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. Some of the key factors fuelling the growth of the U.S. surgical robots market include technological advancements, high healthcare expenditures, benefits of surgical robots, high prevalence of neurological disorders, increasing number of research and development activities, increasing geriatric population, and presence of large number of industry players.
Some of the key surgical robotic systems available in the U.S. 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 is the most used surgical robot system in the U.S. due to its early mover advantage and strong presence of the company in the U.S.
The high healthcare expenditure in the country and the increasing geriatric population are supporting the demand for surgical robots in the country. For instance, as per the U.S. Census Bureau’s 2017 National Population Projections, all baby boomers will be older than age 65 by 2030 in the U.S. This will expand the size of the older population so that 1 in every 5 residents will be of retirement age. Also, 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.
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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.
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.
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.
Globally, different medical technology companies are entering the market by acquiring the innovators in the market. For instance, in April 2019, Johnson & Johnson announced that Ethicon, Inc., has completed the acquisition of Auris Health, Inc. for approximately USD 3.4 billion in cash and an additional contingent payment of up to USD 2.35 billion, in the aggregate, may be payable upon reaching certain predetermined milestones. With Auris Health’s robotic platform technology, currently used in diagnostic and therapeutic procedures in the lung, Johnson & Johnson will advance its commitment to combatting lung cancer and expand its digital surgery portfolio across multiple surgical specialties.
Also, 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.
U.S. Surgical Robots Market Coverage
Component Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
End-User Insight and Forecast 2014-2024