Here are seven key trends from the report:
1. The surgical robot for spine market is currently $26 million and expected to explode to be worth $2.77 billion by 2022.
2. There are more than 1.34 million spinal surgeries performed in the United States and 4.83 million performed globally on a yearly basis. An additional 11 million people in the United States and 78 million worldwide suffer from low back pain, driving the potential for spine surgery patients in the future looking for treatment, which could include spinal surgery.
3. Robotic technology allows surgeons to pre-plan the procedure and perform a more accurate surgery and reproducible outcome. The technology can customize procedures for each patient's individual anatomy and then allows the robotic technology to guide surgeons during the procedure although surgeons remain in control.
4. Technological advances and breakthroughs are leveraging new materials and sensor configurations, and sophisticated software is further evolving the product implementation.
5. The report estimates when spinal robots achieve 35 percent penetration in a country, spinal surgeons will demand hospitals offer the spinal surgical robot capabilities.
6. Reduced insurance payments impact the spine surgical market, as hospitals pay more attention to costs and quality outcomes than in the past.
7. Mazor is the dominant company in the spine surgery robotics market, according to the report.
More articles on orthopedic devices:
Zimmer Biomet jumps into value-based care with Signature Solutions: 5 things to know
8 new spine, orthopedic device launches & releases
Spine biologics market to grow significantly in North America to 2026: 5 key points