Orthopedic Surgical Robots Market Price CAGR 13% by 2029
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.
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With increasing emphasis on value-based outcomes and reducing costs associated with hospital stays, the benefits offered to patients by procedures carried out using orthopedic surgical robots have the potential to help this cause. Orthopedic surgical robots are associated with advantages such as better visualization of the operating field and lessened tremor.
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.
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.
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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. 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.
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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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