The convergence of robotics and the healthcare sectors is no longer the concept from the future, as robots are already performing surgical tasks in various branches of the medical field, especially in orthopedics. The integration of technologically-advanced tools in orthopedic surgeries is increasing rapidly, and this is creating a positive outlook for the orthopedic surgical robots market.
Persistence Market Research recently published a market study and it found that the global market for orthopedic surgical robots surpassed the US$ 1 billion mark in 2018, and it is likely to witness double digit growth between 2019 and 2029. With the rise in awareness about the potential benefits of incorporating advanced technologies such as Artificial Intelligence (AI) in improving the accuracy and speed in diagnostics, ultimately to boost surgical outcomes, the demand for surgical robots in orthopedics is expected to increase rapidly in the coming years, projects the PMR study.
In 2018, adoption of orthopedic surgical robots in total knee replacement surgeries accounted for nearly 45% revenue share of the global market, and its share is likely to increase up to 46% by 2029, according to the key findings of the PMR study. A mounting number of hospitals and clinics across the world are focusing on adopting surgical facilities equipped with advanced robotic tools, and this will further bolster the sales of orthopedic surgical robots in this segment.
The PMR study finds that the number of robotic-assisted total knee replacement surgeries is increasing at a rapid pace, and with the significant improvements in the surgical outcomes attained with orthopedic surgical robots, the demand will further surge in the coming years. Leading players in the orthopedic surgical robots market are introducing innovative and high-tech features of orthopedic surgical robots to best suit the specific surgical requirements of total knee replacement procedures to improve their profitable sales in the coming future.
Orthopedic Surgical Robots to Enable Lowing Operational Costs in Minimally Invasive Surgeries
With advent of advanced technologies to perform surgeries without the need for large incisions and a high number of cuts, patients are showing inclination towards undergoing minimally invasive surgical procedures rather than the traditional methods. This is reflecting positively in the growth of the market for orthopedic surgical robots, as a mounting number of computer-assisted electromechanical devices are employed to perform minimally invasive orthopedic surgeries with great geometric accuracy. In addition, healthcare organizations are also achieving a significant reduction in the surgical costs along with improved efficacy with the incorporation of orthopedic surgical robots, which is likely to better the growth prospects of the market in the coming years.
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The PMR study finds that a large number of hospitals are boosting their adoption of technologically advanced surgical robots that can perform various types of joint replacement surgeries. In 2018, around 60% of the end users in the of orthopedic surgical robots market were hospitals, finds the PMR study. However, the demand is rising from specialty orthopedic clinics, which are aiming to offer better surgical outcomes than hospitals with a lower rehabilitation time and improved quality of life for patients post-surgery.