Microsurgery Robot Market Size By Product (Ophthalmology Surgery, Cardiovascular Surgery, Neurovascular Surgery, Gastrointestinal Surgery, Obstetrics and Gynecology Surgery, Urology Surgery, Oncology Surgery, ENT Surgery, Reconstructive Surgery, Micro Anastomosis, Ureterorenoscopy), By End-Use (Hospitals and Clinics, Ambulatory Surgical Centers, Research Institutes), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, South Korea, Indonesia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Egypt, Nigeria), Application Potential, Competitive Market Share & Forecast, 2018 - 2024
Microsurgery Robot Market will exceed USD 1.7 billion by 2024; as per a new research report.
Increasing demand for microsurgery robots will lead to business growth during the projected timeframe. High demand is attributable to technological advances in microsurgery robots. Better patient management due to automation and employment of cutting-edge microsurgical robots will propel microsurgery robot market growth. For instance, computer aided design and manufacturing (CAM/CAD) system generate precise patient representation and images that guide surgeon during the procedure and improve patient outcome. This will positively impact demand for microsurgery robots, thereby driving industry growth during the forecast period.
Increasing R&D expenditure and government funding for development of innovative microsurgery robots will favor business growth. For instance, in 2015, Welsh government provided £ 312 thousand for setting up microsurgical procedures for lymphatic venous anastomosis (LVA) in London. This procedure reduced chances of cellulitis, thereby providing symptomatic relief to the patients. Aforementioned government funding for development of advanced microsurgery robot and its extensive applications will spur industry growth throughout the forecast timeline.
Oncology segment will show fastest growth rate of 15.7% during the projected timeframe, owing to high prevalence of cancer. According to World Health Organization (WHO), by 2020, approximately 16 million new cancer cases will be diagnosed annually. Use of microsurgical robot for management of cancer offers enhanced view and requires smaller incisions. This increases its adoption rate among surgeons. Wide application of robotic-assisted microsurgery in cancer is major factor for its segmental growth in the future.
Hospitals and clinics segment accounted for largest market share of USD 346.4 million in 2017. Growth is attributed to increased number of individuals seeking robot-assisted microsurgical procedures in hospitals. Growing patient pool coupled with introduction of cutting-edge microsurgical procedures will render positive impact on business growth during the forecast timeframe.
U.S. microsurgery robot market accounted for USD 355.1 million in 2017, owing to increasing incidence of cardiovascular, neurovascular, oncology and other chronic diseases. Increasing prevalence of chronic disease will favor industry growth in the region. Favorable healthcare and reimbursement policies coupled with adoption of technologically advanced microsurgery robots will promote revenue generation in the future.
Germany microsurgery robot market will witness momentous growth rate of 15.3% during the projected timeframe. High growth rate is credited to initiatives taken by the European Union for promoting usage of advanced technologies including robot-assisted microsurgery for healthcare purposes. For instance, European Association of Urology launched Robotic Urology Section. This will lead to high adoption rate of microsurgery robots in urology, thereby favoring business growth throughout the forecast timeline.
Prominent industries involved in microsurgery robot market are Auris Health, Intuitive Surgical, Mazor Robotics, Medrobotics, Medtronic, Smith & Nephew, Stryker, Titan medical, Transenterix and Zimmer Biomet. These prominent business players are focusing on strategic mergers, acquisitions and new product launch to strengthen market position. For instance, in April 2016, Auris Health acquired Hansen Medical, a leading company involved in development of intravascular robotics. This acquisition will enable the Auris Health to expand its product portfolio for long-term growth in future, thereby strengthening its market presence.