The orthopedic surgical robots market for hip and knee procedures is projected to more than double through 2022, according to a Radiant Insights report.
Here's what you need to know:
1. The global hip and knee orthopedic surgical robots market, which was valued at $83 million in 2015, is expected to reach $4.5 billion by 2022.
2. This growth is driven by new robotic devices and systems along with a rising geriatric population, which is increasing demand for joint surgeries, particularly noteworthy in the United States.
3. A key barrier to growth is decreasing insurance payments, which encourages hospitals to cut costs.
4. Major market players include Stryker, Smith & Nephew and Johnson & Johnson.