Spine Surgery Robots Market: Companies Expanding Their Presence through Mergers & Acquisitions and CE Marking
Spine Surgery Robots Market - Snapshot
A rapid rise in the use of spine surgical robots is attributed to a blend of technological improvements. Moreover, a rise in demand for minimally invasive surgeries has further boosted demand for surgical robots for spine. Spine surgical robots have been widely used for minimally invasive procedures, spine fusion, scoliosis correction surgery, vertebroplasty, spinal biopsies, and others. These techniques cause minimal complications, reduce the risk of infections, cause less pain, and have a faster recovery time, which leads to shorter hospital stays as compared to traditional therapies and treatments. These factors have helped increase the acceptance and adoption of spine surgical robots by many medical facilities and centers. Spine surgical robots are self-powered, computer-controlled devices programmed to aid in the positioning and manipulation of surgical instruments. The global spine surgery robots market was valued at more than US$ 75 Mn in 2017 and is anticipated to reach US$ 320 Mn by 2026.
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Rise in funding for research & development activities by governments and private organizations, rapid development in robotic surgical technology, and increase in the acceptance of minimal invasive surgeries are key factors fueling demand for spine surgical robots globally. Moreover, an increase in the number of surgical procedures, higher purchasing power of hospitals, and rise in geriatric population are factors driving the global spine surgery robots market. However, high costs associated with spine surgical robots and lack of skilled professionals in developing countries are major factors restraining the market. Spine surgical robots have a high fixed cost. Prices of robots range from US$ 0.7 Mn to US$ 1.5 Mn. Moreover, these spine surgical robots require periodic maintenance and require the use of additional disposables consumables. Therefore, spine surgical robots are unaffordable for most hospitals in developing countries. Low-cost robotic systems and accessories are estimated to create significant opportunities in developing and developed regions of the market.
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The global spine surgery robots market has been segmented based on application, method, product, end-user, and geography. In terms of application, the minimally invasive procedures segment is anticipated to account for around 50% share of the market. Technological advancements allow surgeons to perform less invasive surgical procedures. Increase in the purchasing power of hospitals and other health care setting is anticipated to propel the minimally invasive procedures segment during the forecast period. Demand for spine surgery robots for minimally invasive surgical methods is anticipated to increase in the next few years. Efficiency of such robots is speeding up the recovery time, leading to shorter hospital stays, increasing the accuracy and safety of surgical procedures, and leading to less intra-operative radiation exposure to patients and health care providers. Easy performance mapping and therapy customization are major factors that have increased demand for such robots in the global market. Intense research & development in the technology, design, efficiency, and safety of these spine surgical robots is projected to create significant opportunities for the segment in the near future.
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In terms of region, the global spine surgery robots market has been categorized into North America, Europe, Asia Pacific, and the Rest of World. The U.S. is anticipated to drive the global spine surgery robots market. Better reimbursement policies and advanced health care infrastructure are key drivers boosting the market in the U.S. Rise in the standard of health care infrastructure in emerging economies such as China, India, GCC, and other countries has increased the scope for the establishment of new and more sophisticated health care facilities. This, in turn, has increased opportunities for major market players to introduce their robots in these regions.
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Key market players operating in the spine surgery robots market include Intuitive Surgical Inc., Stryker, Medtronic Plc, Zimmer Biomet Holdings Inc, Mazor Robotics, Globus Medical Inc., and TINAVI Medical Technologies Co., Ltd. Key players are expanding their product portfolio through mergers & acquisitions and partnerships & collaborations with leading medtech companies and by providing better services at a lower cost. For instance, in July 2016, Zimmer Biomet acquired Medtech SA, a developer and maker of the ROSA robotic device for neurological and spine procedures.
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