Orthopedic surgery is largely use to treat musculoskeletal-relate diseases. Due to the constant rise in spinal abnormalities, joint fractures, musculoskeletal traumas, bone infections, etc., there is an exponential increase in demand for this procedure. The most effective and efficient technologies use to advance this orthopedic surgery procedure are surgical robots.
The market worth of orthopaedic surgical robot in 2021 was USD 1200.62 million and will reach USD 6552.29 million by 2030, growing at a 20.75% CAGR during 2021-2030.
The rising incidence of orthopedic illnesses and the rising desire for clinical digitization drives the global market for orthopedic surgical robots. The worldwide orthopedic surgical robots market is being driven by this and the usage of surgical robots in orthopedic surgeries. In the next years, the market will experience profitable expansion due to the aging population and their sensitivity to conditions like arthritis and joint pain.
The primary reason fuelling the expansion of this market is the increasing use of orthopedic surgical robots in orthopedic and other minimally invasive procedures. The aging and geriatric population’s increasing rate of occurrence of these diseases also contribute to the market’s overall expansion.
The overall market expansion is driven by the precision and accuracy surgical robotics provide when operating on important body sections such as spinal injuries and neurological disease procedures. The market will also increase as a result of the rising healthcare industry.
The cost of robotic surgery is astronomical compare to traditional surgery. The cost of the robotic tools necessary to perform orthopedic surgery effectively ranges from USD 3,200 to USD 6,100. The high upkeep cost for surgical robots further increases the expensive cost of robotic surgery.
Moreover, the market will benefit greatly from the imputing technological pace of advancement in surgical or medical robots. Increasing government measures to support orthopedic procedures with reimbursements and compensation and increase financing for medical robot research will create additional market expansion opportunities.
Product Type Insights
Robotic systems, software, and accessories make up the product type section. The robotic accessories segment led the market for orthopedic surgical robots. This is due to the adoption of sophisticate, high-tech accessories. For instance, the interactive robotic arms and Endowrist tools use during surgery are part of the Intuitive Surgical da Vinci surgical system. Robotic clip applicators, robotic atraumatic graspers, robotic scissors, and a robotic bipolar dissector were among the equipment the business unveile. Therefore, the overall market outlook will improve throughout the projection period due to the increase demand for new accessories and instruments as a result of cutting-edge technology.
Hospitals and outpatient surgery facilities are included in the end user. During the forecast period, the hospital segment will experience the fastest CAGR. The growth in healthcare costs across economies is responsible for the surge. Modern surgical robots are now utilize in hospitals to provide higher-quality care and better patient outcomes. Robot-assist systems are use in hospitals to perform various surgical operations.
North America is the market leader for orthopedic surgical robots based on regions because of its innovative healthcare system and aging populace. As a result, North America’s robotic surgery market held 40% of the global market in 2020 and will continue to dominate it for the projection period.
The region of Asia-Pacific will experience the fastest growth between 2020 and 2028. The steady increase in the number of elderly individuals in this region is the main factor driving the growth of orthopedic surgical robots.
- Auris Health Inc.
- Smith &Nephew
- Accuray Incorporated
- Globus Medical
- Johnson & Johnson Services Inc.
- THINK Surgical Inc.
- Nordson Corporation
- OMNILife Science Inc.
- Wright Medical Group N.V
- Medrobotics Corporation
- Zimmer Biomet
- Intuitive Surgical
- NuVasive Inc.
The market worth of orthopaedic surgical robot in 2021 was USD 1200.62 million and will reach USD 6552.29 million by 2030, growing at a 20.75% CAGR during 2021-2030. Global market expansion is driven by an increase in the prevalence of orthopedic surgical robots due to rising infectious disease cases. The growing emphasis of leading companies on technological advancements in molecular diagnostics and their indulgence in collaborations with other organizations significantly impact the market for orthopedic surgical robots.