Robot-Assisted Surgical Systems Market Overview
The global robot-assisted surgical systems market is growing by leaps and bounds. The market growth attributes to the growing trend of using medical robotics systems. Besides, rising technological advances in the field of HD surgical microscopic cameras, 3D-Imaging, motion sensors, data recorders & data analytics, robotic catheter control system (CCS), and remote navigation boost the market growth. Moreover, the increasing adoption of robot-assisted surgical systems escalates market growth.
According to Market Research Future (MRFR), the global robot-assisted surgical systems market is poised to garner exponential gains by 2023, growing at approximately 10% CAGR during the estimated period (2018 – 2023). Additionally, increasing demand for accurate laparoscopic surgeries, increasing the need for surgical procedures in geriatric populations, and rising cases of trauma injuries are expected to drive the growth of the market.
Integration of Augmented Reality (AR) and Artificial Intelligence (AI) technologies with robot-assisted surgical systems have proven to be reaching par excellence in making cost-effective healthcare available. Simultaneously, AR & AI technologies enable streamlining operating theatres, advancing surgical procedures without any human error, while saving a lot of time for healthcare providers.
Other predominant factors propelling market growth include the growing prevalence of chronic diseases and increasing accident cases that create the need for surgeries. Moreover, increasing R&D investments are enabling the market to create a larger revenue pocket. Furthermore, advantages that robot-assisted surgical systems offer in remotely performed surgeries through telesurgery and in emergencies, by merely operating a robot and imaging devices, act as a key growth driver for the market.
However, factors such as the high cost associated with robotic surgeries and robot-assisted surgical systems are projected to restrict market growth. Also, since the industry is still in its embryonic stage, it demands more advanced equipment and facilities, which involves substantial investments. Nevertheless, these issues would get eliminated as the technology advances further.
Robot-Assisted Surgical Systems Market – Segments
The report is segmented into three dynamics;
By Product: Surgical Robots, Neurosurgical Robotic Systems, Laparoscopy Robotic Systems, Rehabilitation Robots, Noninvasive Radiosurgery Robots, Hospital and Pharmacy Robots, and others.
By Application: Neurology, Orthopedics robotic systems, Laparoscopy, Special Education, and others.
By End User: Healthcare Providers, Healthcare Payers, and others.
By Region: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Robot-Assisted Surgical Systems Market –Geographical Analysis
North America dominates the global robot-assisted surgical systems market. The largest market share attributes to the presence of many notable industry players and well-established healthcare infrastructure in the region. Besides, factors such as the increasing adoption of robotic surgical systems across the healthcare settings in the region boost market growth. Moreover, augmenting demand for well-developed healthcare infrastructures equipped with advanced robot-assisted surgical systems and high healthcare expenditure drive the growth of the regional market.
Europe stands second in the global robot-assisted surgical systems market. The market is largely driven by the increasing healthcare expenditure and availability of advanced treatment facilities. Additionally, increasing R&D funding and government initiatives for the development of advanced robot-assisted laparoscopic procedures and the quality of treatment of existing and new medical indications foster the growth of the market. The European robot-assisted surgical systems market is estimated to register a phenomenal CAGR during the forecast period.
The robot-assisted surgical systems market is brisk in the Asia Pacific region. The region is seeing a surge in demand for advanced surgical techniques. Moreover, factors such as the faster adoption of advanced healthcare technologies, government initiatives to increase the quality of care, favorable insurance, and reimbursement policies boost the regional market growth.
Robot-Assisted Surgical Systems Market – Competitive Analysis
Highly competitive, the robot-assisted surgical systems market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch. Significant investments are transpired in the field to bring innovations in the therapy and clinical trials.
Hospitals are investing heavily in developing a comprehensive, efficient and state-of-the-art surgical systems facility. With advanced surgical systems, these hospitals ensure that the patient has access to improved care at every stage of the treatment journey.
Robot-Assisted Surgical Systems Market Major Players:
Players leading the global robot-assisted surgical systems market include Renishaw Plc, Stryker Corporation (MAKO Surgical Corp.), Varian, Intuitive Surgical Inc, Accuray, Health robotics SRL, Auris Surgical Robotics, Inc., Smith & Nephew Plc., KUKA AG, Medtronic plc, Mazor Robotics, THINK Surgical Inc., Transenterix, Zimmer Biomet Holdings Inc., Verb Surgical, Microbot Medical, and Titan Medical, among others.
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Robot-Assisted Surgical Systems Industry/ Innovation/ Related News
June 04, 2020 —- Titan Medical Inc. (Canada), a developer of robotic surgical systems, announced entering into an agreement with an Irish medical device company Medtronic plc. for the development of robot-assisted surgical technologies. Titan Medical Inc. is developing a 3-armed robotic surgical system to permit surgeons to manipulate surgical instruments remotely. The license agreement for the development of technologies is accompanied by a separate license agreement with Medtronic in respect of certain intellectual property of Titan Medical.