Press release
Growth Dynamics on Microsurgery Robot Market 2019| Key Players: Titan Medical Inc, Stryker, Medtronic, Auris Health, TransEnterix, Inc
Microsurgery Robot Market
Increasing number of government and private funding aimed at development of advanced robotic in surgical procedures will potentially spur market growth. As a result, there are numerous surgeries performed in hospitals, clinics and ambulatory surgical centers with robotic assistance. For instance, American Society for Cataract and Refractive Surgery provide research funding for development of surgical robot that can be used for colorectal surgery. High demand for microsurgical robot in healthcare facilities coupled with various funding for advancement of microsurgery robot are set to offer lucrative growth over the forecast timeframe.
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U.S. microsurgery robot market contributed to the largest revenue of USD 355.1 million in North America in 2017. High per-capita and disposable income will enable patients to opt microsurgical robot for various surgical procedures. According to General Surgery News, in 2015, about 140 thousand robotic general surgeries were performed in U.S. Microsurgical robot is widely used in U.S. due to growing demand for minimally invasive surgical procedures. This will foster regional growth in foreseeable years.
India microsurgery robot market is forecasted to grow at a rapid rate of 16.3%, owing to escalating rate of chronic and infectious diseases. Increasing healthcare expenditure, R&D activities and growing per-capita income, leading to introduction of newer technological devices and employment of microsurgery robot will contribute to boost industry growth. Moreover, greater usage of technologically advanced robotic equipment for performing wide-array of surgeries will drive revenue generation in India in coming years.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Stryker
2. Smith & Nephew
3. Zimmer Biomet
4. Medtronic
5. Auris Health, Inc
6. Titan Medical Inc
7. TransEnterix, Inc
8. Mazor Robotics
9. Medrobotics Corporation
Hospitals and clinics segment held largest revenue share of 50.7% in 2017. The segmental growth is attributable to growing burden of chronic diseases on healthcare industry. Multi-speciality hospitals offer advanced therapeutic solutions to patients, thereby improving patient outcomes. Affordability of hospitals to buy technologically advanced robotic systems and increasing adoption of minimally invasive surgical procedures will increase demand for microsurgery robot market in forthcoming period.
Ambulatory surgical centers segment will grow with a remarkable rate of 14.5% during the forecast timeframe. High growth rate is credited to cost-effective treatment options provided by ambulatory surgical centers. Reduction in length of stay in ambulatory surgical centers is major factor propelling segmental growth. As there is high adoption rate of surgical robots in ambulatory surgical centers for providing minimal invasive surgery, segmental growth will be tremendous in the future.
Urology surgery segment dominated in 2017, with segmental revenue of USD 140.9 million owing to huge applicability of robot-assisted surgeries in urology disorders. Congenital abnormalities of reproductive organs can be treated efficiently by using microsurgical robots. Complex procedures such as pyeloplasty can be managed effectively by use of robotic assistance that offers greater precision than laparoscopic pyeloplasty. Employment of microsurgery robot helps reducing recovery time along with prevention of blood loss. These benefits will facilitate accelerating demand for microsurgery robot in urology disorders in forthcoming years, thereby augmenting segmental growth.
Oncology surgery segment will grow at a momentous rate of 15.7% during the forecast timeframe owing to high pervasiveness of cancer. According to World Health Organization, in 2015, more than 24.6 million people worldwide suffered from cancer. Robotic surgery can be employed for treatment of various cancers such as prostate cancer, colorectal cancer, head and neck cancer. Shorter recovery time and low post-operative complication are few of the advantages offered by robotic-assisted cancer treatment. Such factors will favour segmental growth in recent years.
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Some of the prominent players involved in microsurgery robot market are Auris Health, Intuitive Surgical, Mazor Robotics, Medrobotics, Medtronic, Smith & Nephew, Stryker, Titan medical, Transenterix and Zimmer Biomet. These firms are adopting strategies initiatives like mergers and acquisitions, geographical expansion and new product launch to reap benefits in microsurgery robot market. For instance, in May 2018, Intuitive Surgical announced its independent operations in India. This will expand the company’s geographic outreach and attract large customer base in emerging markets for long-term growth in future.
Chapter 1. Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary
Chapter 2. Executive Summary
2.1. Microsurgery robot market industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Application trends
2.1.3. End-use trends
2.1.4. Regional trends
Chapter 3. Microsurgery Robot Market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Increasing demand for surgical procedures worldwide
3.3.1.2. Technological advancements in developed economies
3.3.1.3. Rising incidences of chronic conditions in Asia Pacific
3.3.1.4. Increasing funding for development of microsurgery robots in developed countries
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost associated with robotic systems globally
3.3.2.2. Stringent regulatory scenario in developed countries
3.3.2.3. Dearth of skilled healthcare professionals in developing economies
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Data Tables
TABLE 1. Microsurgery robot industry 3600 synopsis, 2013 – 2024 (USD Million)
TABLE 2. Microsurgery robot market, 2013-2017 (USD Million)
TABLE 3. Microsurgery robot market, 2018-2024 (USD Million)
TABLE 4. Microsurgery robot market, by application, 2013-2017 (USD Million)
TABLE 5. Microsurgery robot market, by application, 2018-2024 (USD Million)
TABLE 6. Microsurgery robot market, by end-use, 2013-2017 (USD Million)
TABLE 7. Microsurgery robot market, by end-use, 2018-2024 (USD Million)
TABLE 8. Microsurgery robot market, by region, 2013-2017 (USD Million)
TABLE 9. Microsurgery robot market, by region, 2018-2024 (USD Million)
TABLE 10. Industry impact forces
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