The worldwide surgical robot market is predicted to register a remarkable growth rate over the forecast period (2017-2021), according to a report on Radiant Insights, Inc. surgical robots are predominantly used due to the popularity of minimally invasive surgeries (MIS). These robots are controlled by experienced surgeons. They play a vital role in improving surgical outcomes by providing surgeons a detailed anatomical view of the operating site.
Benefits associated with robotic surgery such as minimal scarring and faster recovery time are expected to entice patients in opting for it, thus driving global demand. Its usage in complex urological, cardiothoracic, and gynecological procedures is expected to influence market growth over the forecast period. Another factor driving market demand is adoption of such devices by large hospitals due to low labor costs.
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Continuous technological developments by manufacturers of robotic systems to overcome limitations of traditional surgical methods are expected to usher in automation in the healthcare sector. For instance, Intuitive Surgical has introduced the four-armed robotic machine, the da Vinci Si, which can perform surgeries in less time. Companies are also employing direct-to-consumer marketing tactics in order to create consumer awareness. However, injuries attained from these surgeries as well as lawsuits pertaining to medical complications are factors that can impede market growth.
The global surgical robot market is divided according to product, application, and region. Products in the market include single-arm, three-arm, and four-arm robots. Major applications include hospitals and others.
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Regions covered in the surgical robot market report include North America, Asia Pacific (APAC), and Europe. The North America market is projected to reign throughout the forecast period on account of demand for these robotic assistants, high consumer awareness, and collaboration with insurance players. This is evident with the constant sale of robotic systems in large hospitals in the U.S. Consumer preference for these surgeries as opposed to invasive procedures may have played a larger role in influencing market demand.
The Europe market is difficult to navigate on account of public healthcare systems. Due to their limited budgetary constraints, surgical robot manufacturers have a tough time convincing hospitals to purchase their systems to increase surgical outcomes. But major manufacturers are still establishing branches in Europe despite setbacks. An instance would be TransEnterix entering the Italian market, which till then was the bastion of Intuitive Surgical.
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APAC surgical robot market possesses the highest growth potential due to emerging economies of China and India and their evolving healthcare sectors. For instance, South Korea recently approved its first surgical robot system, Revo-i, for endoscopic procedures.
Key market players include Mazor Robotics, Stryker Corporation, Hocoma, Medtech Surgical, and TransEnterix. Collaborations and novel product development are some of the strategies used by these players to sustain market hold. Mergers and acquisitions are another trend witnessed within the market.
A case in point would be the acquisition of Medtech SA by Zimmer Biomet in 2016. This allowed the latter to enter the surgical robots market with a large commercial footprint. In addition, a massive consumer base across regions such as North America, Europe, Middle East, and Asia gives the company an edge over its competitors.
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About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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