Report ID: 10086183 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
"In 2021, the global surgical robot market is estimated to be worth USD 2.9 billion, and it is expected to expand at a compound annual growth rate (CAGR) of ~22% from 2022 to 2030. Increased adoption and acceptance of minimally invasive surgery due to benefits such as length of stay and cost-effective and flexible surgical robots newly entering the market are some of the key factors driving growth.
The increasing penetration of international players is having a positive impact on the growth of the market. The increasing number of FDA and other regulatory agencies; approvals for participants is one of the important factors that help the market grow. For example, in 2019, Ion, a robotic surgery system provided by Intuitive Surgical, Inc., obtained 510(k) approval from the FDA. In addition, the increasing use of robot-assisted surgery (such as hysterectomy), the increasing number of robotic systems for surgical intervention, and the continuous development of robotic surgery technology are other factors that support growth.
The increasing prevalence of arthritis, degenerative bone disease, osteoporosis and related injuries is one of the factors driving market growth. For example, according to the Bureau of HealthCare Research and Quality, more than 450,000 total hip replacements are performed each year in the United States. According to statistics provided by the Australian Institute of Health and Welfare (AIHW), osteoarthritis increased by approximately 38% between 2005-06 and 2017-18. Therefore, it is expected that more and more surgeries will drive market growth during the forecast period.
The strategic moves of well-known international players are further promoting the growth of the surgical robot market. For example, in 2019, Ethicon, a subsidiary of Johnson & Johnson, acquired Auris Health, a developer of robotics platform. The acquisition is expected to support the company;s commitment to fighting lung cancer and will help expand its digital surgical product portfolio across multiple surgical specialties.
In 2019, Stryker Corporation announced the acquisition of OrthoSpace, Ltd. The acquisition will help strengthen Stryker;s surgical product portfolio. Therefore, such initiatives may drive visibility, adoption and growth during the forecast period. In recent years, surgical robots have witnessed a paradigm shift, mainly due to technological advances in the fields of 3D images, data loggers, data analysis systems, and microscopes. camera. It has a high-definition remote navigation technology system, motion sensors, robot-controlled catheters and other accessories for surgery.
These advancements can help develop new applications for existing platforms, increase adoption rates, and create disruptive technologies that will drive the market in the near future. In addition, although robotic surgical systems are marketed as a safer alternative to traditional surgery, these systems have multiple risks, including mechanical and human errors.
These systems have multiple components and may malfunction, leading to further complications. However, technological advancements and system improvements that help reduce errors can produce positive results and drive market growth during the forecast period.
APPLICATION INFORMATION:
According to the application, the market is subdivided into neurology, gynecology, urology, orthopedics, etc. Other sectors accounted for the largest share of 2020 revenue. Other applications mainly include the use of surgical robots in laparoscopy, oncology and other general surgical procedures. The growing demand for minimally invasive laparoscopic surgery and the increasing use of surgical robots in cancer are the main factors driving growth.
During the forecast period, the neurosurgery field is expected to expand to a lucrative compound annual growth rate.
Certificates of excellence related to neurosurgery provide successful results and reduce the limitations associated with traditional neurosurgery methods. Due to these factors, the use of robots in this field has increased.
In addition, the increasing use of surgical robots to treat patients suffering from tumors and other brain diseases, as well as technological advancements in robotic brain surgery, are expected to drive market growth. For example, according to an article published by the Robot Industry Association (RIA), in 2019, remote brain surgery was performed using robot assistance and 5G technology. These cases mark the growth potential of robotics in the field of neurosurgery.
REGIONAL INFORMATION:
North America dominated the global market with a revenue share of 50% in 2020. The period is a key factor to promote the penetration of the region and promote market growth. The Asia-Pacific region is expected to grow at a considerable compound annual growth rate during the forecast period. Improvements in instrument development may create efficient working conditions for surgeons and are expected to drive the growth of the regional market. Increasing adoption of robotics in the region and increased awareness of robotic surgery and its benefits are expected to drive overall growth.
MAJOR COMPANIES AND MARKET SHARE PROSPECTUS:
Due to increased demand for minimally invasive surgery and technological advancements, competition among existing market participants is very fierce. Some of the major players operating in the market are Smith & Nephew; medical robots; TransEnterix Surgical, Inc.; Intuitive Surgery; Renishaw; Medtronic; Stryker; Zimmer; and THINK Surgical, Inc. Driven by the increasing acceptance and awareness of robotic surgery, the growing demand may promote the entry of new companies in the future.
In addition, the companys strategic development in the form of mergers and acquisitions has promoted competition and growth in the fuel market. For example, in February 2020, Medtronic acquired Digital Surgery, a private surgical artificial intelligence company. The company focuses on data analysis, digital education and training. The acquisition is expected to help Medtronic strengthen its surgical robotic assistance platform and expand the companys product portfolio by adding a new robotic system called Hugo. Some well-known companies operating in the global surgical robot market include: Medrobotics Corporation Smith and Nephew Transenterix, Inc. Intuitive Surgical Renishaw, plc Medtronic Stryker Corporation Zimmer BiometThink Surgical, Inc.
TOP COMPANIES AND MARKET SHARE PROSPECTS:
Due to the increased demand for minimally invasive surgery and technological advancement, competition among existing market participants is fierce. Some of the major players operating in the market are Smith & amp; Nephew; Medical Robots; TransEnterix Surgical, Inc.; Intuitive Surgery; Renishaw; Medtronic; Stryker; Zimmer; and THINK Surgical, Inc. in Robotics Driven by the ever-increasing acceptance and awareness of surgery, the ever-increasing demand may promote the entry of new businesses in the future.
In addition, the companys strategic development in the form of mergers and acquisitions has promoted competition and growth in the fuel market. For example, in February 2020, Medtronic acquired Digital Surgery, a private surgical artificial intelligence company. The company focuses on data analysis, digital education and training. The acquisition is expected to help Medtronic strengthen its surgical robotic assistance platform and expand the companys product portfolio by adding a new robotic system called Hugo. Some well-known companies operating in the global surgical robotics market include: Medrobotics Corporation Smith and Nephew Transenterix, Inc. Intuitive Surgical Renishaw, plc Medtronic Stryker Corporation Zimmer BiometThink Surgical, Inc."
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Report ID: 10086183 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
