The global digital surgery technologies market was valued at $252.5 million in 2019 and is anticipated to reach $5,110.5 million by 2030, growing at a CAGR of 32.1% during the forecast period 2020-2030.
The increasing complexities in clinical decision making, rising surgeon's workload, and huge R&D investments are the major factors fueling the market growth. In addition to these factors, there are significant challenges and restraints, which are restricting market growth.
These challenges include the surgeons' reluctance toward the adoption of advanced technologies, such as AI and the privacy and security concerns related to healthcare data. Hence, it is anticipated that these trends will have a significant impact on the digital surgery technologies market in the next five years, and the market will grow multifold.
Overview on the Global Digital Surgery Technologies Market
The global digital surgery technologies market is currently witnessing a significant change in the market landscape. There is rising investment in the development of healthcare infrastructure, increasing evidence for efficient and promising results in treatment and diagnosis assistance. Thus, this is leading to potential growth opportunities for the digital surgery technologies market.
Moreover, there is an extensive entry of emerging players developing AI-powered medical devices for surgical purposes, and many of the global tech giants, such as Microsoft and Google, are entering into the healthcare space. All these predominant factors have led to a significant rise in sales of digital surgery technologies across the globe.
The global digital surgery technologies market consists of numerous large-scale as well as small-scale manufacturers and vendors. Presently, with the increasing adoption of AI in healthcare, the manufacturers in the market have an ample number of opportunities to expand their offerings and to establish a strong foothold in the market.
In the past years (December 2015-August 2020), the digital surgery technologies market witnessed approximately 47 partnerships, alliances and business expansions, 43 new offerings, 15 regulatory and legal approvals, 33 funding activities, 13 mergers and acquisitions, and 11 procurement and sales.
Most of the manufacturers in the market are incorporating collaborations and partnerships with not only other companies but the hospitals, medical schools, ambulatory surgical centers, and surgeons as the key strategies to develop novel digital surgery products and attain a strong financial position in the market.
The key players contributing to the global digital surgery technologies market are Osso VR, Augmedics Ltd., Brainlab AG, Medtronic plc, Caresyntax, Inc., 3Dintegrated ApS, DASH Analytics, Novadaq Technologies, Inc., Fundamental VR, EchoPixel, Inc., Surgical Science Sweden AB, 3D Systems Inc., VirtaMed AG, Mimic Technologies, and Centerline Biomedical, among others.
Key Questions Answered in this Report:
What are the various products related to digital surgery technologies available in the market?
What is the current market size and future potential of these technologies?
What are the major market drivers, challenges, and opportunities in the global digital surgery technologies market?
How is COVID-19 pandemic pushing companies into developing advanced technologies utilized for digital surgeries?
What are the key technological developments on which the current industry leaders are spending a major share of their research and development (R&D) investments?
Who are the leading players holding dominating shares in the global digital surgery technologies market currently?
What are the key strategies incorporated by the players of the global digital surgery technologies market to sustain the competition and retain their supremacy?
How are various regulatory authorities acting toward strengthening and supporting various digital surgery technologies for various applications?
How is the trend of consumer behavior changing in adopting these digital technologies for surgeries?
What are the various digital surgery products and solutions currently under development or in the pipeline, and how is it going to affect the growth of the market during the forecast period?
How does the use of digital surgery technologies impact overall hospital expenditure?
What is the current revenue contribution of different application types, and how would it evolve in the forecast period?
What is the current revenue contribution of different product types, and how would it evolve in the forecast period?
What is the current revenue contribution of different technology types, and how would it evolve in the forecast period?
Which countries contribute to the major share of current demand and which countries hold significant scope for expansion for business activities, by players of the global digital surgery technologies market?
2 Research Scope 2.1 Scope of Work 2.2 Key Questions Answered in the Report
3 Research Methodology 3.1 Primary Research 3.2 Secondary Research 3.3 Data Sources and Categorization 3.4 Criteria for Company Profiles 3.5 Market Estimation and Forecast Methodology 3.6 Data Triangulation 3.7 Assumptions and Limitations
4 Industry Analysis 4.1 Industry Ecosystem 4.2 Legal Requirements and Regulations 4.2.1 Regulatory Framework for Artificial Intelligence-Based FDA-Approved Medical Devices and Algorithms 126.96.36.199 Restraints in the Current Regulatory Process for AI/ML-Based Medical Device/Algorithm 4.2.2 Regulatory Framework in the U.S. 4.2.3 Regulatory Framework in Europe 188.8.131.52 Changes in Rule 184.108.40.206 New Rules in the Annexure VIII 220.127.116.11 Major Changes in the EU due to the Implementation of MDR: 18.104.22.168.1 Expanded device definitions requiring re-examination of the current classification of all devices 22.214.171.124.2 Quality management system 126.96.36.199.3 Technical file 188.8.131.52.4 Need to comply with new identification and traceability (UDI) requirements 184.108.40.206.5 More emphasis on post-market surveillance 220.127.116.11.6 Role of internal audits and requirement of audits to be strengthened 18.104.22.168.7 Dedicated Personnel for MDR compliance 4.2.4 Regulatory Framework in Japan 4.2.5 Regulatory Framework in China 4.2.6 Regulatory Framework in Other Countries 22.214.171.124 Regulatory Framework in India 126.96.36.199 Regulatory Framework in Latin America 188.8.131.52 Regulatory Framework in the Middle East and Africa 4.2.7 Consortiums, Associations, and Regulatory Bodies 4.3 Consumer Analysis 4.3.1 End-Result Analysis 4.4 Case Studies 4.4.1 Case Study: Surgical Simulation (Virtual Reality) 4.4.2 Case Study: Surgical Data Science 4.4.3 Case Study: Surgical Data Science 4.4.4 Case Study: Surgical Navigation, and Advanced Visualization Systems, Augmented Reality (AR) 4.4.5 Case Study: Surgical Navigation and Advanced Visualization Systems 4.5 Impact of COVID-19 on Digital Surgery Technologies Market 4.5.1 Changes in Surgical Facilities 4.5.2 COVID-19 Created an Elective Surgery Backlog 4.5.3 Telehealth as a Solution 4.5.4 Impact on Digital Surgery Technology-Based Product Manufacturers
5 Competitive Landscape 5.1 Key Developments and Strategies 5.1.1 New Offerings 5.1.2 Partnerships, Alliances, and Business Expansions 5.1.3 Regulatory and Legal Developments 5.1.4 Funding Activities 5.1.5 Mergers and Acquisitions 5.1.6 Procurement and Sale Activities 5.2 Market Share Analysis 5.3 Growth Share Analysis 5.3.1 Growth Share Matrix (by Product) 5.3.2 Growth Share Matrix (by Technology) 5.3.3 Growth Share Matrix (by Region)
6 Global Digital Surgery Technologies Market Scenario 6.1 Assumptions and Limitations 6.2 Key Findings 6.3 Potential Opportunities - Digital Surgery Technologies Market 6.3.1 Promising Growth Opportunities for Remote Care and Telepresence 6.4 Global Digital Surgery Technologies Market Size and Forecast 6.5 Market Drivers 6.5.1 Enhanced Accuracy and Promising Recovery from Pre-Operative Surgical Planning 6.5.2 Results Based on Quantifiable Data 6.5.3 Increasing Interest of Technologists and Start-Ups 6.6 Market Restraints 6.6.1 Minimal Healthcare Budget Allocation for Digital Surgery Technologies 6.6.2 Requirement of Additional Surgical Training 6.6.3 Backlog in Elective Surgery Posing as a Major Challenge 184.108.40.206 Requirement of Transparent Regulatory Guidelines and Reimbursement Policies for AI/ML-Based Medical Device/Algorithm 6.7 Market Trends 6.7.1 Neutral Vendor Platforms 6.7.2 Experimental Phase with Mixed Technologies (Both on Software and Hardware) 6.7.3 Virtual Access and Enhanced Patient Outcomes through Cloud Technology Likely to be the Future Trend
7 Global Digital Surgery Technologies Market (by Technology), 2020-2030 7.1 AI Algorithms 7.2 Augmented Reality and Virtual Reality 7.2.1 Virtual Reality 7.2.2 Augmented Reality 7.3 Mixed Reality 7.4 Other Technologies
8 Global Digital Surgery Technologies Market (by Product Type), 2020-2030 8.1 Surgical Simulation Systems 8.2 Surgical Data Science 8.3 Surgical Navigation and Advanced Visualization 8.4 Surgical Planning
9 Global Digital Surgery Technologies Market (by Region), 2019-2030 9.1 North America 9.1.1 U.S. 9.1.2 Canada 9.2 Europe 9.2.1 Germany 9.2.2 France 9.2.3 Italy 9.2.4 U.K. 9.2.5 Spain 9.2.6 Rest-of-Europe 9.3 Asia-Pacific 9.3.1 China 9.3.2 Japan 9.3.3 South Korea 9.3.4 Australia 9.3.5 India 9.3.6 Rest-of-Asia-Pacific 9.4 Rest-of-the-World
10 Company Profiles 10.1 Overview 10.2 Company Overview 10.3 Role in the Global Digital Surgery Technologies Market 10.4 SWOT Analysis