Surgical Robots Market 2020 Segments Analysis: Intuitive Surgical, Accuray Incorporated, Stryker, MEDTRONIC, Smith & Nephew
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Some of the major players operating in the global surgical robots market are
Smith & Nephew,
THINK Surgical, Inc.,
TransEnterix Surgical, Inc.,
Verb Surgical Inc.,
Auris Health, Inc.,
Virtual Incision Corporation,
Restoration Robotics, Inc. and others.
RISING AGEING POPULATION:
With increasing age, the patient pool for chronic disease is rising. Older populations are more prone to diseases such as diabetes, allergies, arthritis, cardiovascular diseases, infections, gastrointestinal and other problems.
According to the U.S. census the number of people aged 65 and older in the United States on July 1, 2015 were 47.8 million.
In 2017, as per the United Nation (World Population Prospects), the number of people ageing 60 or above in the world was about 962 million, which were around 13% of the total population across the globe. This is increasing at a rate of around 3% per year.
In 2017, according to United Nations, 25% of the European population was 60 or over. It is estimated that the rapid ageing would occur in other parts of the world too, so by 2050, except for Africa, all other regions of the world will nearly have a quarter or more of their populations in the aging age group.
There are various health issues which are affected by the senior citizens such as osteoporosis, Alzheimer’s disease, osteoarthritis, diabetes, cardiovascular diseases among other diseases which are rising in the demand of surgeries. The demand for surgeries is growing but the number of doctors is decreasing, in such situation the surgical robots can be very helpful as they would help in reducing the time span of surgeries. Hence, the ageing population is expected to drive the market for the surgical robots.
RISING CASE OF ACUTE AND CHRONIC DISEASES:
The prevalence of diseases and conditions such as cardiovascular diseases, diabetes, Alzheimer’s disease, Parkinson’s disease, cancer and many others over the period of time.
According to American Cancer Society, in 2016, it is estimated that in the U.S. around 1,685,210 new cases of cancer will be diagnosed and approximately 595,690 people will die due to this disease.
According to the World Health Organization estimates, released in December 2016, there were 383000 deaths due to asthma in 2015.
According to National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), stated that in America, each year 6 in 10 adults have a chronic disease whereas 4 in 10 adults have two or more chronic diseases in the U.S.
According to Centers for Disease Control and Prevention (CDC), stated that in the U.S., each year about 610,000 people die due to heart diseases.
According to Centers for Disease Control and Prevention (CDC), stated that in America, each year about 735,000 people have a heart attack
With the increasing prevalence of chronic diseases the demand for the development and innovation of drugs and devices are increasing. This growing demand has provided an opportunity for the pharmaceutical companies to focus on introducing various products in the market in order to meet the rising demand for targeted drug delivery systems.
For instance, in 2016, Intuitive Surgical and Fosun Pharma agreed to establish a joint venture for the researching, developing, manufacturing and selling the robotic assisted catheter-based medical devices. This would help in producing the products which help in targeting the early diagnosis and cost-effective treatment of the lung cancer.
Robotics and the autonomous systems are being hailed as the fourth industrial revolution. Its impact will be felt more widely than either the computer or communications revolutions that preceded it. The exploitation of robotic technology in the healthcare setting has a great deal of potential and is an exciting area of development. Regulatory authorities are actively involved in various stages of robots development.
Two of the most important pieces of legislation in this area are:
Council Directive 93/42/EEC concerning medical devices amended by Directive 2007/47/EC) (“Medical Device Directive”)
Council Directive 90/385/EEC on the approximation of the laws of the Member states relating to active implantable medical devices (“AIMDD”)
Surgical robots fall under the regulation of the medical device directive. The FDA classifies medical devices into three categories – Class I, Class II and Class III- based on the risks associated with the device. Hence, too many rules and regulations by the government restrains the market growth.
HIGH COST OF THE EQUIPMENT AND SURGERY:
Surgical robots are the new technology that holds significant promise. One of the main factors which are restraining the growth of the market is the high cost of the equipment and the high cost of surgery involved.
For instance, robotic surgery involves a huge amount of USD 1 million to USD 2 million and ongoing annual maintenance costs of approximately of USD 250,000.
The cost of da Vinci system is very huge and expensive. The system costs more than USD 1.5 Million per unit.
The U.S. list price of CyberKnife system is around USD 4.2 Million to USD 5.75 Million based on the system configuration and the options which are purchased by the customers.
Thus, the high cost of the equipment’s and the high cost of the surgery are restraining the market to grow.
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MERGERS AND ACQUISITIONS TO EXPAND BUSINESS:
Companies dealing in surgical robots have been leveraging mergers and acquisitions, internal R&D and new partnership to expand their business in other regions, especially in promising emerging market also to increase their surgical robots market size and to grab the opportunity of surgical robots in market.
In July 2016, Zimmer Biomet (U.S.) acquired Medtech SA (France) for an estimated USD 132 million and joined the surgical robotics market. This would help the company to allow Medtech’s minimally invasive surgical robots for reaching a greater number of patients who are suffering from the spine and neurological disorders across the globe.
In April 2016, Auris Health, Inc. (U.S.) and Hansen Medical, Inc. (U.S.)signed a definitive merger agreement under which Auris has acquired Hansen Medical for USD 4.00 per share in cash or a total equity value of approximately USD 80 million.
Mergers and acquisitions will lead to expansion of business as these mergers and acquisitions will create an opportunistic scenario for surgical robotics market leading to new product development.
Intuitive Surgical is the leader in the robotics surgery space. The Da Vinci Surgical Systems developed by Intuitive Surgical was launched in 1999 that have been used in more than 3 million procedures till date around the world. Recently, Toronto based Titan Medical, unveiled recently its SPORT (Single Port Orifice Robotic Technology) surgical robot, which is similar to the Da Vinci system.
Other players also in the market include Auris surgical robotics, Cambridge, Vecna technologies, Sofar and Health robotics, Mazor Robotics, Cambridge Medical Robotics and Swisslog holds a very good position both in international market and domestic market but due to the rise in demand of innovative technology in the market.
Global surgical robots market is segmented into three notable segments which are product type, brands and application.
On the basis of product type, the market is segmented into robotic systems, instruments, accessories and services. In 2019, instruments segment is projected to lead with 59.3% shares and is growing with the highest CAGR of 15.1% in the forecast period of 2019 to 2026.
On the basis of brands, the market is segmented into Da Vinci surgical system, Renaissance, Cyberknife, Artas, ROSA and others. In 2019, Da Vinci surgical system segment is projected to lead with 79.6% shares and is growing with the highest CAGR of 15.2% in the forecast period of 2019 to 2026.
On the basis of application, the market is segmented into general surgery, urological, gynaecological, gastrointestinal, radiotherapy, radical prostatectomy, cardiothoracic surgery, colorectal surgery and others. In 2019, general surgery segment is projected to lead with 31.2% shares and is growing with the highest CAGR of 17.3% in the forecast period of 2019 to 2026.
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