Robotic-Assisted Hip Replacement Market Trends

• Increase in Geriatric Patient Pool with Rising Life Expectancy Across the World – Increased life expectancy and declining fertility are expected to be the reason for the growing geriatric population. As per the 2021 U.S Census Bureau, the United States has 15% of the nation’s population i.e., over 50 million adults aged 65 and above. Older people are more prone to bone-related diseases, especially, osteoporosis and osteoarthritis. Moreover, the rising geriatric population is bound to demand more frequent surgeries to treat such diseases. This is estimated to boost market growth.
• High Demand for Hip Replacement Surgical Procedures with Increasing Awareness of Replacement Procedures – It is observed that the total hip arthroplasty is estimated to increase by 30% in 2020, 72% in 2025, 120% in 2030, and 280% in 2040.
• Surge in Personal Disposable Income Across the World Among Developing Countries – Personal disposable income increased by USD 1.18 billion in 2020 and 80% of it i.e., USD 957 billion is from fiscal stimulus.
• Lack of Surgeons and Physicians to Perform Safely and Efficiently – The U.S has a shortage of about 12o,000 physicians and 30,200 surgical specialists in 12 years based on the report of the Association of American Medical Colleges (AMMC).
• Government Investments in Healthcare and Hospital Infrastructure to Improve Healthcare Facilities – Hospital infrastructure investment in America is a direct investment in American jobs and communities, where in 2019 about 5 million jobs and USD 1 trillion in goods and services are purchased from small businesses supporting over 15 million jobs.

Challenges

• High Cost of Surgical Robots - The robotic machinery is very expensive and requires a skilled professional to handle that is hindering market growth.  Since least number of surgeons are able to access these procedures the preference for conventional methods would remain constant or grow. Also, the workflow process and final surgical outcome are best achieved with the right training and expertise. However, the cost involved in training is also high which further boost the overall cost of the system, hence hindering the market.

• Less Affordable in Low-Income Regions
• Lack of favorable reimbursement policies