Robotic Surgical Procedures Market 2019 Global Industry Share, Size, Revenue, Latest Trends, Business Boosting Strategies, CAGR Status, Growth Opportunities and Forecast 2026
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Gynaecology Emerges as Most Preferred Area in Robotic Surgical Procedures
The gynaecology segment is likely to gain significant momentum and lead the global market over the forecast years. Fortune Business Insights reports that this segment covered a share of 28.7% and is expected to account for the highest share in the market by 2025. The report observed that this segment is leading on account of an extensive use of robotic-assisted surgical procedures in the healthcare sector. Besides gynaecology, the orthopaedics segment is also projected to grow at a higher CAGR in the forecast years. This is ascribable to the rising number of product innovations in orthopaedics area. Presently, the number of orthopaedic surgeries conducted via robotic surgical machines is very low. With the rising incidence of bone injuries, the number is expected to increase in the coming years.
Asia Pacific to Upscale its Operations with Majority of the Revenue Generated from China and India
North America is anticipated to remain dominant till 2025 in the global robotic surgical procedure market. The market in this region was worth US$ 3070.7 Mn in the year 2017 and it is likely to grow with the increasing adoption of robotic surgical instruments and systems. The penetration of robotics is higher in the countries of North America than other regions. This is likely to create growth opportunities for the market in the forthcoming years. The market in Asia Pacific is also expected to grow with the increasing adoption of robotic surgical systems especially in China and India.
The region’s growth is also attributable to increasing western partnerships so as to enhance healthcare facilities. In addition to this, governments are expected to collaborate with regional institutions to develop surgical robots.
Increasing Need for Automation in Healthcare to Influence Overall Growth
“The healthcare industry is transforming with the introduction of technological developments such as 3D imaging sensors, microscopic cameras, and robotic surgical instruments,” says a lead analyst at Fortune Business Insights. “This is further expected to enhance surgical outcomes and drive the market over the next few years,” he added. Automation is emerging in healthcare industry as it reduces the requirement for human work and optimizes clinical outcomes. It is further expected to improve operational efficiency and reduce cost, thus boosting the market. The introduction of new and economical surgical robots in developed and developing countries stimulate growth in the market. Hospitals across the world are likely to adopt robotic surgical equipment in the coming years, which in turn, may offer tailwinds to the market.
Mounting Costs of Robotic Surgeries May Impede the Growth
Some countries are not able to afford the high costs associate with robotic surgical procedures. The high cost involved in robotic systems may therefore restrict the market’s growth. In addition to this, increasing cases of mortality while conducting robotic surgeries pose a serious threat to the market in the coming years. Be it as it may, some of the developing economies such as China, India, and Brazil are expected to create impressive growth opportunities in the market by 2025.
Intuitive Surgical Inc. Emerges Dominant at a Global Scale
The robotic surgical procedures market is likely to be dominated by Intuitive Surgical Inc. as per revenue. In 2017, the company was leading with more than half of the share in the global market. This is primarily on account of high installed base in countries such as the U.S. and some countries in Europe. Furthermore, the company’s Da Vinci family of robotic surgical systems is continuously receiving approvals regarding new areas of application. Another leading company in the market is Stryker owing to its acquisition of another company called MAKO Surgical Corp. in the year 2013. Some of the other leading companies operating in the global market include Medtronic, Zimmer Biomet, Accuray Incorporated, Smith & Nephew, CMR Surgical Ltd., Verb Surgical Inc., and Avatera Medical GmbH.
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