Surgical Robots Market worth over $24bn by 2025
Published Date: March 22, 2019 Authors: Sumant Ugalmugle
Surgical robots market size is set to surpass USD 24 billion by 2025, according to a new research report by Global Market Insights.
Large patient pool suffering from chronic diseases in developed as well as developing countries will drive the demand for robotics in surgical procedures. Increase in number of surgeries owing to rising prevalence of chronic diseases will spur the market growth. Growing patient preference towards minimally invasive procedures to prevent post-operative trauma and complications will foster the market expansion during the forecast period. Other advantages associated with minimally invasive surgeries such as smaller incision length, less blood loss during the surgery, reduced discomfort, and shorter hospital stay will increase the demand for surgical procedures, thereby fueling the industry growth over the coming years.
Growing demand for minimally invasive surgeries will lead to development of technologically advanced surgical robots thereby, impelling market progression during the forecast timeframe. For instance, Intuitive Surgical have developed da Vinci single site technology that provides multiport, single incision surgical procedures, thereby enhancing its acceptability among physicians and patients. High accuracy level and increased reliability offered by surgical robots due to technological advancements will positively impact the industry revenue. However, high cost of surgical robots may hamper the market value in developing and underdeveloped countries during the forecast timeline.
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Robot systems segment in the surgical robots market is anticipated to witness 24.5% growth rate by 2025 on account of technological advancements in robotics resulting in wide applicability in various surgical procedures. Focus of industry players on frequent upgradation of technology allows introduction of innovative and advanced robotics capable of performing more complex surgical procedures with minimal efforts and high precision.
Browse key industry insights spread across 110 pages with 118 market data tables & 8 figures & charts from the report, “Surgical Robots Market Size By Component (Robot Systems, Accessories & Instruments), By Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynecology Surgery, Urologic Surgery) By End-user (Hospitals, Ambulatory Surgical Centers) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Gynecology application segment accounted for more than 17% of the surgical robots market share in 2018 led by introduction of robot-assistance in the field of gynecological surgeries such as hysterectomy, abdominal myomectomy, tubal reanastomoses, radical hysterectomy, lymph node dissections, and sacrocolpopexies. Growing patient preference towards robotic approach to overcome shortcomings of conventional suture-intensive gynecological surgeries will increase adoption of robot-assisted minimally invasive procedures, thereby accelerating the segment expansion.
Ambulatory surgical centers (ASCs) segment in the surgical robots market exceeded USD 1.5 billion in 2018 driven by increasing patient preference towards ambulatory surgical centers that offer minimally invasive procedures. Various robot-assisted procedures such as cardiac, urology, gynecology as well as other general surgeries performed in these centers at affordable prices will favor the segment progression during the forecast timeline.
North America surgical robots market captured over 40% of revenue share in 2018 owing to increasing healthcare expenditure in the region coupled with rising demand for technologically advanced surgical procedures. Strong foothold of key industry players in the region focusing on technology upgradation will favor business growth. For instance, in January 2019, Zimmer Biomet introduced Rosa Knee system, a robotically-assisted total knee replacement surgery platform, that offers 3D pre-operative planning tools as well as real-time intraoperative data. Increasing adoption of such advanced technologies will boost the regional growth.
Eminent companies operational in market includes Accuray, Globus Medical, Hansen Medical, Intutive Surgical, Johnson & Johnson, Mazor Robotics, Omni, Stryker, Think Surgical and Zimmer Biomet. These industry leaders adopt strategies such as geographic expansion, partnerships, merger and novel product launch to sustain market competition.