Global Market Insights, Inc. has recently added a new report on the surgical robots market which estimates the global market valuation for surgical robots will cross US$ 24 billion by 2025. Rising patient preference towards minimally invasive surgeries in developed as well as developing economies will propel surgical robots market growth in forthcoming years. Moreover, factors such as reduced post-care discomfort, less need for blood transfusions and shorter hospital stay are some of the advantages of surgical robots that will drive the industry growth.
The orthopedic surgery segment held around 13% revenue share in 2018 and it is expected to expand immensely in foreseeable future due to the increasing usage of surgical robots in orthopedic surgeries. Recently developed robots are profusely used in orthopedic surgery for complete hip replacement. Surgical robots allow accurate implant positioning that lowers the risk of errors. Also, increasing incidences of bone disorders such as arthritis are expected to drive the segment growth in the near future.
Some of the surgical robots industry growth drivers:
1. Increasing technological advancements in surgical robots in developed countries
2. Rising number of surgeries in North America and Asia Pacific
3. Growing healthcare expenditures in emerging countries
4. Favorable regulatory scenario in North America
Surgical robots market is expected to gain a massive CAGR over 2019-2025 as current trends in healthcare have conclusively indicated that robotic surgery is the future of surgical procedures. There are several prominent factors that will be adding palpable stimulus to the surgical robots industry, the chief among them being a rapidly expanding geriatric population. The aging of the baby boomer generation has affected many aspects of the healthcare sector primarily since older individuals tend to require more healthcare services including surgeries.
Demographic trends such as the aging of millennials, especially female millennials, should also be taken into consideration as far as surgical robots industry projection over the coming years is considered, as hysterectomies are most commonly conducted on women in their early 40s and medical robots are often used in such procedures.
In 2018, ambulatory surgical centers segment accounted for USD 1.6 billion. ASCs have several advantages that include reduced stay and lower operational costs. Also, certain multispecialty ASCs provide minimally invasive surgeries for several chronic conditions that further raise the adoption of surgical robots in ASCs proving beneficial for the segmental growth.
Considerable revenue size will be due to the high adoption of technologically advanced surgical robots. In addition to this, a geriatric population susceptible to chronic conditions is growing rapidly. This scenario will prove beneficial for industry growth as it will create immense demand for surgical robots to carry out minimally invasive surgical procedures. Furthermore, positive regulatory scenario will support development for surgical robots, thereby fostering country growth.
Prominent industry players operational in the Surgical Robots Market include MedTech, Mazor Robotics, Hansen Medical, Smith & Nephew, THINK Surgical, Medrobotics, Renishaw, Stryker and Intuitive Surgical. Strategies adopted by these players are partnerships, collaborations and agreements that boost their company’s revenue generation. For instance, in February 2019, Mazor introduced the Mazor X robotic surgery system that is integrated with advanced technology, providing a long-term competitive advantage to the firm in the industry.
Microsurgery Robot Market Size By Product (Ophthalmology Surgery, Cardiovascular Surgery, Neurovascular Surgery, Gastrointestinal Surgery, Obstetrics and Gynecology Surgery, Urology Surgery, Oncology Surgery, ENT Surgery, Reconstructive Surgery, Micro Anastomosis, Ureterorenoscopy), By End-Use (Hospitals and Clinics, Ambulatory Surgical Centers, Research Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024, the global market is forecast to cross USD 1.7 billion by 2024.