Could 2023 be a boom year for orthopedic devices?
The orthopedic devices market is expected to reach nearly $50 billion this year as procedures bounce back from COVID-19, according to GlobalData.
GlobalData predicts the orthopedic surgical robotics space will be even hotter this year, growing 25.6% year-over-year to $984 million.
“Boosted by artificial intelligence (AI) and machine learning, new generations of orthopedic robots are expected to further improve clinical outcomes. Unlike the general surgery robotics market — which is dominated by only one company, Intuitive Surgical — all major orthopedic manufacturers are competing in the orthopedic robotics market,” Tina Deng, principal medical devices analyst at GlobalData, said in a news release posted Feb. 1.
In addition, Global Data noted that the pandemic has accelerated the shift of procedures to outpatient or ambulatory surgical centers.
Positive news coming out of the orthopedic devices space
Recent orthopedic device industry news on MassDevice appears to back up the GlobalData report.
For example, orthopedic device giant Stryker is starting the year with good momentum. Plus, it plans new application launches in 2024 for its popular Mako robotic surgery system.
“The fourth quarter was almost back to normal,” CEO Kevin Lobo told Fox Business in a recent interview. He predicted a tailwind for the next couple of years.
Lobo acknowledged that high electronics costs had affected its capital equipment business. But he told Fox Business that Stryker has started a years-long process of raising prices and cutting costs to restore margins to 2019 levels.
In 2021, Stryker acquired Gauss Surgical and its Triton artificial intelligence-enabled platform for the real-time monitoring of blood loss during surgery. Gauss Surgical founder Siddarth Satish is now leading a Stryker AI initiative inside the company’s Digital, Robotics, and Enabling Technologies business, Lobo said.
In other orthopedic device company news, Zimmer Biomet is looking to achieve attractive growth after a Street-beating fourth quarter. Meanwhile, smaller companies are combining. Orthofix and SeaSpine completed a merger last month, and Globus Medical and NuVasive announced plans for a combination today.