07 May, 2021, 15:15 ET
DUBLIN, May 7, 2021 /PRNewswire/ -- The "Global Surgical Robotics Market 2021-2031: Focus on Vendor Analysis, Key Enabling Technologies, Emerging Platforms in Pipeline, 26 Company Profiles, and 45 Countries Data & Cross Segmentation" report has been added to ResearchAndMarkets.com's offering.
The global surgical robotics market is anticipated to grow with a robust CAGR of 10.2% during the forecast period, 2021-2031. The market for surgical robotics generated $5.46 billion in 2020, in terms of value and is estimated to reach $16.77 billion by 2031.
The global surgical robotics market is anticipated to witness tremendous growth over the forecast period primarily due to the increasing prevalence rate of chronic disorders, elevating global population coupled with the geriatric population, improving reimbursement policies, and public initiatives and funding to develop technologically advanced products. The market for surgical robotics (product type) is divided into three segments, namely, surgical systems, instruments & accessories, and services.
Surgical robotic systems primarily include surgical systems (capital equipment), instruments & accessories, and services (maintenance and up-gradation). In the past decade, the definition of these advanced technologies has expanded, involving the use of these systems for multiple surgical procedures ranging from general surgeries to orthopedic surgeries.
The ongoing trend of rising demand for surgical robotic systems is anticipated to continue in the future with the implementation of technological innovations and advancements in minimally invasive surgical procedures.
The healthcare landscape is changing immensely to keep up or to improve high-quality care by bringing down the expenses (cost). The variables, for example, the rising geriatric population on a worldwide level as well as different care standards between developed and developing economies, are posing a challenge to reconcile these issues. The minimally invasive surgery within the healthcare sector holds gigantic potential as it is considered as the best treatment alternative for open surgery.
These machines are extraordinarily structured to reach in areas where a normal specialist can't access without making a large incision. As the innovation advances prompting exponential development in robotic-assisted surgical procedures, medical centers will deliver high-quality care options by offering efficient and precise surgical procedures, with less patient discomfort. From patient perspective, quicker recuperation time, reduced risk of infection, shorter hospital length of stay, and small incisions or scars are the significant advancement in surgical robotics.
The global surgical robotics market saw rapid development since the first product introduced in the market. The growth is expected to be mainly attributed to primary drivers in this market, comprising elevating geriatric population, rising healthcare spending, increasing cases of chronic disorders, and expanding support from governments, among others.
The market is expected to grow at a significant growth rate due to the opportunities, such as a massive scope for phenomenal profits through venturous investments, integrative industry-academia collaboration, and novel surgical applications, which lie within its domain. Notwithstanding, there a noteworthy number of restraints, including a shortage of skilled professionals, and the high cost of surgical robotic systems and its associated surgical procedures.
According to a Senior Analyst, "The overall surgical robotics market has witnessed an increased influx of surgical robotics start-ups, nearly 65+ companies engaged in this market. The emerging players are trying to identify niche surgical applications for indication of use, moving their technological direction away from "me too" surgical platforms. The market in anticipated to grow double-digit rate during the forecast period, with the anticipated regulatory clearances of surgical robotics platforms in the future. Also, manufacturers are focused on developing advanced technological platforms such as long distance teleoperated systems, miniaturized systems, and autonomous systems to gain traction in the market."
The total market was valued at $5,460.5 million in 2020 with Intuitive Surgical, Inc. dominating the global surgical robotics market by holding 79.82% of the market share in 2020. This market dominance was attributed to the company's presence within the market and huge market penetration in different regions.
Currently, the company offers its fourth generational surgical robotic platforms, first commercialized in 2014 (da Vinci Xi Surgical System). Stryker Corporation was responsible for 9.09% of the global market share in 2020, second only to Intuitive Surgical, Inc. The publisher anticipates that Intuitive Surgical will hold nearly 52.06% of the total market by the end of 2031.
In the past four years, i.e., (January 2017 to March 2021), the market has witnessed approximately 85 regulatory and legal developments, 56 funding activities, 51 partnerships, alliances, and business expansions, 15 mergers and acquisitions, and nine product offerings and upgradations.
Currently, most market players are involved in conducting regulatory and legal activities in the market, as is evident from the shares of funding activities and new offerings. There is a potential for mergers and acquisitions activities in the future as more and more start-ups enter the market targeting specific surgical applications and key players of the conventional surgical robotics market look to consolidate.
Surgical robotics market has a promising outlook, and successful start-ups may enter into merger agreements with the well-established players in the market. Strategic agreements such as partnerships, alliances, and business expansion hold the largest share, followed by mergers acquisitions, and product launches activities.
The comprehensive study of global surgical robotics market covers the following:
- Market numbers on the segments that are influencing the market
- More than 80 products present in the market
- Over 70 companies were evaluated
- Detailed market share analysis of each product type
- Detailed analysis of the market potential on regional and cross segmentation in country-level analysis
- Detailed assessment of vendors, unit sold, and installed base of surgical system
- De-Novo Pathway
European Union (EU)
- Impact of the EU's Medical Device Regulations (MDR)
- Expansion of Product Scope
- Reclassification of Medical Devices as per Associated Risk, Contact Duration, and Invasiveness
- More Supportive Clinical Investigations for Class III and Implantable Medical Devices
- Dedicated Personal for MDR Compliance
- More Emphasis on Post-Market Surveillance
- Requirement of Common Specifications
- Implementation of a Unique Device Identification (UDI) Mechanism
Benefits and Risks Associated with Robotically Assisted Surgical Devices (RASD)
- Case Study: Intuitive Surgical, Inc.
Key Enabling Technologies
- Robotics Simulators: Empowering Precision Care
- Rising Cases of Surgical Errors
- Surgical Stimulators: An Alternative to Minimize Surgical Errors
Long Distance Teleoperated Surgical Systems
Autonomous Surgical Robotics Systems: A Technological Paradigm in Surgical Robotics
Haptics Enabling Force Feedback: An Awaited Advancement in the Field of Surgical Robotics
Case Studies on Novel Surgical Robotic Concepts
Insights on Emerging Platforms in Pipeline
Patient Compliances and End User Perception
Return on Investment Analysis: A Value-Based Business Model
Distribution and Marketing Strategies (for Start-Up Companies)
- Distribution Strategies
- Case Study: Intuitive Surgical, Inc. (Europe)
- Marketing Strategies
- Case Study: Intuitive Surgical, Inc. (Europe)
Minimally Invasive Surgeries: Opportunity Assessment
- Rising Incidence of Chronic Disorders Inciting the Use of Robotics-Assisted Surgical Procedures
- Elevating Geriatric Population Changing the Adoption Patten for Minimally Invasive Surgical Procedures
- Rising Demand for Minimally Invasive Surgical Procedures Signifying the Need for Robotics-Assisted Surgeries
- Technological Advancements in the Field of Medical Surgeries
- High Cost of Surgical Robotic Systems and their Associated Procedures
- Shortage of Skilled Professionals
- Restrictive Reimbursement Landscape
- Development of Low-Cost Surgical Robotic Systems
- Implementation of Artificial Intelligence (AI) in Surgical Robots
- Development of Surgical Simulators for the Training of Professionals
- Operating Lease Programs Implemented by the Surgical Robotic Manufacturers
- Asensus Surgical, Inc.
- Avatera Medical GmbH
- CMR Surgical Limited
- Corin Group
- Curexo, Inc.
- Globus Medical, Inc.
- Intuitive Surgical, Inc.
- Johnson & Johnson
- Medicaroid Corporation
- Medrobotics Corporation
- Medtronic plc
- Meerecompany Inc.
- Monteris Medical Corporation
- Neocis, Inc.
- PROCEPT BioRobotics Corporation
- Renishaw plc
- Siemens Healthineers AG
- Smith & Nephew plc
- Stereotaxis, Inc.
- Stryker Corporation
- THINK Surgical, Inc.
- Titan Medical, Inc.
- Venus Concept, Inc.
- Vicarious Surgical, Inc.
- Virtual Incision Corporation
- Zimmer Biomet Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ruzo4w
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