in the foreseeable future.”

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.

Key Players

The medical cutting tools market is a dynamic and evolving market, populated by several regional and global players. The major market players have excellent product development capabilities, and they compete on some of the governing factors, including industry demand, price, product offerings, quality, regional presence, etc. 

Major players hold distinct capabilities in manufacturing medical cutting tools, such as the ability to source materials, manufacture products, and distribute them efficiently. They are therefore better positioned in the market. 

The following are the key players in the global medical cutting tools market (arranged alphabetically).

  • 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. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth analysis of the Medical Cutting Tools Market

How lucrative is the future?

The market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market Segment Analysis and Forecast

Who are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirements?

10% free customization

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s medical cutting tools market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Recent Market News

Over the past few years, there have been a fair number of strategic alliances, including M&As, JVs, etc., across the globe. Some of them have been mentioned below:

  • In February 2023, Seco Tools acquired Premier Machine Tools Ltd. (PMT), an Irish-based supplier of machining solutions for the medical industry. With this acquisition, Seco Tools will increase its market footprint in the medical industry by offering integrated manufacturing solutions.

  • In January 2023, Arch Cutting Tools Corporation announced the acquisition of Custom Carbide Cutter Inc., a Cincinnati-based company that engages in the provision of high-quality cutting tools to manufacturers and distributors, serving the automotive, aerospace, and medical industries. The acquisition would strengthen the overall offering and market presence of Arch Cutting Tools.

  • In August 2022, Sandvik completed the acquisition of the Switzerland-based Sphinx Tools Ltd. and its wholly-owned subsidiary P. Rieger Werkzeugfabrik AG (also called Sphinx Tools), which primarily specializes in providing precision solid round tools and surgical cutting tools. The acquisition helps strengthen Sandviks’ position in the market.

  • In May 2021, GWS Tool Group acquired Indexable Cutting Tools, Inc., a Canada-based company. The acquisition strengthened the company’s overall offering with the provision of high-performance cutting tools in the aerospace & defense, power generation, automotive, and medical industries.

Frequently Asked Questions (FAQs)

Medical cutting tools are specialized instruments designed for precision cutting, shaping, and machining of various materials, including metals, composites, and alloys used in medical components and surgical procedures. These tools are typically made from high-quality materials, such as Cemented Carbide, and are subject to strict quality control standards. These tools form an essential part of the medical industry as they play a pivotal role in designing surgical tools, instruments, and prosthetic parts, ensuring they meet the necessary specifications for medical use. Medical cutting tools play a crucial role in the fabrication of such parts, such as in shaping and customizing prosthetic components to fit an individual’s unique anatomy.

The medical cutting tools market is estimated to grow at a CAGR of 5.1% in the coming five years, owing to the expected rise in implants, medical equipment, and devices, including surgical instruments.

Sandvik AB, IMC Group, Kennametal Inc., KYOCERA Precision Tools, Mitsubishi Materials Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Paul Horn GmbH, Zhuzhou Cemented Carbide Cutting Tools Co., Ltd., and Ceratizit Group are the major players. These players have distinct capabilities in manufacturing medical cutting tools.

North America is estimated to be the dominant region in the medical cutting tools market in the foreseeable future, owing 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 region, which fuels market growth.

Asia-Pacific is estimated to be the fastest-growing market for medical cutting tools in the coming years. The key economies driving the regional market demand are China, India, and Japan.

Cemented carbide is expected to be dominant in the market in the coming years. The material’s hardness and wear resistance make it an ideal choice for machining critical medical instruments. These tools also enable higher cutting speeds and feed rates, leading to increased machining productivity.