Orthopedic Robotics Market Size, Share, Growth, and Industry Growth, By Procedures (Spine Surgery Robot, Knee/Hip Joint Surgery Robot, and Others), By Application (Hospitals, Ambulatory Surgical Center, and Others), Forecast From 2023 To 2031

Updated On: 13 November 2023

Orthopedic Robotics Market REPORT OVERVIEW

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The global orthopedic robotics market size was USD 757 million in 2021 and market is projected to touch USD 4232.94 million by 2031, exhibiting a CAGR of 18.8% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Orthopedic surgical robots are usually of small size and technically functioned by healing treatment experts. The increasing geriatric population and their compassion for illness such as joint pain, arthritis, and others are expected to produce profitable advanced prospects for the market during the forecast period.

The growing occurrence of orthopedic syndromes, and increasing demand for medical digitization, are fueling the global orthopedic surgical robots market. The increasing usage of orthopedic robotics processes, developments in technology, and increasing awareness among the people concerning the welfare of minimally invasive orthopedic techniques are estimated to fuel the orthopedic robotics market growth.

COVID-19 Impact: Difficulty in Manufacturing to Hamper Market Growth

The outburst of the COVID-19 pandemic had an enormous influence on all the features of orthopedic care and practices, comprising casualty clinics, resident preparation, and the practice of personal training equipment. Therefore, safeguarding the healthcare workforce and patients, medical facilities have been extensively limited. Incorporating AI and ML tools into surgical robots is a controlling tool to battle the universal distress of virus contamination. The inheritance of digitization and machine intellect will certainly survive the disease and transform surgical presentation and organization.

LATEST TRENDS

"Growing Healthcare infrastructure to Drive Market Trends"

The increasing use of orthopedic robotics for application in orthopedic and other minimally invasive operations is the most substantial cause motivating the development of this market. The growing pace of the geriatric population disposed to such diseases also boosts the market's complete growth.

Moreover, the precisions and truth reduced by the orthopedic robotics while operating critical body parts such as spinal injury and neurological illnesses operations are also anticipated to accelerate the orthopedic robotics market growth. Moreover, the growing healthcare infrastructure is also projected to fuel market growth.

Orthopedic Robotics Market Segmentation

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• By Type Analysis

By type, the market is segmented into Spine Surgery robots, Knee/Hip Joint Surgery robots, and Others.

• By Application Analysis

Based on application, the market is classified into Hospitals, Ambulatory Surgical Centers, and Others.

DRIVING FACTORS

"Increasing Number of Surgeries to Foster Market"

The upsurge in the number of surgical procedures is owing to growing chronic diseases globally. These procedures primarily comprise cardiac surgery, cataract surgery, orthopedic surgeries, and surgical interventions. For instance, rendering to the National Institutes of Health (NIH), National Eye Institute, cataract cases are estimated to spread to approximately 38 million cases by 2030 in the U.S.

Furthermore, approximately 3 million people experience cataract surgeries every year, thus greater number of surgical procedures will uplift the industry growth. Additionally, surgical robots have been used in numerous processes for nearly thirty-five years now but the last two decades have seen important progress in the field. Henceforth, these features will improve the demand for surgical robots showing valuable for the overall market development.

"Technological Advancements to Aid Market Growth"

Robotic surgery also proposes vastly progressive imagining abilities that deliver doctors with a longer vision of the functioning area, using HD cameras to illuminate minute constructions. These schemes deliver better dexterity than the human hand; given their capability to revolve 360 degrees and higher maneuverability, robots can permit doctors to spread hard-to-access zones. These benefits of surgical robots and the increasing demand for improved, faster healthcare facilities are anticipated to drive the growth of the global orthopedic surgical robotics market during the forecast period.

RESTRAINING FACTORS

"High Cost to Hamper Market Growth"

The increasing price of medical treatments, stringent government regulations, and shortage of qualified specialists to accomplish medical techniques with surgical robots are anticipated to impede the market growth.

Orthopedic Robotics Market REGIONAL INSIGHTS

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"North America to Dominate Due to Rising Product Demand from Medical Industry"

North America is projected to hold the largest orthopedic robotics market share. This is owing to the increasing incidences of bone ailments, alongside growing demand for mechanization in the medical sector.

Europe is anticipated to have a sizable market share. This is due to the growing preference for the habit of surgical robots in numerous types of operations. It is finely joined with improvements in tools in the robotics industry.

Asia Pacific is booming considerably in the orthopedic surgical robotics market owing to a growing awareness with respect to the assistance of minimally invasive orthopedic robotic surgery as a substitute for outdated orthopedic surgery.

KEY INDUSTRY PLAYERS

"Incorporation of Research and Development Strategies to Improve their Brand Image"

Major players in the market are executing numerous development approaches with constant revolutions and technological advancements to withstand market struggle and to enlarge their product collection. Major players also place a strong emphasis on expanding their reach through partnerships, agreements, joint ventures, expansions, and investments. The introduction of cutting-edge chemicals is anticipated to boost product demand and promote the expansion of the market.

List of Market Players Profiled

• Medtronic (Ireland)
• Stryker (U.S.)
• Zimmer Biomet (U.K.)
• Smith & Nephew (U.K.)
• Globus Medical (U.S.)
• TINAVI (China)
• Corin Group (OMNI) (U.S.)
• THINK Surgical (U.S.)
• Santa Medical Technology (China)
• FUTURTEC (U.K.)

Industry Developments

• July 2019: Intuitive Surgical acquired Scholly Fiberoptic’s robotic endoscope industry. This tactical procurement aided the corporation to enlarge its product portfolio and engineering locations.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.