Fastest Growing Market:
The surgical robots market was valued at USD 4974.49 million in 2019, and is expected to register a CAGR of 21.9% over the forecast period of 2020-2025. Surgical robots can perform complex procedures with geometrical precision, even in anatomical areas that are difficult to reach by human surgeons. This is resulting in the rising preference by surgeons and patients to utilize robots.
- The increasing need for automation in healthcare, the increasing incidences of chronic diseases, the increasing geriatric population, the complexity of surgical procedures, and the increasing demand for non-invasive surgeries with more precision and flexibility are the factors driving the market.
- High costs of installation, concerns regarding safety, integration issues, and the need for technologically skilled personnel, are some of the factors challenging the growth of the market. However, the innovations in the industry are expected to reduce the cost of the systems in the future. Thus, the market penetration is expected to increase over the forecast period.
- The advent of robotic surgery decreased the complication rates of surgery and allowed surgeons to perform finer tasks, compared to the traditional laparoscopic and open-surgery approaches.
Scope of the Report
A surgical robot is a combination of equipment, accessories, and software. It involves partial interference or complete dependence on specially devised machines to carry out surgical operations. Robotic technology is enhancing surgery through improved precision, stability, and dexterity.
| By Component |
| ||Surgical System |
| ||Accessory |
| ||Service |
| By Area of Surgery |
| ||Gynecological Surgery |
| ||Cardiovascular |
| ||Neurosurgery |
| ||Orthopedic Surgery |
| ||Laparoscopy |
| ||Urology |
| ||Other Areas of Surgery |
| Geography |
| || |
| North America |
|United States |
| || |
| Europe |
|United Kingdom |
|Rest of Europe |
| || |
| Asia-Pacific |
|Rest of Asia-Pacific |
| ||Rest of the World |
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Key Market Trends
Cardiovascular Surgery to Hold Significant Market Pie
- Robotic heart surgery offers several advantages, such as keeping the breastbone/sternum intact, making smaller incisions, and minimizing blood loss. The major centers have adopted the da Vinci Surgical System for performing robotic heart surgeries, and have registered excellent results. The types of cardiac surgeries performed by robotic systems are mitral valve, repair or replacement, atrial septum defect closure, tricuspid valve repair, maze procedure to treat atrial fibrillation, and coronary artery bypass.
- Currently, the emerging nanobots are being investigated to unclog arteries. The other advances in cardiovascular surgery include catheter-based robots, robot-based valves, better operative techniques, smaller instruments, improved holographic 3D vision, nanotechnology, and faster and smaller computer circuits that enable a quicker transfer of data.
- The cost of robotic surgery for cardiology has not been significantly higher than the cost of conventional surgery. However, improvements in post-operation for the quality of life make the robotic approach more cost-efficient. Cardiac robotic surgery decreases the duration of stay in the hospital , and thus, makes more slots available for patients, as well as offers the potential for additional revenue.
- The American Heart Association, in its publication 'Heart Disease and Stroke Statistics, 2016 Update At-A-Glance', estimated that 98 million American adults will have one or more types of cardiovascular diseases. Surgery represents the most effective therapy for advanced cardiovascular conditions.
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North America Holds Significant Market Share
- North America is one of the prominent regions for the market. The United States contributes to a majority of the market share in the region, with Canada accounting for a significant volume consumption.
- In addition, the United States is home to some of the largest players in the market and is a pioneer in the adoption of surgical robots. This is one of the primary factors that has influenced the growth of the market studied, over the past decade.
- The active participation of academia from the North American region has also influenced the growth of the market in the North American region. With collaborations from corporates and academia, many institutions in these countries have been able to record technological advancements.
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The surgical robots market has gained a competitive edge in the recent years. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer bases across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.
- May 2018 - Intuitive Surgical received the FDA clearance in the United States for its new da Vinci X Surgical System. The da Vinci X System will offer urologic surgical procedures that are appropriate for a single port approach. In June, Auris Health Inc. unveiled its next generation of surgical robots, which help doctors diagnose lung cancer easily.
- January 2018 - 3D Systems and Stryker agreed for an exclusive distribution partnership for VSP (Virtual Surgical Planning) and anatomical models for the craniomaxillofacial specialty. This partnership will drive the availability of personalized surgical planning and techniques to the healthcare professionals for saving both surgeons' and patients' time in the operation room.
Table Of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Volume of Surgical Procedures and Increasing Demand for Minimally Invasive Surgery Procedures
4.3.2 High Precision and Accuracy, as Compared to Conventional Procedures
4.4 Market Restraints
4.4.1 Safety Concerns Associated with the Use of Surgical Robots
4.4.2 High Initial and Maintenance Costs of the Equipment
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Component
5.1.1 Surgical System
5.2 By Area of Surgery
5.2.1 Gynecological Surgery
5.2.4 Orthopedic Surgery
5.2.7 Other Areas of Surgery
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Intuitive Surgical Inc.
6.1.2 Stryker Corporation
6.1.3 Verb Surgical Inc.
6.1.4 Maxar Technologies Limited
6.1.5 Renishaw PLC
6.1.6 SRI International Inc.
6.1.7 Accuray Incorporated
6.1.8 Think Surgical Inc.
6.1.9 Auris Surgical Robotics Inc.
6.1.10 Mazor Robotics Ltd.
6.1.11 Smith & Nephew PLC
*List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS