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The global robotic surgical procedures market size is projected to reach USD 19.03 billion by 2027 owing to the increasing applications of advanced robotic equipment in the healthcare industry globally, observes Fortune Business Insights™ in its report, titled, “Robotic Surgical Procedures Market Size, Share & COVID-19 Impact Analysis, By Application (General Surgery, Gynecology, Urology, Orthopedics, and Others), Regional Forecast, 2020-2027.” As per the analysis, the market value for these procedures stood at USD 5.32 billion in 2019 and is expected to register a CAGR of 21.8% from 2020 to 2027.
Stryker Announces the Acquisition of Mobius Imaging, LLC and GYS Tech, LLC
In October 2019, Stryker announced the acquisition of Mobius Imaging, LLC and GYS Tech, LLC, Stryker’s sister company. This acquisition will help the company expand its expertise in the field of robotic surgical procedures. Under the acquisition agreement, both the acquired companies are expected to bring expertise to the advanced imaging and robotics technology owned by Stryker. In addition, these companies will also help Stryker to build a robust product line, which will help it to expand its presence in new fields including orthopedics, spine, and neurotechnology.
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Increasing Applications of Robotic Surgeries to Drive Growth
Due to factors including favorable reimbursement policies and increasing awareness among healthcare professionals and patients for minimally invasive surgeries, the demand for robotic type of surgical procedures is surging on a global scale. This is anticipated to drive the robotic surgical procedures market growth. For instance, according to the National Center for Biotechnology Information (NCBI), the use of robotic surgery for general procedures increased from 1.8% in 2012 to 15.1% in 2018. However, the maintenance cost of robot-assisted surgical procedures is higher as compared to that of traditional procedures, which is predicted to limit their growth.
Developing Cutting-edge Equipment to Aid Key Players Upgrade Their Product Lines
The global robotic surgical procedures market comprises various prominent enterprises that are constantly focusing on developing innovative surgical equipment in order to upgrade their portfolios. For instance, in June 2018, Intuitive Surgical announced the approval of its Da Vinci SP system for urology. This approval allowed surgeons to perform a single-port approach in procedures requiring narrow access.
A List of Key Manufacturers Operating in the Global Market:
Further Report Findings:
Table of Segmentation
Value (USD billion)