ALBANY, New York, January 25, 2019 /PRNewswire/ —
Looking at the growth prospects and growth initiatives taken by the key players for developing, spine surgery robots are expected to drive demand in this market. The spine surgery robots market earned US$75 mn in 2017. The valuation is likely to increase to US$320 mn by the end of this forecast period in 2026. The market is estimated to expand at 17.5% CAGR between 2018 and 2026. Transparency Market Research presents all the above-mentioned figures in its recent report.
Considering the methods used in spine surgery robots, the demand for minimally invasive procedures is likely to boost and might dominate half of the spine surgery robots market. Increasing demand from the patients for minimally invasive surgeries and high accuracy and safety procedures are the key factors driving demand in this segment. Based on geography, North America is expected to lead the market due to high demand for spine surgery robots in the U.S. rise in aging population and increase of advanced technology in healthcare led to demand for spine surgery robots in this region.
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High Demand for Minimally Invasive Procedures to Drive Market Performance
The global spine surgery robots market is expected to grow at a significant rate due to rapid development in robotic surgical technology and increasing demand for minimally invasive surgeries. Moreover, government and private firms have increased funding for research and development in this market, which has further led the growth in this market.
The demand for spine surgery robots is high in developed economies due to the availability of advanced technologies used in the healthcare sector and efficient and skilled surgeons ready to perform related surgeries. Adding it further, the presences of huge geriatric population, the higher purchasing power of hospitals, and increasing number of surgical procedures are few other factors driving growth in the global spine surgery robots market.
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Additional Maintenance Cost for Spine Surgery Robots Hampering Market Growth
However, on the other hand, limited numbers of skilled professionals or surgeons in developing economies and expensive procedures with spine surgery robots are expected to hinder growth in the global spine surgery robots market. In addition, there is an additional cost for maintain spine surgery robots and require an additional disposable income that will also hamper the market’s growth. Nevertheless, the convenience provided through low-cost robotics systems and accessories is likely to create lucrative opportunities in both developed and developing regions.
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The global spine surgery robots market is likely to be consolidated, as the key players namely Medtech (Zimmer-Biomet) and Mazor Robotics hold 80% of share. Mazor Robotics deal in proprietary technologies and have introduced a new guidance system for spine surgeries. Other players in the market are also experimenting in spine surgery guidance. For example, Intuitive Surgical Inc. with its da Vinci system has made efforts in changing expanding and experimenting with the system. Players are also involved with expanding their product portfolio and gain a higher share in the market. Moreover, the presence of navigation systems is available in the market from last two decades but currently, they have low market share. However, these technologies have shown clinical value and can gain more attention in the coming years.
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The information presented in this review is based on a TMR report, titled “Spine Surgery Robots Market (Application – Spinal Fusion, Minimally Invasive Procedures, Scoliosis, Osteoporotic Compression Fractures; Method – Minimally Invasive, Open Surgery; Product – Systems, Accessories and Consumables; End user – Hospitals, Ambulatory Surgical Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026.”
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SOURCE Transparency Market Research, PR Newswire Jan 25, 2019
Matt is the entrepreneurial founder and director of Ortho Consulting Group. Founded in 2010, Matt has identified and grown two distinct business brands in the Group; Orthoexecutive (2010), Orthoconnections (2012).