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Da Vinci Systems Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Da Vinci Systems Market Share
According to The Business Research Company's, The da vinci systems market size has grown exponentially in recent years. It will grow from $1.87 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to global expansion and market entrance approvals, competition and market expansion, and the accumulation of vast amounts of healthcare data.
The da vinci systems market size is expected to see exponential growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to growing recognition of AI's potential to transform healthcare delivery, increasing availability of labeled healthcare datasets for AI training, partnerships between tech companies and healthcare providers for AI implementation, and emphasis on interoperability and data standardization for AI integration. Major trends in the forecast period include AI-powered clinical decision support systems for diagnosis and treatment planning, Expansion of AI applications beyond diagnostics to areas such as drug discovery and patient engagement, ethical and regulatory considerations surrounding AI in healthcare, adoption of AI-driven precision medicine approaches, and integration of AI into electronic health records and telemedicine platforms.
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Market Drivers and Trends:
A growing number of surgeries is expected to propel the growth of the da Vinci systems market going forward. The growing number of surgeries is due to advances in medical technology, an aging population with more health issues, increased awareness and access to healthcare, and a shift towards more proactive and preventive surgical interventions. Da Vinci surgical systems are used in various surgical specialties, including urology, gynecology, general surgery, cardiothoracic surgery, and colorectal surgery. They enable surgeons to perform complex procedures with greater precision, smaller incisions, reduced blood loss, and faster recovery times compared to traditional open surgery. For instance, according to Intuitive Surgical, Inc., a US-based corporation specializing in robotic products for minimally invasive, approximately 1,875,000 surgical procedures were performed with da Vinci Surgical Systems in 2022, an increase of approximately 18% compared to 1,594,000 surgical procedures in 2021. Therefore, the growing number of surgeries is driving the growth of the da Vinci systems market going forward.
Major companies operating in the da Vinci systems market are developing innovative multiport robotic systems, such as da Vinci 5, to enhance surgical precision and patient outcomes. The da Vinci 5 is Intuitive Surgical's latest generation of robotic surgical systems, which has received 510(k) clearance from the US Food and Drug Administration (FDA). For instance, in March 2022, Intuitive Surgical Inc., a US-based company that provides robotic-assisted minimally invasive surgery (MIS) devices, da Vinci 5, the fifth-generation multiport robotic system. This advanced system boasts enhanced accuracy and a state-of-the-art 3D display, incorporating over 150 improvements such as upgraded image processing and pioneering force-sensing technology.
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Major Key Players of the Market:
Johnson & Johnson, Medtronic Plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Intuitive Surgical Inc., Smith & Nephew plc, Karl Storz, Applied Medical, CMR Surgical Ltd, Avatera Medical, Stereotaxis Inc., THINK Surgical Inc., Titan Medical, MicroSure, Corindus Vascular Robotics Inc., XACT Robotics Ltd., Vicarious Surgical Inc., Z-Media LLC, Advanced Vascular Dynamics, Transluminal Technologies, Robocath, Tricol Medical, Hansen Medical Inc., Meere Company Inc.
Da Vinci Systems Market 2024 Key Insights:
• The da vinci systems market size is expected to see exponential growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%.
• Growing Number Of Surgeries Fueling Demand For Da Vinci Systems
• Advanced Robotic Systems Driving Surgical Precision And Patient Outcomes
• North America was the largest region in the da Vinci systems market in 2023
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