Microsurgery Robot Market worth over $2 Bn by 2026
Published Date: December 11, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Microsurgery Robot Market size is set to surpass USD 2.1 bn by 2026; according to a new research report by Global Market Insights, Inc.
Research funding will lead to advancements in the microsurgery robot devices such as reduction in size, advanced features, and reduced cost. This will increase the adoption of microsurgery products. Also, growing need for automation in healthcare industry will drive the market growth. Similarly, rising geriatric population base will lead to increase in number of surgeries, as geriatric people are prone to chronic disorders.
Technological developments in microsurgery robot devices will be a major factor boosting the market expansion. Advancements have enabled microsurgery robots to deliver faster and more accurate results. High throughput capacity helps in generation of considerable epidemiological data from patients. This has significantly advanced patient management due to automation of surgical procedures, enhancing the market revenue. Timely technological upgrades have introduced advanced robots that can perform complex procedures with high precision. Medical device manufacturers are collaborating to develop sophisticated microsurgery robots. This has resulted in availability of advanced robots and lowered the product costs. For instance, Johnson and Johnson collaborated with Google Life Sciences’ subsidiary, Verily Life Sciences and incorporated Verb surgical to develop advanced robotics, visualization and instrumentation in their products.
Increasing focus of market participants in developing microsurgery robot for gynecology surgery will favor the market demand
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The obstetrics and gynecology surgery accounted for 13% of the market share in 2019. Introduction of robot-assistance in the field of gynecological surgeries including abdominal myomectomy, hysterectomy, lymph node dissections, radical hysterectomy and sacrocolpopexies will impel the market value. Additionally, rising patient preference towards robotic approach to overcome limitations of conventional suture-intensive gynecological surgeries will augment the industry growth.
Browse key industry insights spread across 153 pages with 165 market data tables & 10 figures & charts from the report, “Microsurgery Robot Market Size 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), By End-use (Hospitals and Clinics, Ambulatory Surgical Centers, Research Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Ambulatory surgical centers segment is projected to showcase significant growth
The ambulatory and surgery centers revenue were USD 270 million in 2019 led by cost effective treatment options offered in these centers. Rising acceptance rate of microsurgery robots in ambulatory surgical centers for providing minimal invasive surgery will enhance the segment expansion. Several advantages including better and improved treatment options in supervision of highly trained professionals in ambulatory surgical center will further influence the market expansion.
Europe region is anticipated to experience robust growth
Europe microsurgery robot market is expected to witness 14.5% growth rate till 2026 on account of increasing usage of technologically advanced microsurgery robotic equipment for performing wide array of surgeries. High R&D investment by private and government organizations for advancement of microsurgery robot will escalate the market value. Existence of a technologically advanced medical framework and insurance system will fuel the market demand during the forecast timeline.
Adoption of various growth strategies enables major industry players to maintain their market share
Some of the leading companies operating in market include Medtronic, Stryker, Medrobotics corporation, TransEnterix Surgical, Corindus Inc (Siemens Healthineers), Auris Health (Johnson & Johnson), Meerecompany, Smith & Nephew, Intuitive Surgical, Zimmer Biomet and Titan Medical. These leaders undergo several organic and inorganic growth initiatives to maintain strong foothold in microsurgery robot business.