According to the latest report published by Credence Research, Inc. “Surgical Robotics Market – (Component Type – Surgical Systems, Accessories, Software and Services); (Type of Surgery – Gynecology, Urology, Neurosurgery, Orthopedics and General Surgery): Market Growth, Future Prospects and Competitive Analysis, 2017-2025,” the market was valued at USD 5.22 Bn in 2016, and is expected to reach USD 12.62 Bn by 2025, expanding at a CAGR of 10.2 % from 2017 to 2025.
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Robotic surgery is a relatively new concept in healthcare and is touted to be the new revolution. Till the recent times, the hoard to acquire and incorporate robotics in healthcare is being primarily driven by technological improvements and demand from physicians. Surgical robots are increasingly becoming the entry card for specialty surgical centers to be known for excellence in minimally invasive surgery. Therefore, medical robots seem to have a significant marketing role in healthcare. Surgical robotics in general surgery has witnessed interesting evolution. As laparoscopic and minimally invasive surgical techniques have brought a shift in general surgery and created further sub-specializations in the field, it is expected that introduction of robotics will further repeat this process of fractionation. Based on the type of components, the global surgical robotics market is categorized into surgical systems, accessories (including disposables) and software and services. Among these components, surgical systems form the largest revenue generating segment in 2016 and will continue to dominate the market during the forecast period. High installation cost of these equipment systems, increasing application areas and associated need for perpetual upgrading makes assures the dominance of surgical systems segment during the forecast period. Additionally, software and services segment is expected to register the fastest growth during the forecast period. Need for periodic maintenance procedures at shorter intervals and frequent upgrading of software to ensure seamless operation of surgical systems mainly drive the growth of software and services segment worldwide.
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The key surgery types analyzed for the purpose of this study include gynecology, urology, neurosurgery, orthopedics and general surgery. Of these surgery types, gynecology enjoy the dominance position in terms of revenue generation. It is expected that neurosurgery will be the fastest growing surgery type segment during the forecast period. Substantial increase in incidence of neurological conditions and their high risk of morbidity, and increasing application of treatment regimen through robot-assisted procedures are the prime drivers of this segment. It is anticipated that surgical robotics will soon become the mainstay in surgical therapeutics. However, failure in attaining cost recovery may result in limits on insurance reimbursement and thus hold back the penetration of surgical robotics in the developing markets.
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Geographically, the global surgical robotics market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Of these, North America is the clear global leader in terms of revenue generation, number of robotic surgeries being performed and also the rate of installation. Da Vinci system by Intuitive Surgical is the most prominent robotic surgery brand used in the North America market, with approximately 70% market share in the U.S. the U.S. surgical robotics market is mainly driven by evolved healthcare infrastructure, better purchasing capability of hospitals and surgical centers, high patient acceptance and better reimbursement collaborations. On the other hand, Asia Pacific will witness the fastest growth during the forecast period. Rapid evolution of healthcare infrastructure, intensive marketing initiatives by manufacturers, and proliferation of medical tourism are some of the factors that support the growth of Asia Pacific market.
Market Competition Assessment:
The surgical robotics market currently have comprises number of companies such as Mazor Robotics, Hansen Medical, Stryker Corporation, Intuitive Surgical, Think Surgical and others currently operating in the market.
Key Market Movements:
- With the development and introduction of minimally invasive surgical technique, surgeons have avoided the need to physically place hands within the body to perform the procedure. Minimally invasive surgery has therefore revolutionized the field of surgery.
- Robotic surgery offers highly efficient minimally invasive surgery, however it is associated with greater expenses, limited application of trocar placement, need for skilled technical staff and so on which acts the restraining factor for the growth of this market.
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