Monogram Orthopedics (NASDAQ: MGRM) has formed a strategic partnership with Shalby Limited (NSE: SHALBY), one of India's top orthopedic hospital groups, to advance its surgical robot technology. This collaboration marks a significant milestone in the robotic orthopedics industry as it aims to demonstrate the safety and effectiveness of Monogram’s mBȏs TKA System for robotic orthopedic surgery and implants.
The partnership includes a multicenter clinical trial campaign to validate Monogram’s cutting-edge technology, which features over 750 precision parts, nearly two-dozen patent applications, and more than 1.5 million lines of code. Monogram's technology is considered advanced compared to legacy systems, positioning it as one of the few autonomous players in the field.
Shalby Limited, led by renowned joint replacement surgeon Vikram I. Shah, is recognized as the world's largest orthopedic hospital chain by volume, commanding 15% of India's organized arthroplasty market share. With over a dozen hospitals across 13 cities, Shalby is poised to leverage India's growing population of 1.4 billion people, the most populous nation as of 2023, according to Pew Research.
Ben Sexson, CEO of Monogram Technologies, highlighted the immense market potential in India, driven by a large population and rapid growth in the robotics sector. “With over 200,000 total knee arthroplasties (TKAs) annually, we believe India represents a massive market potential,” said Sexson. The partners plan to examine the post-trial transfer of Monogram’s robot to Shalby's hospital system, anticipating future collaborations.
The global orthopedic surgery market experienced a resurgence post-pandemic, expanding by 6.3% in 2023 to reach $59 billion. Despite this growth, legacy orthopedic surgery methods remain inefficient and imprecise, with 88% of surgeries performed manually and most implants being one-size-fits-all. Monogram aims to address these issues with its advanced surgical robot and best-fit implants, promising better patient outcomes.
Through the partnership, Shalby will begin enrolling patients across India to test the success of Monogram’s mBȏs TKA System alongside Shalby’s Consensus Knee System (CKS) implant. Monogram recently submitted its 510(k) application for mBȏs TKA System clearance, which has passed the Administrative Review and is under Substantive Review. The company is pushing for its first live inpatient surgeries pending regulatory approvals.
Shalby has consistently grown, with a 20% 15-year CAGR in volume and a presence in eight countries. The company plans further international expansion, including in the U.S., where it has already acquired Consensus Orthopedics. Dr. Shah emphasized the need for advanced technologies to meet their ambitious global expansion goals.
Monogram's Sexson expressed alignment with Shalby in terms of surgeon caliber and standard of care, and he is inspired by Shalby’s ambitious growth plans. Monogram intends to validate its mBȏs TKA System with real-world data, facilitated by its recent regulatory submission and FDA Administrative Review approval, which Sexson describes as a “catalyst for strategic synergies” between the partners.
