Surgical Robotics Market Size, Trends Rising Advancement in Technology & Data Standardization Drive the Growth
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Robotic surgery is a minimally invasive type of surgery that uses robotics to perform surgical procedures. Such robotic systems are operated by surgeons and are made of miniaturized surgical instruments placed on robotic arms, allowing surgeons to conduct the operation accurately. Surgical robotic systems are a combination of equipment, accessories, software, and services that help to perform several minimally invasive surgeries including gynecological, cardiac, neurological, orthopedic, and others. Robotic systems allow surgeons to automate the surgical procedure, thereby improving efficacy and precision during the procedure, and minimizing post-surgical complications. In addition, they provide effective representations of body parts and increase dexterity, which aid surgeons to work on inaccessible body parts. Further, they reduce the risk of blood loss and infection; and offer shorter recovery time and less amount of scars in comparison to the traditional open surgery.
Several hospitals and healthcare centers have been assigned to treat with patients suffering from Covid-19. Moreover, government has advised people to undergo for emergency surgeries. Thus, the demand for surgical robotics systems has decreased.
The funding for R&D activities in the field of surgical robotics has stopped as majority of the funding is funneled toward developing vaccine for Covid-19.
Which market perspectives are enlightened in the Surgical Robotics Market report?
Executive Summary: It covers a summary of the most vital studies, the Worldwide Surgical Robotics Market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
Study Analysis: This covers major players, vital market segments, the scope of the products offered in the Surgical Robotics Market, the years measured and the study points.
Competitive Analysis: In this segment each player is screened based on a products, services, value, SWOT analysis, growth and other significant features.
Geographic Analysis: This Surgical Robotics Market report analyses data on the basis of production, sales, imports & exports, and key players in all regional markets.
List Of Key Players :
Major Key Players: 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., Medtronic, 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.
Surgical Robotics Market Segments and Sub-segments:
The accessories & instrument segment to maintain its lead position during the forecast period
Based on component, the accessories & instrument segment accounted for the largest share in 2019, holding for more than half of the global surgical robotic systems market, and is expected to maintain its lead position during the forecast period. This is due to the short lifespan of instruments and stringent procedure guidelines, due to which, there is a need for re-purchasing of accessories and instruments. However, the services segment is estimated to portray the highest CAGR of 14.6% from 2020 to 2027, owing to efficient and timely services provided by the companies.
The gynecology surgery segment to maintain its dominant share during the forecast period
Based on surgery type, the gynecology surgery segment accounted for more than one-fourth of the global surgical robotic systems market in 2019, and is projected to maintain its dominant share during the forecast period. This is attributed to prevalence of gynecological conditions, increase in demand for robotics, advent of minimally invasive surgical procedures, and improved efficiency in procedures. However, the orthopedic surgery segment is estimated to grow at the highest CAGR of 14.5% from 2020 to 2027. This is due to increase in knee and hip replacement surgeries by the geriatric population and development of new biological substitutes.
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North America to maintain its leadership status by 2027:
Based on region, North America held the highest market share of more than half of the global surgical robotic systems market in 2019, and is estimated to maintain its leadership status by 2027. This is due to need for automation in the healthcare industry along with development of simplistic surgical solutions. However, Asia-Pacific is expected to portray the highest CAGR of 14.4% from 2020 to 2027, owing to increase in incidence of chronic diseases, large pool of aging population, and improved healthcare infrastructure.
KEY FINDINGS OF THE STUDY
The gynecology surgery accounted for about one-sixth share of the global market in terms of revenue as well as volume in 2017.
The surgical systems segment by component accounted for one-third share of the global market in 2017 and is expected to grow at a CAGR of 11.3% during the forecast period.
The U.S. dominated the North American surgical robotics market in 2017 by surgery type and is projected to grow at a CAGR of 7.0% during the forecast period.
Spain is expected to be the fastest growing country in the European surgical robotics market by surgery type with a CAGR of 12.3% during 2018-2024.
India is expected to be the fastest growing country in the Asia-Pacific surgical robotics market by surgery type during the forecast period.
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., Medtronic, 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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