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WMR-Western Market Research has recently published a comprehensive and exclusive research report, which is an intelligent study covering all key segments. This research report provides breakthrough inputs and insights on market related factors like size, competition, trends, analysis, forecasts etc. The study encompasses primary and secondary data sources along with quantitative and qualitative practices thus assuring data accuracy.
The surgical robot market is estimated to represent a global market of USD 4.98 billion by 2017 with growth rate of 16.8%.
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Robotic systems have been giving helping hands to the surgeons. As per the various research studies, there were more than 4,000 surgical robotic systems scattered across the worlds hospitals and helped surgeons in more than 750,000 operations of uterus, kidney, heart and prostate glands. The global industry for surgical robotics is primarily driven by the growing demand for errorless healthcare services. Surgical robots in healthcare industry offers minimally invasive surgical interventions, less errors in prescriptions, and saves time by multitasking and by reducing human endeavor. In addition, increasing number of organizations are engaged in spreading awareness regarding the benefits of robotic surgeries.
For instance, the Robotic Assisted Microsurgical & Endoscopic Society (RAMSES) is actively involved in development of robotic-assisted microsurgical tools for enhanced patient and surgical outcomes. Other factors such as growing demand for minimally invasive surgeries, increasing number of robotics-certified physicians, and improving healthcare infrastructure in developing regions augment the industry growth to great extent. However, high cost is posing a potential threat for the growth of this industry. Hospitals, companies, and laboratories have to spend very much on robotic system and its disposables as the cost ranges from USD 1 million to USD 2 million. For example, da Vincis minimally invasive surgery (which was approved by the U.S. FDA in 2000) cost around USD 2 million. Such high cost would in turn pull back the industry revenue generation, restraining the growth.
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The product segment is categorized as Robot Systems, Instrument & Accessories and Services. Robotic system accounted for the largest share of the overall market, captured 46.8% share in 2017. This robotic system contributes over 80% share of the cost of complete robotic setup which is considered to be the prime reason for this segment holding substantial share compared to other.
CyberKnife, da Vinci surgical systems, MAKO, and other are different surgical robotic bands studied under the research scope. Among which, da Vinci surgical systems brand captured the highest share and is projected to dominate the global market over the study period. On other side, MAKO robotic arm assisted surgery by Stryker recorded the lowest revenue in 2017. This surgical system helps surgeons with personalized surgical experience in joint replacement surgeries such as total hip, partial knee, and total knee applications. As per the companys data, more than 125,000 Mako procedures were performed globally, including 16,000 Mako total knee replacement procedures.
In terms of application, the market is divided as Gynaecology, Orthopaedic, Urology, Neurosurgery, Cardiovascular, Transplant and others. Gynaecology application recorded the highest revenue in 2017 and is likely to dominate the global market over the study period. In 2017, this segment is projected to capture more than 30% share of the overall industry revenue. On other side, neurosurgery appears to be growing at a strong growth rate owing to the rising number of spinal operations performed globally. As per the National Spinal Cord Injury Association Resource Centre, around 4.83 million spinal cord operations performed every year across the globe. In 2015, about 78 million people suffer from the chronic back pain which shows potential for the more number of robotic surgery during the future period.
Regionally, North America captured the highest share of the total market. In 2017, this region has captured almost 62% share of the overall industry. High growth of this regions is majorly attributed to the favourable government initiatives, availability of various reimbursement schemes and increasing purchasing power of people. On other hand, regions such as Asia Pacific and Latin America is projected to grow with decent growth rate over the forecast period. Huge population base coupled with rising incidences of chronic diseases has helped these regions to grow with significant growth rate in future.
Key Vendor Takeaway
Companies namely Accuray, Stryker Corporation, TransEnterix, Intuitive, and Hocoma are profiled extensively. Among which, Intuitive Surgical emerged as the market leader owing to its advanced technology based surgical robotic portfolio. In the U.S., this company has achieved market saturation in colorectal surgery and has shipped more than 492 da Vinci surgical systems in 2015. Additionally, Stryker and Hocoma accounted for the significant share of the global industry.
A number of companies in the surgical robotics industry are preparing to inject new investments to develop innovative and cost-effective products. For instance, in October 2017, TransEnterix Surgical, Inc. received U.S. FDA approval for the new robotically-assisted surgical device (RASD) named as Senhance Surgical Robotic System for laparoscopic, gynecological and colorectal procedures. This system facilitates minimally invasive surgeries with 3D high definition view, advanced eye sensing camera control and backward and forward head movement for zooming purpose. In addition, this system is featured with the haptic force feedback technology that allows the surgeon to effectively feel the tissue stiffness.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year-2014 & 2016
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Instrument & Accessories
MARKET, BY BRAND
da Vinci surgical systems
MARKET, BY APPLICATION
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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