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.
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.
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.
Escalating Number of Minimally Invasive Surgeries to Bring Extensive Growth Prospects for the Spine Surgery Robots Market
The spine surgery robots market is estimated to gain extensively across the assessment period of 2018-2026 on the back of the heightening demand for minimally invasive surgeries around the world. The growing adoption of spine surgery robots by many healthcare facilities for convenience and comfort has led to tremendous advancements, thus increasing the growth prospects.
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Spine surgery robots are used for performing minimally invasive spinal surgeries. The robotic arms are guided through a surgical plan based on the anatomy of a patient. The plan helps the spine surgery robots to accurately perform the surgeries and relieve the patient from a specific spinal disorder. The growing demand for such robots to avoid errors during surgical procedures will serve as a growth multiplier.
Numerous conglomerates and firms are investing extensively in the spine surgery robots market. This aspect will bring immense opportunities for the sector to gain growth. Furthermore, the government bodies of numerous countries are focusing on ramping up the healthcare infrastructure, which will eventually help in increasing the growth rate of the spine surgery robots market.
Manufacturers in the spine surgery robots market indulge in strategic collaborations. The collaborations strengthen the foothold of the players in the spine surgery robots market. Research and development activities form the foundation of growth. The players invest in these activities for discovering novel insights and upgrading the robots, which ultimately lead to an increase in the revenues of the players.
The COVID-19 pandemic has ruined the growth opportunities across the spine surgery robots market to a substantial extent. The frequent enforcement of strict lockdowns on the back of the rising transmission of the virus has led to the constant closure of the production units, impacting the production of the robots. The emergence of the second and third waves of the novel coronavirus has led to volatility, creating a negative environment for the growth of the spine surgery robots market.
The global spine surgery robots market has been segmented as follows:
- Spinal Fusion
- Minimally Invasive Procedures
- Osteoporotic Compression Fractures
- Minimally Invasive Surgery
- Open Surgery
- Accessories & Consumables
- Ambulatory Surgical Centers
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Rest of the World
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary : Global Surgical Robots for Spine Market
4. Market Overview
4.1.1. Application Definition
4.1.2. Industry Evolution/Developments
4.3. Market Dynamics
126.96.36.199. Funding for Research and Development Activities
188.8.131.52. Rapid Development in Robotic Technology
184.108.40.206. Increase in Purchasing Power of Hospitals
220.127.116.11. Rise in Demand for Minimally Invasive Surgery
18.104.22.168. Increase in the Number of Surgical Procedures
22.214.171.124. High Cost of Medical Robots
126.96.36.199. Lack of Skilled Professionals and Procedure Safety
4.4. Global Surgical Robots for Spine Market Analysis and Forecasts, 2016–2026
4.4.1. Market Revenue Projections (US$ Mn)
4.5. Porter’s Five Force Analysis
5. Market Outlook
5.1.Key Product/Brand Analysis
5.2.Key Mergers & Acquisitions
6. Global Surgical Robots for Spine Market Analysis and Forecasts, by Application
6.1. Introduction & Definition
6.2. Key Findings/Developments
6.3. Market Value Forecast, by End-user, 2016–2026
6.3.1. Spinal Fusion
6.3.2. Minimally Invasive Procedures
6.3.4. Osteoporotic Compression Fractures
6.4. Market Attractiveness, by Application
7. Global Surgical Robots for Spine Market Analysis and Forecasts, by Method
7.1. Introduction & Definition
7.2. Key Findings/Developments
7.3. Market Value Forecast, by Method , 2016–2026
7.3.1. Minimally Invasive Surgery
7.3.2. Open Surgery
7.4. Market Attractiveness, by Method
8. Global Surgical Robots for Spine Market Analysis and Forecasts, by Product
8.1. Introduction & Definition
8.2. Key Findings/Developments
8.3. Market Value Forecast, by Product, 2016–2026
8.3.2. Accessories & Consumables
8.4. Market Attractiveness, by Product
9. Global Surgical Robots for Spine Market Analysis and Forecasts, by End-user
9.1. Introduction & Definition
9.2. Key Findings/Developments
9.3. Market Value Forecast by End-user, 2016–2026
9.3.2. Ambulatory Surgical Centers
9.4. Market Attractiveness, by End-user
10. Global Surgical Robots for Spine Market Analysis and Forecasts, by Region
10.1. Key Findings
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