The Surgical Robotics Market Growth Analysis By focusing on Top Companies like Smith & Nephew, Auris Surgical Robotics, Intuitive Surgical, Stryker Corporation, Mazor Robotics, Renishaw, Medtronic & Zimmer Biomet Holdings
The global surgical robotics market was valued at $56,294.9 million in 2017, and is expected to reach $98,737.0 million by 2024 at a CAGR of 8.5% during the forecast period.
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Surgical robotic system is a technologically advanced surgical solution, used mainly during complicated surgical procedures. The surgical robotic system includes surgeons console, surgical arms and monitoring systems & software. The surgical robotic system market is gaining prominence in the recent years owing to rapid technological advancements, increasing investments in research and development and its extensive application in critical surgeries such as cardiac, orthopedic and neurosurgery. Further, wide scope of applications in different surgeries, increasing demands for advanced medical facilities and rising incidence of diseases such as cancer and musculoskeletal ailments & injuries, majorly supplement the growth of surgical robotics market. On the contrary, high costs of surgical robotic procedures, lack of awareness and inadequate presence of expertise professionals are major factors impeding the market growth.
The global surgical robotics market is segmented into component, surgery type and region. Based on component, the market is segmented into systems, accessories, and services. The surgical robotics market based on surgery type is segmented into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery and others. Regionally the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In terms of revenue, the accessories in component segment accounted for the highest market share in 2017, owing to rising adoption of surgical robotic systems across Tier-1 hospitals, recurrent sales of accessories for these systems and demand for highly efficient replaceable components. Surgical robotic systems services would emerge as the lucrative segment since it is mandatory for every surgical robotic systems buyer to maintain the systems performance. The services segment would exhibit the fastest growth rate, registering a CAGR of 15.7% during the forecast period.
Based on surgery type, the neurosurgery segment accounted for about one-sixth share of the total market in terms of value as well as volume and is expected to grow at a CAGR of 8.6% and 6.5% respectively during the forecast period. As robotic systems were primarily used for neurosurgeries and later widen its application. The need for precision during neurosurgery has led to an increase in adoption for surgical robotics.
North America dominated the surgical robotics market. The market growth in North America is primarily a reflection of product innovations and launches resulting from technological advancements. The companies mostly adopted product launch, acquisition, and expansion as their key strategies to keep pace with the changing demands of consumers and strengthen their market position.
The key players operating in the global surgical robotics market are
- Smith & Nephew Plc. (Blue Belt Technologies, Inc.),
- Auris Surgical Robotics Inc. (Hansen Medical Inc.),
- Intuitive Surgical, Inc.,
- KUKA AG,
- Stryker Corporation (MAKO Surgical Corp.),
- Mazor Robotics,
- Renishaw plc.,
- THINK Surgical, Inc., and
- Zimmer Biomet Holdings Inc.
Other players operating in the value chain are Transenterix, Verb Surgical, Titan Medical, Microbot Medical, Accuray and Medrobotics.
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Table Of Content
Chapter: 1 INTRODUCTION
1.1 Report description
1.2 Key benefits
1.3 Key market segmentation
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
Chapter: 2 EXECUTIVE SUMMARY
2.1 CXO perspective
2.2 Market beyond what expected by 2025 ($million
2.2.1 Moderate growth scenario
2.2.2 Rapid growth scenario
2.2.3 Diminishing growth scenario
Chapter: 3 SURGICAL ROBOTICS MARKET OVERVIEW
3.1 Surgical robotics market definition and scope
3.2 Key findings
3.2.1 Top investment pockets
3.2.2 Top winning strategies
3.3 Porter five forces analysis
3.3.1 Bargaining power of suppliers
3.3.2 Bargaining power of buyers
3.3.3 Threat of new entrants
3.3.4 Threat of substitute
3.3.5 Industrial rivalry
3.4 Value chain analysis
3.5 Market player positioning
3.6 Government regulations and reimbursement scenario
3.7 Market dynamics and impact analysis
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