Global Surgical Robots Market - Segmented by Component (Surgical System, Accessory, and Service), Area of Surgery (Gynecological, Cardiovascular, Neurosurgery, Laparoscopy, and Urology), and Region - Growth, Trends, and Forecasts (2018 - 2023)
In 2017, the global surgical robots market was valued at USD 3556.9 million and is expected to reach a value of USD 10,973.2 million by 2023, registering a CAGR of 21.9% during 2018-2023 (the forecast period).
The factors, such as rising need for automation in the healthcare sector, increasing incidences of chronic diseases, growing geriatric population, the complexity of surgical procedures, and the growing demand for non-invasive surgeries with more precision and flexibility, are driving the market growth. Robot-assisted surgery has witnessed a widespread adoption since the introduction of da Vinci surgical system by Intuitive Surgical Inc. After the system got FDA approval in 2000, da Vinci surgical system became the most widely-used surgical robot in the United States and Europe. Also, it has been helping in the reduction of the duration of hospital stays and rates of infection.
High Initial Costs Stand as a Major Challenge
Likewise most of the advanced medical robots in the market, surgical robots need high capital and careful installation. After installation, there could be a minimal deviation in precision of certain biomedical sensors of the equipment. This fact highlights a need for regular maintenance and calibration of the equipment. High costs, associated with equipment and maintenance, force many hospital establishments to pass on these costs to the medical bills of patients; hence, this is the major reason why in some cases the robotic surgeries are more expensive than the traditional operations.
The surgical robots need trained doctors to operate the equipment. Adjusting to artificial haptic feedback and hand-eye coordination could be mastered only through hours of practice. Even the most complex and precise equipment, like da Vinci surgical system, is prone to many adverse reports and side effects. Just under a decade after the commissioning of da Vinci, there were more than 112 adverse reports claimed on the machine. It was also said to cause serious side effects, such as-
- Inflammation of abdominal lining
- Burns, tears, and punctures of tissues
- Excessive bleeding
- Severe intestinal injury, etc.
It is sometimes even complained that the insulation of the machine could raise to a temperature where it could burn the tissue of a patient. With the advent of technology and better models in the market, these factors are expected to vanish from the list of drawbacks.
Robot-Assisted Laparoscopy is being adapted at a Faster Pace
The introduction of advanced robot-assisted laparoscopic procedures had enhanced the precision and quality of treatment of existing and new medical indications. Although laparoscopic devices and associated methods are expensive, the method is cost-effective in the long run, as it reduces the duration of hospital stays and minimizes hospital-acquired infections. Surgeons prefer laparoscopy for open surgeries because of reduced blood loss, minimal scarring, shorter hospital stays, and rapid recovery times.
Across the globe, medical facilities perform more than six million laparoscopic surgeries every year. Laparoscopy is fast becoming a standard method, as surgeons around the world are using the technique, along with micro-laparoscopic methods. These methods are being used to increase the efficiency and success rate of various surgical procedures, including cholecystectomies, appendectomies, and hernia repairs.
Asia-Pacific on the Fast Track
Asia-Pacific is poised to record the highest growth rate in the world, owing to the growing demand in countries, such as India, China, and Japan. With the growth of the overall robotics market in the region headed by technology giants, like Japan and China, availability of medical robots has also increased. In 2017, a robot performed the world’s first automated dental implant in China. The success of this procedure has raised hopes that, this technology can avoid problems caused by human error, and help overcome the shortage of qualified dentists in the country. Also, it is expected to increase the demand for robotic dental surgery amongst the wealthy population of China.
Key Developments in the Market
- April 2017 - Intuitive Surgical received a CE marking in Europe, for its latest da Vinci X system. The company’s major aim of modelling this system was to make use of the most advanced robot-assisted surgery technologies at a lower cost. This factor is expected to increase the market for Intuitive’s surgical robots in the European countries.
- August 2017 - Journal of Healthcare Engineering publishes the emergence of a latest technology, augmented reality, in robotic surgery. The development of augmented reality devices allow doctors to incorporate data visualization into diagnostic and treatment procedures, and further improve work efficiency, safety, and cost. In addition, this technology can play a key role in enhancing surgical training activities for new operators and doctors.
Major Players - Intutive Surgical Inc., Stryker Corporation, Verb Surgical Inc., Mda Corporation, Renishaw, Sri International Inc., Accuray Inc., Think Surgical Inc., Hansen Medical Inc., Mazor Robotics Ltd And Smith & Nephew among others.
Reasons to Purchase the Report
- Analyze how high initial costs are hindering the growth of the global market
- Analyze various market perspectives, with the help of Porter’s five forces analysis
- The regions expected to witness the fastest growth rates during the forecast period
- Identify the latest developments, market shares, and strategies that are employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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