San Francisco, California, Jan. 26, 2016 (GLOBE NEWSWIRE) -- Global hip and knee orthopedic surgical robots market was worth USD 83 million in 2015. It is projected to reach USD 4.5 billion by 2022. This growth will be driven by new age robotic devices, instruments, and systems that are being developed to perform surgery. Since the accuracy and precision of robots cannot be replicated by humans, robotic surgery is the set to be the preferred approach in future. Robots greatly improve the quality of knee arthroplasty. They give the surgeon better control over instruments. He/she also gets a better view of the surgical site. Surgical robots contribute to lesser bleeding and reduced post-surgical pain. This translates into fewer hospital re-admissions and promotes faster recoveries.
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La Source, a clinic located in Switzerland, recently reported a drop in the average hospital stay from 10 days to 6 days following robotic surgery. Technological advancements in the field will have a favorable impact on market growth.
However, demand is adversely affected by falling insurance payments. Hospitals are now required to focus on cutting costs along with providing quality care. Maintaining a balance between costs and quality is a formidable challenge. This is prompting cost reductions across the supply chain. Healthcare facilities are eliminating their vendors based on costs and quality. Those being retained are persuaded to deliver efficient products at lowest possible prices. Smart buying groups are being set up to attain economies of scale.
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