South Korean medical robots provider Curexo Inc. has signed an agreement with the American tech giant, Microsoft. With this deal, Curexo and Microsoft will work together to develop futuristic artificial intelligence (AI) based robots for the medical industry.
Microsoft has been investing in and promoting several next-gen technologies, especially via partnerships. Its strategic planning involves partnering with companies across a variety of fields. The new software cloud usage service agreement with Curexo can potentially upgrade the existing surgical market.
For surgeries, surgeons won’t have to rely too much on gadgets or devices as AI will be there to assist. Curexo looks forward to expanding its current limits which involve partially automated robots. As per Lee Jae Jun who’s the CEO of Curexo, they are developing a technology through which surgeons get automatic suggestions with optimized operation procedures.
AI systems capable of analyzing the topography and medical conditions will be a dominant part of their newly planned technology. In other words, Curexo will be developing a smart assistant for surgeons.
Curexo aspires to be a global surgical or medical robots maker in the next 5 years and is constantly putting in work to fulfil it. Starting back in 2006, the company has come a long way. Curexo Inc was initially acquired by a probiotics company, hy Co. and for the first 10 years, the company was mostly selling not more than 2 sorts of robots.
However, after acquiring Hyundai’s medical robot business, Curexo began to grab attention from the medical equipment and robot market. As of now, the company has 3 kinds of surgical robots in the market and these include gait rehabilitation robots, artificial joint surgical robots, and first spine surgical robots.
In 2022, the healthcare company sold 62 medical robots around the globe. Among 62 medical robots, these were CUVIS-Joints surgical robots, morning walks along with inmotion arms. From 18 medical robots in 2020 to 30 medical robots in 2021, in the last 3 years, the company has been seeing progressive sales.
In the next 5 years, the company wants to expand its branches even deeper in the digital healthcare solution sector. It plans to cross $38 million worth of sales by next year. The company is intending to have a sound position in foreign markets like the US.
Curexo is taking off to double down on sales once the US Food and Drug Administration (FDA) approves their artificial joint surgery robot called TMAX. At the AAOS 2023, the largest orthopaedic surgery conference, the company unravelled TMAX which has been combined with QUBIS-Joint, another artificial joint surgery robot from Curexo and Curexo’s subsidiary company, TSIs artificial joint surgery planning software named TPLAN.
An FDA approval is anticipated by the end of this year. With the accomplishment of the US, Curexo plans to explore possibilities in European markets as well.
The surgical robot market is expected to grow by two times. The global surgical robot market which was recorded at $6.3 billion in 2021 is estimated to cross 69.23 billion by 2030. This growth will be largely asserted by increasing investments in the production of cutting-edge technology in the coming years.
Demand for minimally invasive and open surgeries is going to go up resulting in steady growth. It’s plausible that the surgical robot market will reap benefits from stacked-up revenue shares.