Robotic-Assisted Hip Replacement Market

Robotic-Assisted Hip Replacement Market Forecast and CAGR

According to the latest research by Persistence Market Research, the robotic-assisted hip replacement market is set to witness positive growth of CAGR 8% during 2021-2031. The global Robotic-Assisted Hip Replacement market is expected to be driven by technological advancements in the surgery method and minimally invasive techniques.

There are various advantages that robotic-assisted surgery provide over the traditional method. These may include better control and accuracy achieved during cutting of the damaged tissues and reduce the inaccuracies by 94%. Also, robotic-assisted hip replacement has better outcomes like reduce faster recovery and less pain.

What Is Driving Demand For Robotic-Assisted Hip Replacement?

The major driver demand for Robotic-Assisted Hip Replacement is the increasing geriatric population, technological advancements and an increase in the number of hip surgeries. According to a UN report, the geriatric population will increase from 9.3 per cent in 2020 to around 16.0 per cent in 2050.

This growing population is more prone to arthritis and other bone diseases. Hence, the demand for minimally invasive robotic hip replacement will increase and will drive the market. Various technological advancements are happening to reduce the incision size and increase precision.

These provide patient-specific 3D planning for hip joints and hence help surgeons to visualize the patient’s hip anatomy and prepare accordingly. This acts as a driver for the market. An increase in the number of new players in the market and R & D investment by the companies for developing new techniques and acquiring other companies is expected to increase demand for robotic-assisted hip replacement during the forecast period.

Impact of Covid on Robotic-Assisted Hip Replacement

In March 2020, WHO declared the outbreak of Covid-19 as a pandemic. Like any other sector, the healthcare sector was also tremendously impacted by it. To combat the deadly virus, the hospitals were asked only to perform essential surgeries. As a result, many orthopaedic surgeries including hip replacement surgeries were cancelled.

According to research, in the US during covid-19 approximately 3000 revision hip and knee replacement procedures were cancelled each week. Hence, COVID-19 harmed this market which has led to major financial losses for the hospitals and manufacturers.

Who Are The Key Manufacturers Of Robotic-Assisted Hip Replacement?

Some of the leading manufacturers of robotic-assisted hip replacement include

• Stryker
• Intuitive Surgical
• Think Surgical Inc.
• Johnson & Johnson Services Inc.
• Tinavi Medical Technologies Co.Ltd.
• Medtronic
• Zimmer Biomet
• Smith+Nephew
• Globus Medical
• NuVasive Inc.
• Wright Medical Group N.V
• Think Surgical Inc.

Regional Outlook Of Robotic-Assisted Hip Replacement Market

The market is majorly dominated by North America with countries like the US and Canada. This is due to the presence of major players in this region and increase in the healthcare spending. Better access to government funds and more acceptance of various grants and patents are also factors driving the market growth. This region is mainly driven by acquisitions.

For instance, Stryker Corp. one of the biggest companies working to bring robot-assisted surgery acquired Mako Surgical.

The other region that is seeing growth is the Asia Pacific region. This is due to development in technologies and new players in the market. Also, there has been a surge in the prevalence of arthritis in this region.

Robotic-Assisted Hip Replacement Market Report Highlights:

• Detailed overview of the parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprints

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.