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Orthopedic Surgical Robots Market Growth Drivers, Opportunities, Share Report And Forecast To 2033
Orthopedic Surgical Robots Market Growth
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According to The Business Research Company's, The orthopedic surgical robots market size has grown rapidly in recent years. It will grow from $1.01 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to a rise in the prevalence of orthopedic conditions, an increase in demand for minimally invasive surgeries, growth in the aging population, improved surgical outcomes and precision, higher healthcare spending, higher adoption of robotic systems in hospitals, and expanding applications in joint replacement surgeries.
The orthopedic surgical robots market size is expected to see rapid growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to expansion in healthcare infrastructure, increase in investment in research and development, growing prevalence of orthopedic disorders, favorable reimbursement policies, and growing geriatric population. Major trends in the forecast period include the integration of AI and machine learning for enhanced outcomes, technological advancements in enhancing precision and efficiency, integration of augmented reality technologies, the emergence of portable robotic systems, and emergence of hybrid systems combining robotic and navigation technologies.
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Market Drivers and Trends:
The increasing incidences of musculoskeletal conditions are anticipated to drive the growth of the medical lifting slings market going forward. Musculoskeletal disorders refer to injuries or disorders that affect the human body's movement or musculoskeletal system. The increasing incidences of musculoskeletal conditions are due to factors such as lack of exercise, an increasing aging population, poor nutrition, smoking, and excessive alcohol consumption. Medical lifting slings help in managing and preventing musculoskeletal disorders by reducing physical strain on caregivers, enhancing patient mobility and safety, promoting rehabilitation, and supporting patient independence. For instance, in December 2022, according to Osteopaths For Industry Ltd., a UK-based company that provides musculoskeletal injury prevention training and consultancy services, there were 477,000 cases of work-related musculoskeletal disorders recorded in 2021-2022. Therefore, the increasing incidences of musculoskeletal conditions is driving the growth of the medical lifting slings market.
Major companies operating in orthopedic surgical robot market are developing smart robotics solution to revolutionize surgical procedures. Smart robotics solutions refer to advanced robotic systems that incorporate artificial intelligence (AI), machine learning, and Internet of Things (IoT) technologies to perform complex tasks with high levels of autonomy, precision, and adaptability. For instance, in March 2023, Stryker Corporation, a US-based medical device company, launched Mako Total Knee 2.0 as part of its Mako SmartRobotics portfolio. The Mako Total Knee 2.0 offers features such as AccuStop haptic technology, providing tactile feedback to surgeons during procedures for improved accuracy and safety. Additionally, the system boasts surgical planning and navigation capabilities, simplifying complex tasks with full-spectrum active and passive hybrid optical tracking, state-of-the-art camera, and sophisticated processing algorithms.
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Major Key Players of the Market:
Johnson & Johnson, Medtronic plc, Siemens Healthineers, Stryker Corporation, Zimmer Biomet Holdings Inc., Intuitive Surgical Inc., Smith & Nephew plc, Globus Medical Inc., MicroPort Orthopedics Inc., Renishaw plc, Medacta International, Aesculap Inc., Accuray Incorporated, Brainlab, Exactech Inc., Corin Group, THINK Surgical Inc., TINAVI Medical Technologies Co Ltd., CUREXO Inc., OrthAlign Inc., 4WEB Medical, OMNI Orthopaedics Inc., Monogram Technologies Inc., Asensus Surgical Inc., Medicaroid Corporation
Orthopedic Surgical Robots Market 2024 Key Insights:
• The orthopedic surgical robots market size is expected to see rapid growth in the next few years. It will grow to $1.78 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
• Rising Prevalence Of Bone Degenerative Diseases Fuels Growth Of Orthopedic Surgical Robot Market
• Advancements in Surgical Precision With Stryker's Mako Total Knee 2.0
• North America was the largest region in the orthopedic surgical robots market in 2023
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