Global Medical Robotic System Market - Segmented by Type, Application, and Geography- Growth, Trends, and Forecast (2018 - 2023)
A medical robotic system ensures precision and is used for remotely controlled, minimally-invasive procedures. The current systems comprise of computer-controlled electromechanical devices that work in response to controls manipulated by the surgeons. Performing operative procedures with the assistance of robotic technology is referred to as medical robotic systems. The global medical robotic system market is expected to register a CAGR of 20.5% during the forecast period of 2018-2023.
Increasing Incidence of Orthopedic and Cardiac Surgeries
Cardiovascular diseases have been the leading cause of death, accounting for nearly 17.3 million deaths per year, and the number is estimated to cross 23.6 million by 2030. The increasing incidence of cardiac diseases worldwide has created the demand for the robot-assisted surgery, making it a cutting-edge procedure. These procedures are used in medical centers across North America and Europe, for robot-assisted multi-vessel hybrid coronary bypass surgeries or revascularization procedures. Robot-assisted surgical procedures have been used for several cardio-thoracic open surgeries. Owing to their minimally-invasive and precision-offering nature, they are preferred as specific surgical options by both cardiothoracic surgeons and patients. The robot-assisted surgeries are also widely used for arrhythmia, pericardial, and lead placement procedures.
Technological advancements and demands for telemedicine are some of the other factors contributing to the growth of the market studied.
High Initial Installation Cost and Maintenance of Systems
The high cost of installation and maintenance is a major barrier for the medical robotics market. The cost of medical robotic products, such as robotic surgical systems, ranges from USD 1 million to USD 2.5 million per unit. Another factor is the device adaptation time - a surgeon needs to perform a minimum of 150 surgical procedures to completely get used to the adaption of these devices. The use of robotic systems also requires more operating time than the other alternatives available in the market. The users need to spend significant amount of money on maintaining these devices, as they mostly demand the use of additional consumables.
Additionally, stringent regulatory framework and safety concerns because of errors during the procedure are also restraining the growth of the medical robotic system market.
The United States to Account for the Largest Share
The global medical robotic system market has been segmented by type, application, and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Owing to its wide range of applications, the robotic surgery market is registering rapid growth in the United States. According to the FDA, there were around 1.7 million procedures completed using robotic surgeries during 2007-2013. This figure grew rapidly by 2017, and is expected to grow further during the forecast period, recording a robust CAGR. Gynecology and urology accounted for the majority of robotic surgical procedures performed in the United States.
Key Developments in the Market