Researchmoz added new research on the spine surgery robotics market, extending through 2022.
Here are eight key trends from the report:
1. There are more than 1.34 million spinal operations performed in the United States every year and 4.83 million performed across the globe.
2. The report remarks surgical robots are "poised to achieve significant growth with the adoption of robotic technology to the second most widely performed surgical procedures, spinal surgery."
3. The increased aging population and efforts to decrease hospital length of stay to achieve cost reductions are driving the market, as spinal surgical robots are designed to enhance repeatability and accuracy.
4. The robotic technology can offer cost savings in the pre- and postoperative time periods by reducing the hospital length of stay and the software for the technology is continuing to evolve.
5. The market for SI joint procedures is growing and surgical robots in this field are a huge opportunity.
6. When spinal robotics achieves 35 percent of penetration in a country, the report predicts that spine surgeons will demand hospitals offer the robotic technology because outcomes will be more predictable and better.
7. The number of suppliers in the field is increasing, but the report authors feel Mazor is positioned to "continue to dominate the market." The company is building a base of surgeons trained in the equipment that will continue to purchase updated robots.
8. The worldwide spine surgical robotics market is at $26 million and expected to reach $2.77 billion by 2022.