NEW YORK, Sept. 2, 2019 /PRNewswire/ –According to Reportlinker, The robotic surgery devices market is expected to grow at a CAGR of about 17% during the period 2018–2024.
The increased usage of robotic surgery platforms for orthopedic surgeries is likely to influence the growth of the robotic surgery devices market. These platforms are highly used for several orthopedic surgeries such as the spine, knee replacement, and joint replacement. Further, the high demand for Minimal Invasive (MI) surgical techniques is contributing to the growing recognition of robot-assisted surgeries. Therefore, the increased acceptance of robotic surgeries will directly encourage the sale of robotic surgical devices, which is expected to influence the overall growth of the market in the coming years significantly.Global vendors are focusing on inorganic growth strategies such as acquisitions and investments to explore untapped markets across geographies, expand their presence, enhance product portfolio, and improve expertise in the market. These inorganic growth initiatives will complement vendors’ organic growth strategies, thereby gaining traction among end-users in the robotic surgery devices market. Further, vendors are developing and launching advanced robot-assisted platforms/devices to address the prevailing unmet surgical needs for the treatment of several disorders/ailments. They are focusing on the commercialization of robotic surgery devices. Also, the approval of new products, coupled with increased R&D, is expected to help vendors to expand their market reach and growth.
The following factors are likely to contribute to the growth of the market during the forecast period:
- Growing usage of robotic platforms in orthopedic surgeries
- Development of promising investigational robotic surgical devices
- New product approvals and launches
The growing preference for MI surgical techniques and the increasing availability of advanced treatments are the key factors for the growth of the instruments and accessories segment. Further, the increase in the aging population, the presence of a large pool of patient, and the awareness of advanced robotic surgical treatment are some of the significant factors fueling the market. Vendors are extensively investing in R&D to develop innovative robotic surgical instruments and accessories. The market for robotics system is growing at a healthy rate due to superior safety and efficiency offered by robotic surgical devices. However, continuous innovations and technological advancements have led to the development of several next-generation robotic surgery systems.
The growing usage of robotic surgical devices for performing surgeries such as bariatric, hernia repair, cholecystectomy, and colorectal surgeries, especially in the US, Germany, Japan, and France is a major factor for high percentage shares of the general surgeries segment. The rise of surgical robot platforms has increased the acceptance of robotic surgeries for surgical applications. For example, the Intuitive Surgical’s da Vinci system is gaining prominence in the market and is widely used to perform colorectal surgeries.
The growing elderly population and the increasing prevalence of prostate, uterine, lung cancers, hernia, spinal, and cardiovascular diseases are the major factors contributing to the increasing volume of robotic surgeries in hospitals. Major and renowned hospitals have started offering robotic surgeries for treating a broad range of diseases. In addition, the availability of better reimbursement policies of hospitals is significantly adding to the growth of the segment. Thus, the increased demand for robotic surgical devices from hospitals is likely to boost the robotic surgery devices market during the forecast period. ASCs are the fastest-growing segment vis-a-vis hospitals, still widely prevalent only in developed countries such as the US.
Robotic Surgery Devices Market: Geography
The North American region will dominate the market in the coming years due to favorable government frameworks, the high adoption of robotic surgical systems, and the high acceptance of MI procedures among patients. The growing preference for technologically advanced robotic surgery devices, the high penetration of robotic surgeries, and the presence of a large pool of skilled surgeons performing robotic surgeries are boosting the robotic surgery devices market in North America. Europe is the second largest market for robotic surgical devices. The region is expected to witness an incremental growth more than $800 million during the forecast period, which is higher than combined incremental growths of APAC, Latin America, and MEA. Germany, France, the UK, Spain, and Italy are the major revenue contributors in Europe. Japan, China, Australia, South Korea, and India are the major revenue contributors to the market in APAC. The market in Brazil is growing at a significant rate due to the increasing elderly population, changing medical device industry dynamics, and growing private and government healthcare expenditure. The robotic surgery devices market in MEA is growing at a slower rate than all other regions. However, the region is experiencing positive growth due to an increase in healthcare spending, growing awareness about healthcare treatments, and a large middle-class population with high spending power.
Key Vendor Analysis
The global robotic surgery devices market is highly consolidated with major players accounting for a significant share in the market. Global vendors are dominating the market, however, there are significant growth opportunities for new entrants as well. Global vendors are focusing on implementing various strategies such as new product launches, acquisitions, and increased R&D investment to enhance their market share and presence in the market.
- Intuitive Surgical
- Globus Medical
Other Prominent Vendors
- Auris Health
- Corindus Vascular Robotics
- CMR Surgical
- Smith & Nephew
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