The Orthopedic Surgical Robots Market is expected to make technological advancement-based strides in the forecast period. The businesses are converting their physical aspects into technology-based ones, that too, digital technology-based! IoT platforms are there to help in the creation of the digital twin of almost every physical object, thereby easing the lifecycle of the product. Extending the point, IoT data is being extensively used for supporting sales as well as service departments. This is indeed a kick-start! The future is there to witness digital adventures.
Orthopedic surgical robots have gained immense popularity over the years. Consistent advancements in the technology for orthopedic surgical robots, the availability of orthopedic surgical robots across the globe, and increase in government funding and investments by manufacturers for the development of orthopedic surgical robots are among the primary factors that are anticipated to fuel the demand for orthopedic surgical robots during the forecast period.
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According to the latest research by PMR, the global orthopedic surgical robots market is expected to account for more than US$ 4,100 million in terms of value by the end of 2029. The orthopedic surgical robots market report also projects a significant growth potential with an anticipated average Y-o-Y growth rate of nearly 13% during the forecast period.
Company Profile
- Intuitive Surgical, Inc.
- Stryker Corporation
- Medtronic Plc.
- Zimmer Biomet
- Globus Medical, Inc.
- Smith & Nephew plc.
- Mazor Robotics
- Accuracy Incorporated
- Wright Medical Group N.V.
- Johnson & Johnson Services, Inc.
In some of these procedures using orthopedic surgical robots, the advantages also include less blood loss, lower conversion rates, and shorter hospital stays. However, more randomized trials are required to establish the cost-effectiveness of these systems in a hospital setting.
The drive to lower down the hospital costs related to orthopedic surgeries across the globe and the improved efficiency provided by orthopedic surgical robots is expected to boost the growth of the orthopedic surgical robots market during the forecast period.
In what has so far been a monopoly market with intuitive surgical standing strong, the recent years have shown the orthopedic surgical robots market to be dynamic with the launch of competitor products that are set to rival the da Vinci robotic surgical systems.
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The launch of several other orthopedic surgical robots have been scheduled. As newer products enter the market, the penetration of orthopedic surgical robots in hospitals is expected to increase, along with an increase in the indications for which these systems can be used, and this factor is expected to fuel the demand for orthopedic surgical robots during the forecast period.
With constant advancements in the healthcare industry, the need for automation has been consistently on the rise. Orthopedic surgical robots fulfil the need for automation while performing a surgery and have various advantages such as less post-operative pain, decreased blood loss, and the lower risk of complications and infections.
These automated orthopedic surgical robots increase dexterity and provide efficient representations of the body parts. Thus, they shorten the recovery time as well as aid surgeons while working on an inaccessible part of the body. These advancements in orthopedic surgical robots provide the capability to replicate the sensation and tactile feel.
Furthermore, automation provides the surgeon improved precision and appropriate judgment during surgery. Increase in the need for automation in the healthcare sector, majorly for orthopedic surgeries, is expected to boost the growth of the orthopedic surgical robots market during the forecast period.
On the contrary, orthopedic surgical systems represent a technological change as compared to conventional laparoscopic and open surgical procedures. Structured training programs allows the development of the basic skill sets that are required to carry out these procedures.
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However, to help surgeons achieve competence as well as to ensure more patient safety, the development of a standardized training curriculum and accreditation guidelines will be useful. Lack of skillsets among orthopedic surgeons for the use of orthopedic surgical robots across various regions is likely to limit opportunities for the adoption of orthopedic surgical robots, which is likely to hamper the growth of the orthopedic surgical robots market throughout the forecast period.
Furthermore, high costs associated with orthopedic surgical robots are also likely to hamper the adoption of orthopedic surgical robots in developing regions, majorly middle- and low-income countries, which is likely to further restrain the growth of the orthopedic surgical robots market during the forecast period.
PMR has segmented the global orthopedic surgical robots market based on product type, applications, end use, and region. By product type, the orthopedic surgical robots market is segmented into orthopedic surgical robots disposables and orthopedic surgical robots systems. By end-use segment, the orthopedic surgical robots market is segmented into ambulatory surgical centers, hospitals, and specialty clinics. By application, the orthopedic surgical robots market is segmented into total knee replacement, partial knee replacement, MIS fusion, and other indications.
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