Orthopedic Medical Robots market was valued at US$ 375.49 million in 2017 and it is projected to reach US$ 2,110.69 million by 2025; it is expected to grow at a CAGR of 24.1% from 2018 to 2025.
Orthopedic Medical Robots market was valued at US$ 375.49 million in 2017 and it is projected to reach US$ 2,110.69 million by 2025; it is expected to grow at a CAGR of 24.1% from 2018 to 2025.
Orthopedic medical robots refer to the robotic systems and equipment used in medical institutions to aid physicians in an orthopedic surgery as well as post-surgical care and rehabilitation. Moreover, the automated guided vehicles also serve as lifting aids during surgical and assistive care procedures. The growth of the Orthopedic Medical Robots in healthcare market is attributed to the increasing number of musculoskeletal diseases, rise in funds allocated for medical robotics research and technological developments in orthopedic surgical robots are expected to be the prominent drivers of the global orthopedic medical robots market. However, high costs and safety concerns associated with the robotic systems are likely to refrain the growth of market to a certain extent. In addition, the increased patient preferences towards robot-assisted surgeries and development in the healthcare market are likely to have a positive impact on the growth of the orthopedic medical robots market in the coming years.
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Orthopedic Medical Robots market Segmentation:
- In terms of product, the Orthopedic Medical Robots in healthcare market is segmented into systems and instruments & accessories. In 2017, the instruments and accessories segment held the largest share of 60.7% of the total market, by product owing to recurring purchase of these components along with the capital robotic systems.
- Based on anatomy, the Orthopedic Medical Robots in healthcare market is segmented into upper extremities, lower extremities, and others. In 2017, lower extremities segment is anticipated to grow at a CAGR of 24.6% during the forecast period. The lower extremities segment held the largest share of the market, by anatomy as the current orthopedic robotic systems are majorly dedicated to perform surgeries of lower extremities.
- Based on application, the Orthopedic Medical Robots in healthcare market is segmented into surgery, rehabilitation, and others. In 2017, surgery segment is anticipated to grow at a CAGR of 24.5% during the forecast period. The surgery segment held the largest share of the market, by application owing to the fact that orthopedic robots available in the market are majorly intended to perform surgical tasks.
- In terms of end user, the Orthopedic Medical Robots in healthcare market is segmented into hospitals, orthopedic clinics, and ambulatory surgical centers. Hospitals segment is anticipated to grow at a CAGR of 24.5% during the forecast period. The hospitals segment held the largest share of 53.6% in the market, by end user.
- The major players operating in the orthopedic medical robots market includes Smith & Nephew, Stryker, Medtronic, intuitive Surgical, Ekso Bionics, Zimmer Biomet, Wright Medical Group N.V., General Electric, THINK Surgical and OMNI among others.
Growing Applications of Orthopedic Medical Robots in Healthcare to Drive Orthopedic Medical Robots in Healthcare Market Growth
Musculoskeletal conditions comprise of over 150 diagnoses that affect the locomotor system of the muscles, bones, joints, tendons and ligaments. These disorders range from the ones that arise suddenly and are short-lived such as fractures, sprains and strains to lifelong conditions associated with disability and ongoing pain. Majority of musculoskeletal conditions are characterized by pain, limitations in mobility, dexterity and functional ability, reducing people’s ability to work and participate in social roles with associated impacts on mental wellbeing, and at a broader level impacts on the prosperity of communities. Musculoskeletal conditions affect people across the life-course in all regions of the world. While the prevalence of musculoskeletal conditions increases with age, younger people are also affected, often during their peak income-earning years. According to the World Health Organization (WHO), the prevalence and impact of musculoskeletal conditions is predicted to rise with the ageing global population as well as increase in prevalence of risk factors for non-communicable diseases (NCD).
Orthopedic robots have so far targeted the hip and knee for replacements or resurfacing. However, robotic systems for various surgeries of upper extremities are still in early stages and not yet convincingly commercialized. Increasing investments in the field of medical robotics is thus likely to generate ample revenue to conduct these studies leading to the introduction of new systems in the market thereby propelling the global orthopedic medical robots market.
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