Surgical Robot Market Size Worth $19.9 Billion By 2025 | CAGR: 16.8%
Published Date : 01 / 06 / 18 | Report Format: PDF
The global surgical robot market is expected to grow at growth rate of 16.8% to reach USD 19.9 billion by 2025.
Robotic systems have been considered to be a revolutionary step in improving medical procedures. Due to this fact, this system widely accepted in various surgical interventions. As per the various research studies, there were more than 4,000 surgical robotic systems scattered across the world’s hospitals and helped surgeons in more than 750,000 operations of uterus, kidney, heart and prostate glands. Advancement in technologies coupled with growing demand for errorless healthcare services plays an important role in driving the growth of surgical robots in medical applications. Additionally, it’s associated benefits such as it offers minimally invasive surgical interventions, less errors in prescriptions, and saves time by multitasking and by reducing human endeavor support the market growth to great extent. In addition, increasing number of organizations are engaged in spreading awareness regarding the benefits of robotic surgeries which would in turn provide strong platform for industry growth. However, high cost is considered to be a major roadblock for the growth of this market.
- Robotic system recorded the highest revenue (i.e. 46.8% share in 2017) as this system contribute over 80% share of the cost of complete robotic setup
- Among the different surgical robotic brands, da Vinci surgical system captured the highest share and is likely to continue its dominance over the forecast period
- Gynecology application accounted for the highest revenue in 2017 with more than 30% share of the overall market revenue
- Geographically, North America captured the highest share (over 62%) throughout the study period owing to the availability of various reimbursement schemes, favorable government initiatives and increasing purchasing power of people
- Key players such as Stryker Corporation, Accuracy, TransEnterix, Intuitive, and Hocoma are profiled in detail. The industry’s performance over the past few years has been highly volatile.
- Companies are partnering with small-scale player to expand their geographic presence or to increase product offering. For instance, Similarly, Medtronic, a medical device company, in May 2016, partnered with Israeli startup Mazor Robotics that develops Renaissance surgical robotic systems for minimally-invasive spine surgery. Through this partnership, Medtronic intend to enter into the competitive surgical robotic industry.
- Similarly, in December 2015, Verily Life Sciences collaborated with Johnson & Johnson to develop new surgical solutions platform. This engagement is aimed to introduce leading-edge robotic capabilities incorporating best-in-class medical technology.
- Likewise, in September 2015, Blue Belt Technologies announced commercial support for Smith & Nephew’s ZUK Unicompartmental Knee on Blue Belt’s Navio Surgical System. This collaboration is aimed to provide affordable advanced surgical solution in orthopedic care application to customers.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
- Robot Systems
- Instrument & Accessories
MARKET, BY BRAND
- da Vinci surgical systems
MARKET, BY APPLICATION
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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