Global Hip and Knee Orthopedic Surgical Robots Market was worth USD 83 million in 2015. It is projected to reach USD 4.5 billion by 2022. This growth will be driven by new age robotic devices, instruments, and systems that are being developed to perform surgery.
Since the accuracy and precision of robots cannot be replicated by humans, robotic surgery is the set to be the preferred approach in future. Robots greatly improve the quality of knee arthroplasty. They give the surgeon better control over instruments. He/she also gets a better view of the surgical site. Surgical robots contribute to lesser bleeding and reduced post-surgical pain. This translates into fewer hospital re-admissions and promotes faster recoveries. La Source, a clinic located in Switzerland, recently reported a drop in the average hospital stay from 10 days to 6 days following robotic surgery. Technological advancements in the field will have a favorable impact on market growth.
However, demand is adversely affected by falling insurance payments. Hospitals are now required to focus on cutting costs along with providing quality care. Maintaining a balance between costs and quality is a formidable challenge. This is prompting cost reductions across the supply chain. Healthcare facilities are eliminating their vendors based on costs and quality. Those being retained are persuaded to deliver efficient products at lowest possible prices. Smart buying groups are being set up to attain economies of scale.
Rising number of geriatrics, worldwide, and especially in the U.S. is an important growth contributor. Geriatrics is the most common age group requiring hip and knee orthopedic surgeries. Strong demand from this segment has led to high profit margins for industry participants in the recent past.
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Hospitals are measured on outcomes. Robots when used to operate by trained surgeons greatly improve hospitals’ outcome numbers. This is leading to their higher adoption. Proliferation of research programs in ‘robotics’ in various international universities is another favorable factor. Robotic experts are hired to integrate mobile robots into existing IT systems.
Mako by Stryker is widely used in partial knee resurfacing. It also provides robotic capability for total knee resurfacing. Leading participants in the global hip and knee orthopedic surgical robots market are Stryker, Smith & Nephew, Johnson & Johnson, Synthes, and Spinal Surgical Robot. Zimmer Biomet, THINK Surgical and Wright Medical Technology are other established players.
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