The global surgical robot market is expected
to reach USD 20.8 billion by 2024, according to a new study by Grand View
Research, Inc. The prevalence of chronic disorders, such as chronic heart
diseases and various types of cancer, is on a rise. These diseases frequently
require surgery as a line of treatment. With the advent of surgical robot,
these surgeries have become easier and less traumatic, thereby propelling the
demand over the forecast period.
The surgical
robotic system causes less postoperative complications and reduces the length
of hospital stay for a patient. This further helps to save treatment cost as
well as labor cost. Owing to these benefits, these devices are now favored by
hospitals in developing as well as developed regions.
The
introduction of evolved systems is expected to boost the market growth over the
forecast period. The development of computer software coupled with such robotic
systems result in higher precision and better viewing of the incision site.
This is expected to propel the demand over the forecast period.
The rising
popularity of minimally invasive procedures due to their patient-friendly
nature is the vital driver for this industry. Surgical robot help in performing
complicated procedures through navigation and magnification options.
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Further key findings from the study suggest:
- Robot systems held a lucrative share of around 42.0% in the product segment. Robot systems were followed by accessories and are also anticipated to witness a substantial growth owing to their frequent repurchase.
- On the other hand, services are anticipated to grow at a lucrative rate of around 20.0% over the forecast period. Periodic maintenance of the existing robotic systems is mandatory; hence, this segment is anticipated to witness a substantial growth.
- The da Vinci Surgical System by Intuitive Surgical, Inc. dominated this industry in 2015. This system is the first U.S.FDA approved system; hence, retains the first mover advantage.
- ROSA surgical system by Medtech is anticipated to witness a lucrative growth over the forecast period. These systems are intended for the brain and spinal cord surgeries. Recent approval for ROSA systems as well as expansion in European and North American Region by Medtech is anticipated to support the growth of this system.
- Gynecology held significant share of around 30.0% in application segment followed by general surgery segment which is anticipated to witness remunerative share over the forecast period. Rising prevalence of colorectal cancer further contributed towards the growth of this segment.
- North America is the dominating market with lucrative shares of around 60.0% in 2015. However, Asia Pacific is projected to witness sturdy growth over the forecast period with the fastest growth rate. Healthcare advancements as well economic developments with the aid of government is anticipated to support the growth.
- The key players operating in this industry include Intuitive Surgical, Inc., Accuray, MAKO /Stryker, Medtech Surgical, Hansen Medical, TransEntrix, Titan Medical, Inc., and Renishaw Plc.
- New product launches and collaborative developments are key strategic initiatives undertaken by market players to sustain the competition
- For instance, in July 2015, Accuray and Raysearch Laboratories AB formed a strategic collaboration. Accuray will co-market and offer Raycare Oncology Information System (OIS) in designated major radiation markets
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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