FREMONT, California, Sept. 19, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Robotics Surgical Simulation Systems Market – Analysis and Forecast: 2019-2024", the market for robotics simulation systems generated $276.5 million revenue in 2018 and is projected to reach $1.03 billion by 2024. The market is expected to witness an impressive CAGR of 24.91% during the forecast period from 2019 to 2024.
Enormous incidence of surgical errors is one of the pivotal concerns of several developed economies such as the U.S., the U.K., France, Germany, Japan, and China, which are well-known for their technologically progressive healthcare systems. Currently, one in every 16 surgical procedures in the U.S. is recognized to be a surgical error. The situation gets further astonishing if the statistics associated with other developed countries from Europe and Asia-Pacific come into focus.
Germany, France, the U.K., Japan, and China, together contributed to 23.10% of the global economic burden in 2018. In the same year, the global economic burden due to surgical errors was accounted to be $98.66 billion. The U.S is the leading contributor to the global economic burden due to surgical errors. The global surgical errors economic burden witnessed a CAGR of 6.35% in the past ten years (2008-2018).
The launch and contemporary growing prominence of surgical robots was propelled with a motivation to enhance the surgical procedures' efficiency. However, the clinical incorporation of surgical robots without optimum training can further raise the possibility of surgical errors and in turn can increase the economic burden.
The advancements in computational technologies accompanied by the accretion of vast knowledge associated with the human body operative procedures have made technologies such as VR surgical simulation systems a reality. The incorporation of VR simulation systems in clinical education would aid surgeons, specifically novices, to acquire best hand-eye coordination and ambidextrous surgical skills. Hence, the enhanced surgical skills assisted by the development of type-specific clinical competencies will substantially reduce the scope of surgical malpractices.
According to Chanda Manu Kaushik, Lead Analyst at BIS Research,"The market for robotic simulation systems specific to orthopedic surgery is anticipated to witness an impressive CAGR of 29.92% during the forecast period from 2019-2024. The growth is attributed to the expected growth in demand specific to orthopedic robotic surgical procedures."
The leading contributors to the global robotics surgical simulation systems market predominantly prefer new product launches and synergistic partnerships with companies developing surgical robotics, to enhance their respective dominance.
Robotics surgical simulation systems are predominantly incorporated by hospitals. The contribution of hospitals to the robotics surgical simulation systems market revenue was valued to be $176.9 million by 2018.
Robotic surgery simulation platforms type is the leading contributor to the global revenue of the robotics surgical simulation systems market. The product type contributed to 73.58% of global market revenue in 2018.
This market intelligence report provides a multidimensional view of the global robotics surgical simulation systems market in terms of market size and growth potential. This research report aims at answering various aspects of the robotics surgical simulation systems market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to be acquainted with the recent market activities, such as product launches, partnerships, collaborations, business expansions, as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales, and manufacturers and trend analysis by segment and demand analysis by region.
This report is a meticulous compilation of research on more than 15 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of the leading companies, market participants, and vendors. The report also profiles 10 companies including several key players, i.e. 3D Systems, Inc., CAE Inc., Intuitive Surgical Inc., Mentice AB, Mimic Technologies, Inc., Simulated Surgical Systems, LLC, Touch of Life Technologies (ToLTech), VirtaMed AG, Voxel-Man, and VRmagic.
Key questions answered in the report:
How the role of simulation training in enhancing surgical pathways is expected to evolve in the future?
What are the major market drivers, challenges, and opportunities in the global robotics surgical simulation systems market?
What is the strongest return on investment due to incorporation of competency-based surgical training over mentor-apprentice-based training?
What are the steps taken by the industry players to overcome the challenge associated with the lack of clinical data supporting the efficacy of simulation training?
How much revenue is expected to be generated by different segments of global robotics surgical simulation systems market during the forecast period from 2019 to 2024:
On the basis of product type, including conventional surgery and minimally invasive surgery simulation platforms and robotic surgery simulation platforms
On the basis of application, including general surgery, gynecology surgery, urology surgery, orthopedic surgery, neurological surgery, cardiological surgery, and other surgical applications
On the basis of end user, including hospitals, academic institutes and teaching hospitals, and commercial simulation center
On the basis of region, including North America, Europe, Asia-Pacific, Rest-of-the-World (RoW)
What is the role of each type of player in robotics surgical simulation systems market?
What are the key strategies incorporated by the leading players of robotics surgical simulation systems market to sustain the competition?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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