The report forecasts the global urology robotic surgery market to grow at a CAGR of 11.34% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The market has been witnessing a development in the use of low-cost robotic surgical systems, which is expected to change the market dynamics in the future. One of the reasons for low penetration rates in the market is the high cost of robotic surgical systems. Therefore, emerging competitors are currently focusing on developing cost-effective robotic systems and are likely to challenge the dominance of established vendors by providing greater affordability and technological innovation.
According to the report, the robotic platform in lease is a business strategy used by the company to penetrate in the emerging markets. There is an increase in adoption of robotic platform under lease programs in APAC. In North Americas and Europe, the number of leasing agreements are increasing as many end users are purchasing the equipment. Leasing robotic platform is cost effective for end users which is boosting the market growth.
Further, the report states that the market has been witnessing low penetration rates, owing to less awareness among end-users, lack of skilled surgeons, and regulatory bodies concerns related to the safety of robotic surgical procedures. For instance, the penetration rate of urology robotic surgeries stood at only 25-28% in Western Europe, and 32-35% in other developed countries (includes Japan, Australia, South Korea, and Canada).