Adoption Rate of Surgical Robots on the Rise
Provided by BIS Research
The healthcare industry has achieved many milestones with gradual technological developments in various sectors. The transformation of the healthcare industry has been significant, from open surgical procedures to minimally invasive procedures, and the medical robotics and computer-assisted surgical system stood distinctively as the most advanced extension of minimally invasive surgical procedures. The medical robotics and computer-assisted surgical system comprises of surgical robotics systems, rehabilitation systems and hospitals and pharmacy systems. Among these, currently, the surgical robotics system is gaining popularity in the healthcare industry and is being widely adopted on a global scale.
The medical robotics and computer-assisted surgical system is an advanced technology which facilitates surgeries, rehabilitation, and assistive solutions. The primary use of this system is for complicated surgical procedures, physical complications and hospital automation. The issuance of initial public offerings (IPOs) by the medical robotics companies has helped in propelling the growth of the medical robotics market along with other factors, such as benefits offered by robot assistance in rehabilitation therapy, growing hospital investments in medical robots, support of government in increasing the funding for medical robotic research and the technological advancement in the field of medical robotics.
The surgical robotics market held the largest share in the market of medical robotics and computer-assisted surgical system in 2016, as the adoption rate of this technology is increasing among hospitals, as well as recurrent sales of accessories for these systems, and demand for highly efficient replaceable components. However, in the coming years, the pharmacy and hospital robots segment is expected to gain a higher share in the market owing to the improving healthcare infrastructure and increasing healthcare expenditure across various geographical regions.
According to a new market intelligence report ‘Global Surgical Robotics Market – Analysis and Forecast (2017-2025)‘, the global surgical robotics market is expected to reach a value of $12.6 billion by the year 2025. The rising incidence rate of chronic diseases, along with the rising demand for minimally invasive surgical procedures are driving the growth of this market. The market is further expected to be propelled by the rising disposable income of the population and introduction of technologically advanced systems, such as SurgiBot, Amadeus, Single Port Orifice Robotic Technology (SPORT), and ModusV, among others.
Among various systems being manufactured in the market by different companies, the da Vinci Surgical Systems manufactured by the Intuitive Surgical, Inc. currently dominates the market in terms of installation volume data. It is expected to reach 1,123 units, in terms of volume, in 2025 growing at the CAGR of 8% during the forecast period 2017-2025. This growth rate is due to the increasing adoption rate of the da Vinci surgical robotics system for the increasing number of general surgeries, gynecology, urology, cardiothoracic and head and neck medical complications. However, Sensei Robotic System, manufactured by Hansen Medical is expected to grow at the highest CAGR of 22% from 2017 to 2025.
The surgical robotics market is experiencing a significant rise in its adoption rate in developed economies. The companies in the market are concentrating on acquiring FDA approvals for their products which will help them in gaining significant market share. This market has a recurring revenue business model, wherein a large system is installed at the beginning and is complemented by replaceable or disposable instruments, which consequently forms a cumulatively larger and sustainable market. As a result of this structure, the surgical robotics market has attracted various end-users and many new players have emerged in the market space. Some of the key players in the surgical robotics market are Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics, MedRobotics, TransEnterix and Hansen Medical, among others.