Demand for orthopedic surgical robots on the rise because they minimize the risk of tissue injury during surgery, thus improving outcomes and the trust of patients, says Fact.MR.
ROCKVILLE, Md., May 27, 2024 /PRNewswire/ — Fact.MR, a market research and intelligence provider, states in its latest industry report that the global orthopedic surgical robots market is estimated to reach a valuation of US$ 2.35 billion in 2024 and further expand at a CAGR of 13.5% from 2024 to 2034.
The number of surgical procedures conducted each year is increasing across the world, leaving surgeons to have to execute more difficult and time-consuming procedures. Fractures are becoming one of the main forces behind the increased demand for robotic arms; these robotic arms can print a 3D image of the shattered bone fragment, allowing surgeons to connect the 3D portion to the wounded location and treat the patient.
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As the prevalence of osteoarthritis rises, more patients seek total knee replacement surgery to alleviate the discomfort caused by arthritis. People with arthritis have difficulty walking and climbing stairs, but surgery allows them to regain their fitness. The elderly population is increasing, as are orthopedic problems such as osteoporosis. The number of procedures is growing as the incidence of orthopedic problems grows. This is boosting the production of surgical robots.
Key Takeaways from the Market Study
The global orthopedic surgical robots market is forecasted to reach a valuation of US$ 8.34 billion by the end of 2034.
North America is evaluated to hold a global market share of 51.2% by 2034.
The market in East Asia is forecasted to expand at a noteworthy CAGR of 15.8% from 2024 to 2034.
The United States is projected to occupy a share of 94.4% of the North American market by 2034. Sales of orthopedic surgical robots in the country are evaluated to rise at a CAGR of 13.3% through 2034.
The South Korean market is forecasted to expand at a CAGR of 15.9% from 2024 to 2034.
Based on product type, sales of disposable orthopedic surgical robots are set to reach US$ 885.5 million in 2024.
“Orthopedic surgical robots enhance surgical precision and reduce surgery time, which leads to higher success rates and improved patient experience. This is a major factor driving market growth,” says a Fact.MR analyst.
Focus on Reducing Risks during Orthopedic Surgery
Orthopedic robots make it easier to insert implants accurately and provide tailored treatment to patients. They can reduce tissue injury, blood loss, and complication risk. They are at the core of the push toward digitally assisted surgery and the ongoing hunt for surgical innovation. Orthopedic businesses are taking note and pushing the boundaries to enhance robotic platforms beyond their existing capabilities.
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Recent Developments:
The orthopaedic surgical robots market is very competitive, with only a few significant manufacturers dominating it. To sustain market rivalry and extend their product offerings, top market players are employing a variety of growth tactics, including continuous innovation and technological breakthroughs. They are adjusting to changing market trends, such as the usage of X-ray-based and radiosurgery robots.
In February 2022, Stryker completed the acquisition of Vocera Communications. This acquisition opens up significant opportunities to advance innovations and accelerate our digital ambitions. Vocera brings a highly complementary and innovative portfolio to Stryker’s Medical division, enhancing the company’s Advanced Digital Healthcare offerings and furthering Stryker’s focus on preventing adverse events across the continuum of care.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the orthopedic surgical robot market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (systems, disposables), application (partial knee replacement, total knee replacement, MIS fusion, other indications), and end user (hospitals, ambulatory surgical, specialty clinics), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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Orthopedic Devices Market was valued at $45 billion in 2023 and is projected to grow at a 4% CAGR, reaching $67 billion by 2033.
Orthopedic Implants Market was valued at US$ 468 Million by the end of 2022 and is likely to flourish at a CAGR of 6.7% across the 2022-2032
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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