Albany, NY -- (SBWIRE) -- 04/17/2019 -- Transparency Market Research (TMR) has published a new report titled 'Spine Surgery Robots Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.' According to the report, the global spine surgery robots market was valued at US$ 75 Mn in 2018 and is projected to expand at a CAGR of 17.5% from 2018 to 2026.
Increase in the adoption of and demand for spine surgical robots and rise in the number of products receiving regulatory approval are expected to boost the global spine surgery robots market from 2018 to 2026. The U.S. is anticipated to dominate the global market during the forecast period, owing to early availability of novel medical technologies, a developed health care infrastructure, increase in the adoption of advanced products, and rise in strategic acquisitions by companies to expand their product portfolios.
For instance, in July 2016, Zimmer Biomet acquired Medtech SA, a French developer and maker of the ROSA robotic device for neurological and spine procedures. The market in China and India is expected to expand at a high CAGR during the forecast period. Expansion of the market is attributed to a rise in the incidence of spine surgeries, increase in the geriatric population, and increase in demand for minimally invasive surgeries. Rise in the adoption of technologically advanced products manufactured by key manufacturers such as Mazor Robotics and increase in the number of local players in China are likely to drive the global spine surgery robots market.
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Rise in Demand for Minimally Invasive Surgery to Drive the Market
Spine surgical robots are widely used for minimally invasive procedures such as scoliosis correction surgery, vertebroplasty, spinal biopsies, and others. Surgeons have rapidly adopted minimally invasive surgical (MIS) techniques for a wide range of applications. The number of spine surgery cases is projected to increase during the forecast period. According to a Orthopedic Network News report, in October 2015, an estimated 409,400 thoracic-lumbar fusion surgeries were performed in the U.S. in 2015. These surgeries are the standard of care in several common spinal pathologies.
Companies Expanding Their Presence through Mergers & Acquisitions and CE Marking
Technological advancements, new product launches, and increase in purchasing power of hospitals and other health care settings are anticipated to propel the spine surgery robots market during the forecast period. In August 2017, Globus Medical acquired the Swiss firm KB Medical, a developer of the robotic AQrate system for spine surgeries. Brainlab has presented a prototype of an electro-mechanical surgical support arm in some of the major spine conferences in 2017. In 2017, Globus Medical Inc. received FDA clearance for the Excelsius GPS system, which was acquired from Excelsius Surgical LLC in 2014.
Significant Incremental Opportunity in the U.S.
Based on geography, the global market has been categorized into North America, Europe, Asia Pacific, and Rest of the World. In terms of revenue, the U.S. is likely to continue to dominate the global spine surgery robots market during the forecast period, owing to early adoption of technologies such as the Mazor X and rise in the aging population.
It is projected to be a highly attractive country of the spine surgical robots market, with a high attractiveness index. The market in the U.S is expected to expand at a CAGR of 18.0% during the forecast period. Increase in the adoption of spine surgical robots by hospitals, technological advancements, rise in research & development of spine surgical robots for new applications, and rise in demand for rapid and safe minimally invasive surgery procedures are likely to drive the spine surgery robots market in U.S.
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Highly Consolidated Market, with Key Player Accounting for over 80.0% Share
The report provides profiles of leading players operating in the global spine surgery robots market. Mazor Robotics and Medtech (Zimmer-Biomet) are major market players. Mazor Robotics offer products with proprietary technologies. For example, Mazor X, a new guidance system for spine surgeries. Other key players include Globus Medical Inc. and TINAVI Medical Technologies Co., Ltd. Additionally, there are companies with robotic products that have expressed interest or experimented in spine surgery guidance.
For instance, Stryker Corporation with the Mako system and Intuitive Surgical Inc. with its da Vinci system. Navigation systems have also been marketed over the past two decades in the spine market, though these have gained relatively low market share. These technologies have shown clinical value and could be further developed and marketed with greater success.