Global and Regional Market Forecast and Highlights:
Rising demand for advanced surgical techniques has spurred the growth of Global Surgical Robots Market which is expected to grow at a CAGR of 22.75% during the forecast period from 2017-2023.
Robotic surgery is the advanced method of surgery refer to the surgery with the help of robots. Features like accuracy and flexibility has attracted many of the healthcare organization to adopt the surgical robots. Surgical robots are the medical robots that performs the procedures through tiny incisions. Da Vinci System is the widely used and worlds most advanced surgical robots. Increasing demand for the minimally-invasive surgeries, automation in healthcare sector and increasing prevalence of different diseases are the major driving factor for the market. On other hand, high cost of surgical robots and risks associated with the robotic surgeries are the major restraints for the growth of market.
Geographically, global surgical robots market is segmented into America, Europe, Asia Pacific and Middle East and Africa. America accounts the largest market for surgical robots which is followed by Europe. Increasing financial capability of hospitals, strategic collaboration with assurance companies, growing demand for minimally-invasive surgeries and increasing prevalence of diseases like cancer, neurological disorders and many more has led to the growth of this market in America and Europe. Germany is the major contributor for the Europe surgical robots market. In 2016, Germany surgical robots market was USD 1,157.6 million. Asia Pacific is the fastest growing region. Presence of emerging economies like India, China and Republic of Korea has boosted the growth of this market in Asia Pacific. Asia Pacific surgical robots market is expected to grow at a CAGR of 23.36 % forecast period from 2017-2023
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Key Players Profiles and Competitive Analysis:
Key players profiled in the report are Intuitive Surgical, Inc., Medtronic, Johnson & Johnson, Google Life Sciences, Stryker Corporation, TransEnterix, Mazor Robotics, Hansen Medical and others.
Stryker one of the largest medical technology companies in the world headquarters in US. In 2013, Stryker has acquired MAKO Surgical Corp., a pioneer in the advancement of robotic arm assisted surgery in orthopaedics. Stryker has got the FDA approval for MAKO total knee application in 2016.
Intuitive Surgical, Inc manufacturer of world class robotic surgical systems. Da Vinci Surgical System is the most preferred system. Recently in 2017, this company has got approval for new da Vinci X Surgical System which will provides lower-cost, robotic-assisted surgical option for hospitals, surgeons.
Mazor Robotics is a medical device company and manufacturer of a robotic guidance system for spine surgery. In 2017, Mazor Robotics got FDA approval for its Mazor X Align software which will help Mazor Robotics to align leverage Mazor Robotics’ extensive experience in pre-operative planning, image processing, computerized anatomy recognition, and registration of different imaging modalities.
These major players are entering into new mergers and acquisitions and FDA approvals to increase their share in the market place. FDA approvals is the most used strategy by the companies as this industry is new and growing the market players are innovating their technology by expanding their approach in different therapeutic areas.
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On regional basis, global surgical robots market is segmented into America, Europe, Asia Pacific and Middle East and Africa. America accounts the largest market for surgical robots. U.S. and Canada are the major contributor for the market of America. Increasing financial capability of hospitals to invest in these systems, strategic collaboration with assurance companies, rising patient acceptance for the use of surgical robots in the procedures owing to superior healthcare outcomes and general awareness about computer-assisted surgeries is responsible for the growth of America surgical robots market. U.S. contribute nearly 80% of total North Americas market.
Europe has the second largest contributor in global surgical robots market. Increasing need for automation in the healthcare sector and growing demand for minimally-invasive surgeries or unmanned surgery and miniature robotics are responsible for attributing the growth of the surgical robots in Europe. UK, Germany and France are the major contributor for the market. This three countries share almost 50% of total European surgical robots market. Moreover a rise in incidences of colorectal cancer, neurological disorders, and gynecological diseases is expected to boost the adoption of robotic surgical systems in European countries.
Asia Pacific is the developing region still this region is expecting relatively slow growth of surgical robots in the healthcare sector. Many companies are interested and investing their capital in Asia Pacific region due to constantly expanding population base along with the cost advantage, the emergence of high-quality and better healthcare infrastructure in this region.
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