Orthopaedic Robot Market is Expected to Reach $2,112.4 Million by 2026

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OVERVIEW

Orthopaedic Robot Market is expected to reach $2,112.4 million by 2026; growing at a CAGR of 13.2% till 2026.

The orthopaedic robots are robotic systems or devices used in medical institutions to assist surgeons in orthopaedic surgery. Orthopaedic robots involve faster recovery time, moderately small cuts and scars, help to lower risk of infections, less requirement for blood transfusions, and aid to lessening hospital stays. The U.S. Food and Drug Administration approved the first orthopaedic robotic surgery system in 2000. Orthopaedic robots reduce radiation exposure, improved accuracy of joint or screw placement and reduce the length of hospital stay due to the minimally invasive nature of surgeries.

Increasing commercialization of regulatory approved orthopaedic robots is the key factor boosting the market growth. For instance, the U.S. Food and Drug Administration (FDA) has approved the THINK Surgical, Inc.’s TSolution One surgical system. The robotic system consists of two technologies, the TCAT computer-assisted tool and Tplan 3D planning workstation. The two work together to provide exceptional precision and accuracy to total joint replacement surgery. Further, the U.S. Food and Drug Administration (FDA) has approved orthopaedic robots of Zimmer Biomet in the same year as THINK Surgical, Inc. The FDA has approved ROSA ONE Spine, a surgical navigation system to help surgeons perform minimally invasive and complex spine procedures. The ROSA knee platform includes 3D pre-operative planning tools and real-time data on bone anatomy and tissue during procedures. Moreover, the rising prevalence of musculoskeletal diseases such as ligament rapture, meniscus tear, osteoarthritis, and rheumatoid arthritis across the globe is boosting the orthopaedic robot market.

Systems and Disposables are the type segment of the market scope, the application segment is further divided into Partial Knee Replacement, Total Knee Replacement, MIS Fusion, and Other Indications, and the end-user segment is categorized into Hospitals, Ambulatory surgical centres, and Specialty clinics. The report covers the value of the global market by type, application and end-user.

The market value total knee replacement was USD XX million in 2019, and it is expected to reach USD XX million by 2026, growing at a CAGR of XX during 2020-2026. Total knee replacement is the dominant segment and accounted for approximately 46.13% of the market in 2019, owing to the rising number of total knee replacement surgeries across the globe. For instance, according to the American Academy of Orthopaedic Surgeons, by 2030, total knee replacement surgeries are projected to grow 673% to 3.5 million procedures each year. Around 60% of all knee replacement operations are performed on women.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global orthopaedic robot value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America orthopaedic robot market was USD XX million in 2019, and it is predicted to reach USD XX million by 2026, growing at a CAGR of XX during the forecast period. The growing demand from the elderly population for knee and hip replacement coupled with continuous technological advancement in orthopaedic robots would improve the market growth. Asia-Pacific is expected to display rapid growth rates during the forecast period owing to rising government funds and investments by leading players for the development of orthopaedic robots, and the gradual improvement in the healthcare infrastructure in emerging countries of the region.

Major players operating in the orthopaedic robot industry include Ekso Bionics, General Electric, Intuitive Surgical, Medtronic, Omni, Smith & Nephew, Stryker, Johnson & Johnson, Think Surgical Inc., Wright Medical Group N. V, and Zimmer Biomet Holding Inc.

Technological innovation and development of commercially viable products is the primary business strategy of the key companies, coupled with the formation of strategic collaborations and partnerships to expand production capabilities and business activities on a global scale.