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Region : Global | Latest Update: Sep, 2019 | Published Date: Jul, 2019 | Report ID: FBI100948| Status : Published
The global surgical robots market size Valued at USD 1,463.0 Million in 2018 and is Projected to Reach USD 6,875.1 Million by 2026, Exhibiting a CAGR of 21.4% between 2018 and 2026
Surgery has evolved from open-surgery to robotic surgery. 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 increased demand and adoption of the minimally invasive surgeries and is one of the key drivers for the growth of the market. The increasing need for automation in healthcare, increasing geriatric population, increasing prevalence of chronic diseases, and highly complex surgical procedures are some of the major factors driving the growth of the global market. The da Vinci surgical system is a surgical robotic system manufactured by Intuitive Surgical Inc., which is one of the well-known and widely used robotic surgical devices in the world.
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Technological Advancements and Development of Procedure-Specific Surgical Robotic System Is Anticipated to Drive the Surgical Robots Market growth During the Forecast Period.
Recently, Intuitive Surgical Inc. received U.S. Food and Drug Administration approval for its Ion system. The robotic endoluminal system is designed to permit doctors to conduct minimally invasive biopsies deep within the lung. The development of procedure-specific robotic system is one of the major factor driving the growth of the market. The increasing preference of minimally invasive robotic-assisted surgery is one of the factors anticipated to drive the growth of the global market. Additionally, the increasing adoption and demand for surgical robots by medical professionals is expected to propel the growth of the global industry during the forecast period. However, the high cost of installation and lack of skilled professional are some of the factors that are likely to restrain the growth of the market.
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Based on the application, the market segments include general surgery, gynecology, urology, orthopedics, and others. On the basis of end user, the global market segments include hospitals, ambulatory surgery centers, and others. Among the application,the gynecology segment in surgical robots market is anticipated to grow at a significant CAGR during the forecast period. Increased adoption and high demand for mininally invasive surgical procedures is one of the major factor propelling the growth of the market. This factor is anticipated to have a higher demand for the surgical robots in the hospital segment during the forecast period.
Increased Research and Development and Use of Surgical Robots for The Treatment of Cancer Is Expected Exhibit Highest CAGR in the Asia Pacific
North America generated maximum surgical robots market revenue of USD 1,045.5 Mn in 2018 and is expected to dominate the global market throughout the forecast period. The American Heart Association, in its publication Heart Disease and Stroke Statistics, 2016, estimated that 98 million American adults are suffering from different types of cardiovascular diseases. The increasing number of cardiovascular disease is anticipated to increase demand for minimally invasive surgeries, subsequently giving rise to demand for the surgical robots systems in the region. The Asia Pacific is anticipated to grow at a significantly higher CAGR during the forecast period. The increased research and development and use of surgical robots for the treatment of cancer and other oncology segment are some of the major factors anticipated to drive the surgical robots market share in the Asia Pacific. Europe is projected to lose surgical robots Industry share during 2019-2026, while Middle East & Africa is projected to gain market share during the forecast period. Latin America is poised to register moderate market growth during 2019-2026.
North America Surgical Robots Market Size, 2018
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Intuitive Surgical Inc. accounted for Highest Market Share in Terms of Revenue in 2018
Intuitive Surgical Inc., is a leading player in the market. Intuitive Surgical Inc. is likely to retain its position during the forecast period owing to its diversified product portfolio and strong distribution network globally. In order to strengthen the market position, robotic surgery companies are focusing the introduction of the procedure specific robotic system. Other players operating in the market are Medtronic, Stryker, Smith & Nephew, Zimmer Biomet.
High investment by market players in the development of the procedure specific surgical robotic system is one of the major factors driving the global surgical robots market growth. Increasing cardiovascular diseases and increased demand for minimally invasive surgeries are also some of the major factors propelling the growth of the global market during the forecast period.
The report on surgical robots provides qualitative and quantitative insights on the surgical robots industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by application and end user. On the basis of product, the market is segmented into general surgery, gynecology, urology, orthopedics, and others. On the basis of the end user, the market is categorized into hospitals, ambulatory surgery centers, and others. Geographically, the global market is segmented into five major regions, which are North America, Europe, Asia Pacific, and Rest of World. The regions are further categorized into countries.
Along with this, the report on surgical robots market analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of key disease, by region; pricing analysis, key players; technology advances in robotic medical systems; key mergers and acquisitions; new product launches; among others.
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· General Surgery
By End User
· Ambulatory Surgery Centers
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Rest of World