Robotic Surgery Services Global Market Report 2023

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- Major players in the robotic surgery services market are Intuitive Surgical Inc, Stryker Corporation, Medrobotics Corporation, Johnson & Johnson, Globus medicals, NuVasive, Smith & Nephew plc, Titan Medical Inc, TransEnterix Inc and University of Pittsburgh Medical Centre.

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The global robotic surgery services market will grow from $0.86 billion in 2022 to $1.01 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The robotic surgery services market is expected to grow to $1.8 billion in 2027 at a CAGR of 15.4%.

The robotic surgery services market includes revenues earned by entities by providing robotic gynaecological services, robotic prostate surgery services, robotic kidney surgery services, and robotic colorectal surgery services.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Robotic surgery is a form of minimally invasive surgery in which doctors insert a succession of extremely small incisions and tiny surgical equipment into a patient's body.Robotic surgery is the process of performing a surgery using tools that are attached to a robotic arm.

It is used to perform surgery with high precision.

North America was the largest region in the medical tourism market in 2022. Western Europe was the second largest region in the medical tourism market.The regions covered in the robotic surgery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The robotic surgery services are used in various applications such as general surgery, urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and others.General surgery is the branch of surgery that deals with the most common surgical procedures.

The abdomen, breasts, head and neck, blood arteries, and digestive tract are all treated by general surgeons.They also oversee the treatment of patients who have been wounded, or who have abnormalities or other medical issues that necessitate surgery.

The different sectors include hospitals, ambulatory surgery centres (ASCs) and involves various components such as systems, accessories, services.

Increase in purchasing power of hospitals and ambulatory care services has helped in the growth of the robotic surgery service market.Hospitals and ambulatory care services are interested in buying latest technologies to provide advanced care to the patients as well as to achieve an edge over their competitors.

According to the fourth quarter and full year financial results 2021 of Intuitive Surgical, the robotic surgical giant, the company shipped 385 da Vinci Surgical Systems in fourth quarter, up 18% from the third quarter's 326 units shipped. In 2021, the company shipped 1,347 da Vinci Surgical Systems, a 44% increase from the 936 systems shipped in 2020.Therefore, the purchasing power of hospital and ambulatory care services coupled with the increase in the geriatric population and prevalence of chronic illness have contributed to the growth of robotic surgery services market.

Safety concerns regarding the use of robotic surgery services are likely to cause a hindrance to the robotic surgery services market. According to a study on adverse events with robotic-assisted arthroplasty by American Academy of Orthopedic Surgeons, the unexpected robotic arm movement during bone cuts during TKA was the most common adverse event (AE), accounting for 28.9% of all reported AEs, followed by erroneous bone cuts (12.7%) and the robotic component leaking fluid or having residual contaminants (12.3 percent). Accurate bone resections accounted for more than a quarter of all adverse events associated with robotic-assisted PKA. A registration checkpoint being left in the patient accounted for 43.2 percent of all reported adverse events (AEs) in THA patients. Therefore, the safety issues pertaining to robotic surgeries leading to product recalls is expected to hinder the growth of the robotic surgery services market.

The image guide navigation system combined with the robotic surgery system offers more possibility to visualize and perform minimally invasive surgery in areas that were earlier difficult, especially the orthopedic surgeries and neurosurgeries.The Mazor X Stealth system by Medtronic, and the NuVasive's Pulse and Excelsius GPS by Globus Medical, among others use image-guided navigation systems to perform spine surgeries, and orthopaedic implant surgeries such as total, partial knee, and hip replacements as they provide the surgeon with 3D experience.

The image-guided navigation reduces the radiation effects and patients do not require to take an X-ray after the procedure. These factors state that the image-guided navigation system is expected to be a trend in robotic surgery services.

In February 2022, Medtronic plc, a US-based medical device company, acquired Digital Surgery for an undisclosed amount.Through this acquisition, Digital Surgery will enhance Medtronic's robotic-assisted surgery platform and expand Medtronic's wider range of products.

Digital Surgery is a UK-based is a privately held pioneer in digital education and training, data and analytics, and surgical artificial intelligence (AI).

The countries covered in the robotic surgery services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.It does not include revenues from resales either further along the supply chain or as part of other products.

The robotic surgery services market research report is one of a series of new reports that provides robotic surgery services market statistics, including robotic surgery services industry global market size, regional shares, competitors with a robotic surgery services market share, detailed robotic surgery services market segments, market trends and opportunities, and any further data you may need to thrive in the robotic surgery services industry. This robotic surgery services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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