|Status : Published||Published On : Jun, 2019||Report Code : VRHC1200||Industry : Healthcare||Available Format :||Page : 84|
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)
The U.S. surgical robot market is expected to grow at a CAGR of 9.5% during the forecast period with its market size predicted to reach USD 4,430.7 million by 2024. The U.S. surgical robots market is primarily driven by the technological advancements, high prevalence of neurological disorders, high healthcare expenditures, benefits of surgical robots, increasing number of research and development activities, increasing geriatric population, and presence of large number of industry players. The Vinci Surgical System, Renaissance Surgical System, Mazor X are the key brands primarily adopted in the U.S. market.
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. Largest share of the category is attributed to the repeat purchase of these equipment and accessories and increasing number of robot-assisted surgeries. 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, and stringent guidelines for the usage of medical devices in the country.
Insight by Application
Surgical robots find 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, orthopaedic 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.; Renaissance and Mazor X by Mazor Robotics Inc. (Acquired by Medtronic plc); and CyberKnife by Accuray Incorporated. The Da Vinci Surgical System dominated the U.S. 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.
Technological advancements, high prevalence of neurological disorders, and benefits of surgical robots are the key factors leading to the growth in the U.S. surgical robots market. Surgical robots provide enhanced visual field, superior dexterity, and precision in hard to reach places during the surgery. Also, these systems help in reducing the hospital stays time, better outcomes, and shorter recovery time. All these factors lead to increase in demand for these systems in the country.
Also, increasing number of research and development activities, increasing geriatric population, presence of large number of industry players, high healthcare expenditures are leading to the growth in the surgical robot market in the U.S. The U.S. spends a significant portion of its GDP over healthcare which leads to the developed infrastructure in the country. For instance, as per the U.S. National Health Expenditure Accounts (NHEA), U.S. health care expenditure increased 3.9% in 2017, reaching USD 3.5 trillion or USD 10,739 per person, amounting 17.9% of the country’s GDP.
Stringent regulatory norms, high cost of robotic systems are the key factors hindering the growth of the market in the U.S. Stringent regulatory norms set by the U.S. Food and Drug Administration (FDA) hinder the approval of the new robotic systems in the U.S. The approval gets delayed due the stringent regulations and thus industry players have to wait for many years before their product gets approval for the marketing.
Acquisition has been the key strategy used by the market players to enter into the surgical robots industry. Large medical technology companies are acquiring innovators to attain the technology to manufacture and market surgical robots. In September 2018, Medtronic plc and Mazor Robotics entered into a definitive merger agreement under which Medtronic will acquire all outstanding ordinary shares of Mazor for $58.50 per American Depository Share, or $29.25 (104.80 ILS) per ordinary share, in cash, for a total of approximately $1.64 billion, or $1.34 billion net of Medtronic's existing stake in Mazor and cash acquired. The acquisition is to accelerate Medtronic's strategy to transform spinal procedures and improve outcomes through fully-integrated surgical solutions.
Some of the key players operating in the U.S. surgical robots industry are Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics (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.
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