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Industry trends
Microsurgery Robot Market size valued at USD 884 million in 2019 and is expected to witness more than 14.3% CAGR from 2020 to 2026.
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Rising prevalence of cancer will increase the application of microsurgery robots in oncology treatments. Shorter recovery time and lower number of post-operative complications are some of the advantages of using the microsurgery robot in cancer treatment. Moreover, rising focus of numerous companies on launching advanced microsurgery robots will prove beneficial for the overall market expansion. However, due to COVID-19, there has been a reduction in the number of surgeries performed as hospitals prioritize COVID-19 patients. This can cause a temporary slump in the demand for microsurgery robots due to limited applicability.
| Report Coverage | Details |
|---|---|
| Base Year: | 2019 |
| Market Size in 2019: | 885.1 Million (USD) |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 14.3% |
| 2026 Value Projection: | 2,246.7 Million (USD) |
| Historical Data for: | 2015 to 2019 |
| No. of Pages: | 153 |
| Tables, Charts & Figures: | 175 |
| Segments covered: | Application, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing preference towards minimally invasive procedures
Increasing demand for minimally invasive surgeries will boost the microsurgery robot market growth. Minimally invasive surgeries are gaining popularity and wide-scale adoption owing to its numerous advantages such as smaller incisions, faster recovery, and reduced hospital stays are further contributing towards the market demand. Microsurgery robots improve patient outcomes due to advanced features. For instance, surgical robots are equipped with 3D imaging cameras that enable improved imaging as well as magnification. Also, robotic arms permit improved dexterity and eliminate hand tremors.
Increasing number of urology disorders will spur the market revenue
The urology segment accounted for 20.5% microsurgery robot market share in 2019 owing to surging number of urology disorders and the availability of microsurgery robots for the treatment of urology-associated surgeries. Microsurgery robot helps in the prevention of blood loss and reduces recovery time facilitating the demand for such devices in urology disorders. Additionally, high precision provided by the microsurgery robots along with improved patient outcomes due to elimination tremors will drive the market demand.
Growing adoption of microsurgery robots by hospitals and clinics
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The hospitals and clinics segment in the microsurgery robot market exhibited around 14.6% growth rate during the forecast timeframe. Availability of advanced infrastructure and intense medical care for the treatment of various chronic disorders will boost the market growth. Also, better reimbursement policies are offered in public hospitals and clinics for surgical procedures that will further impel the market size expansion. Furthermore, presence of skilled healthcare practitioners in hospitals augments the market progression. Similarly, rising focus on carrying out surgeries with better precision and ensuring more comfort for surgeons will fuel the market demand.
Surging cases of chronic diseases in North America region
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North America microsurgery robot market size was over USD 505 million in 2019 due to rising R&D funding for microsurgery robots along with increasing adoption of surgical robots in the region. As per the Centers for Disease Control and Prevention (CDC), six in ten adults in the U.S. have chronic disorders. Thus, surging cases of chronic disorders such as cancer, heart disease, diabetes, and others will surge the demand for microsurgery robots among the American population base. In addition, presence of well-known market players in North America providing microsurgery robot devices for better patient access as well as care will propel the regional industry growth.
Increasing product launches by prominent industry players
Some of the prominent players functioning in the microsurgery robot market include Stryker, Corindus Inc (Siemens Healthineers), Medtronic, Intuitive Surgical, Meerecompany, Smith & Nephew, Medrobotics corporation, Auris Health (Johnson & Johnson), Zimmer Biomet, Titan Medical, and TransEnterix Surgical. These companies are undertaking several growth strategies to capture a higher market share.
Some of the recent industry developments:
- In July 2020, Smith & Nephew announced the launch of a hand-held robotic platform for knee replacement surgery. This strategy will assist the company in enhancing its product portfolio in the global industry.
- In March 2018, Stryker’s joint replacement division launched the next-generation Trident II Acetabular System with the accuracy of Mako Robotic-Arm Assisted Surgery. This new product launch helped the company in expanding its product portfolio, and enhanced its market share
The microsurgery robot market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
Market, By Application
- Ophthalmology surgery
- Cardiovascular surgery
- Neurovascular surgery
- Gastrointestinal surgery
- Obstetrics and gynecology surgery
- Urology surgery
- Oncology surgery
- ENT surgery
- Reconstructive surgery
- Micro anastomosis
- Ureterorenoscopy
- Others
Market, By End-use
- Hospitals and clinics
- Ambulatory surgical centers
- Research institutes
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Egypt
- Nigeria
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