Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Surgical Robots market.
Trusted Business Insights presents an updated and Latest Study on Surgical Robots Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Surgical Robots market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Surgical Robots Market
The global surgical robots market size was valued at USD 2.01 billion in 2018 and is anticipated to grow at a CAGR of 22.3%over the forecast period. Key factors attributing to the growth include, increasing adoption of minimal invasive surgeries among patients owing to its added benefits such as need for shorter hospital stays by patients, compared to traditional surgery, introduction of flexible and cost-effective surgical robots by new manufacturers and their increasing approvals for new medical conditions.
Other factors aiding the market growth are increasing number of approvals granted by the FDA to surgical robotic companies for R&D in image-guided robotic surgery and robotic automation.Moreover, the increasing number of surgical robotic systems and rising adoption of robot assisted hysterectomies and other surgical interventions are further contributing to this growth. Improvement in healthcare infrastructure and the introduction of advanced medical systems is also expected to facilitate system implementation in developed countries.
Surgical robots have witnessing a paradigm change in the last few years due to technological advancements in the areas of 3D-imaging, high definition microscopic cameras, data recorders data analytic systems, motion sensors, remote navigation systems, robotic controlled catheters and other accessories useful for surgeries. This is to develop new applications for existing platforms and as well as create disruptive technologies which will drive the future market. The industry is witnessing a growing trend of robotic companies collaborating on technology platforms with third party vendors to develop new surgical applications.
Despite, gaining wide popularity, surgical robots share the same risks as those associated with traditional open surgeries such as the potential of infection and cardiopulmonary risks of anesthesia. Also, mechanical failures while on-going surgery is an added risk. This is likely to prevent the people from resorting to robot assisted surgeries.
Application Insights of Surgical Robots Market
On the basis of application, the surgical robots market is classified into orthopedics, neurology, urology, gynecology and others. The others segment includes oral surgeries, thoracic surgeries, and general laparoscopic surgeries. The other application segment dominated the market in 2018, with a revenue of USD 748.5 million and is also expected to grow at the fastest rate over the forecast period. This is owing to a large number of general laparoscopic surgeries being conducted and increasing number of medical approvals for treatment of new medical conditions.
The orthopedics segment is also expected to grow at a lucrative rate over the forecast period. Surgical robots are being used in total hip replacement, hip arthroscopy, and shoulder arthroscopy, placement of pedicle screws, trauma and general orthopedics as assists for providing better accuracy and precision to surgeons, thus eliminating human error.
Stryker Corp., has introduced many surgical robots in the orthopedic space, after its acquisition of MAKO Surgical Corp. The company has introduced 650 Mako robots that have been used in nearly 76,900 knee and hip replacement procedures in 2018. The company is also expected to increase its product offerings in 2019. This is further expected to increase the competition among the companies operating in the orthopedic space.
Regional Insights of Surgical Robots Market
On the basis of region, the surgical robots market is segmented into North America, Europe, Asia Pacific, MEA, and Latin America. North America dominated the market in 2018, with a revenue of USD 1.03 billion and is expected to grow at a lucrative rate over the forecast period. Moreover, the region is also anticipated to be fastest growing market, with a CAGR of 24.1% over the forecast period.
Some major factors contributing to this growth are, increasing number of hospitals that are opting for robot-assisted surgeries, high healthcare spending by the U.S. government and growing robotic investments in the region. As per the Robotic Industries Association, the robot sales in the U.S. has been growing continuously in applications such as surgeries, automotive, wearable devices and military.
According to the FDA, the use of robotics in the U.S. has increased from 25,000 per year in 2005 to 450,000 in 2012. Furthermore, according to the data published by National Cancer Institute it is estimated that in 2014, nearly 80% of prostatectomies were performed using robotics compared to only 1% of all prostatectomies in the year 2001. Increasing adoption of these technologically advanced robotic systems is expected to provide growth platform to this industry in the near future.
Market Share Insights of Surgical Robots Market
The surgical robots market is an oligopolistic market consisting of players such as Intuitive Surgical, Stryker Corporation, Medtronic, Smith & Nephew and others. Many companies in this market implement initiatives such as mergers and acquisitions, product developments, and geographic penetration to compete in the market. For instance, Medtronic acquired Mazor Robotics in December 2019 to enter the market. Moreover, the FDA approved Intuitive Surgical Inc.s, Ion lung-biopsy system, designed for undergoing minimal invasive biopsies deep within the lungs in April 2019.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Surgical Robots Market Research Report
This report forecasts revenue growth at country level and provides an analysis on industry trends in each of the sub segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global surgical robots market report on the basis of application, and regional segments:
Application Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Surgical Robots Market Size, Share, Global Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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