Status : Published Published On : Jun, 2019 Report Code : VRHC1201 Industry : Healthcare Available Format : Page : 126

Global Surgical Robots Market –Analysis and Forecast (2019–2024)

Industry Insights by Component (Robotic Systems, Instruments and Accessories, Services), by Application (General Surgery, Gynecological Surgery, Orthopedic Surgery, Cardiology, Neurology, Others), by End-User (Hospitals, Ambulatory Surgery Centers), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, Brazil)

Industry Overview

The global surgical robots market is expected to grow at a CAGR of 10.9% during the forecast period with its market size predicted to reach USD 10,146.3 million by 2024. The global surgical robots market is primarily driven by the technological advancements, advantages of surgical robots, increasing investment for the research and development, mounting occurrence of neurological and orthopedic disorders and increasing geriatric population. The Da Vinci Surgical System, Mako Surgical Arm, Mazor X are the key brands mostly adopted globally.

Surgical Robots Market Highlights

Market Segmentation

Insight by Component

Based on component, the surgical robots market is categorized into robotic systems, instruments and accessories, and services. Of all, instruments and accessories segment hold the largest share in the market, globally. Largest share of the category is attributed to the repeat purchase and increasing number of robot-assisted surgeries across the globe. The market for surgical robot services market is anticipated to witness the fastest growth during the forecast period due to the intensive maintenance work required for the robotic systems.

Insight by Application

Surgical robots find its applications in general surgery, gynecological surgery, orthopedic surgery, cardiology, neurology, among others. Of all the applications, general surgery followed by gynecological surgery accounted for the largest demand for surgical robotic systems, accessories and services. The surgical robots market for gynecological surgery is anticipated to observe the fastest growth during the forecast period as more and more surgeon are adopting surgical robot and services for gynecology as robots has proven their efficiency and precision with less ill effects.

Insight by End-User

Based on end-users, the surgical robots market is segmented into hospitals and ambulatory surgical centers. Of both the categories, hospital account for the larger demand for surgical robot systems and services due to the advancements in the technology, and inclusion for gynecology, orthopedic surgery, and general surgery. Different companies are investing for the development of miniaturized surgical robots for penetration in ambulatory surgical centers.

Key Brand Insight

Some of the key surgical robotic systems available in the market include The Da Vinci Surgical System by Intuitive Surgical Inc.; Mako Surgical Arm by Stryker Corporation; Renaissance and Mazor X by Mazor Robotics Inc. (Acquired by Medtronic plc); Rosa Surgical Robot by Medtech SA (Zimmer Biomet); and CyberKnife by Accuray Incorporated. The Da Vinci Surgical System dominated the global surgical system market. In 2018, most of the surgical robot installed in the hospitals was Da Vinci Surgical System. The category account for more sales than all other categories combined, which is primarily due to the strong position of the company in the market. The brand has the early mover advantage and the constant effort from its maker to keep it up to date are the key factors leading to the high demand of the category.

Industry Dynamics

Growth Drivers

Technological advancements, advantages of surgical robots in clinical procedures, increasing investment for the research and development, mounting occurrence of neurological and orthopedic disorders and increasing geriatric population are some of the key factors fuelling the growth of the surgical robots market, globally. There are several benefits of robotic surgery, which is leading to an increase in adoption by hospitals and ambulatory surgical centers. Robotic surgery offers several benefits to the surgeon such as an enhanced visual field, superior dexterity, and reach to inaccessible or hard-to-reach places during the surgery.

Similarly patients benefit from better clinical outcomes, shorter hospital stays, precision in surgery, lesser pain, early discharge and shorter recovery time. The robotic surgery also causes smaller incision and therefore reduces the risk of getting infection post-surgery. Compared to conventional surgery robotic surgery leaves small incision and allows surgeon to operate in very tight spaces with precision using robotic arms.

Apart from the aforementioned factors the increasing prevalence of neurological disorders and increasing geriatric population is leading to the growth in the surgical robot market across the globe. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.

Challenges

The primary factor hindering the growth of the surgical robot market is their high cost. The high cost of these systems makes them unaffordable in smaller hospitals with limited budgets. Moreover, this is the primary reason hindering the market penetration in developing countries as these countries struggle to provide and basic healthcare to all its citizen and hence it is generally not feasible to install surgical robots especially in their public sector hospitals. The Renaissance Surgical System by Mazor Robotics is itself costs around USD 850,000 per unit; thus only the healthcare providers backed by private investors or large public hospitals are able to afford these systems.

Geographic Overview

North America remains the largest market for surgical robots across the globe. This is primarily due to the early adoption, technological advancements, developed healthcare infrastructure, high healthcare expenditure, and presence of the industry leaders in the region. The North American market will further observe significant growth during the forecast period as the more and more hospitals especially the hospital chains working in different states of the U.S. are opting for the automation in surgery using surgical robots.

Asia-Pacific lags behind North America and Europe in terms of the number of surgical robots installed in the region; however, by the end of the forecast period, the region will account for higher share in the global surgical robots market than Europe. The key factor leading to the significant growth in the Asia-Pacific, are the developing infrastructure, investment in healthcare sector, immergence in large number of private healthcare providers, and penetration by the number of the large global healthcare providers in the region.

Competitive Insight

Different companies are investing in their research and development for the technological advancements of its systems which offers them a competitive edge over the competitors. Mazor Robotics added Mazor X to its surgical robotics portfolio in 2016, apart from its existing Renaissance Surgical System. Mazor X witnessed key traction in the market in comparison to Renaissance as well as its competitor Da Vinci Surgical System. Also, the medical device industry giant is acquiring innovator companies to enter into the surgical robots market.

Some of the key players operating in the surgical robots industry are Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics Inc., (Acquired by Medtronic plc), Medtech SA (Acquired by Zimmer Biomet), Accuray Incorporated, Smith & Nephew plc, Renishaw plc, Auris Health, Inc. (Acquired by Johnson & Johnson), Medrobotics Corporation, Varian Medical Systems, Stereotaxis, Inc., Titan Medical Inc., Think Surgical Inc., and TransEnterix, Inc.

PRIMARY RESEARCH INTERVIEWS - BREAKDOWN

Surgical Robots Market Analysis

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle