PUNE, India, March 4, 2020 /PRNewswire/ -- The surgical robots are widely used in several minimally invasive surgeries including gynecological surgery, cardiovascular, neurosurgery, orthopedic surgery, laparoscopy, urology, and others. Infinium global research has recently published a global report on "Surgical Robots Market (Components - Surgical System, Accessory, and Services; Application - Gynecological Surgery, Cardiovascular, Neurosurgery, Orthopedic Surgery, Laparoscopy, Urology, and Other Applications; End User - Hospitals, and Ambulatory Surgical Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" published by Infinium Global Research", the reported study estimated the market for surgical robots to reach USD 18.35 billion in 2025, with a Compound annual growth rate of 24.2% over the forecast period (2019-2025).
Surgical Robots Industry is Intensely Competitive with a Large Share of Market Held by Some of the Major Players
The global surgical robot market is highly competitive and consolidated in nature. A large part of the market is controlled by Intuitive Surgical. For the last 2 decades, Intuitive Surgical was the only manufacturer of surgical robotic systems with a marketable product and therefore, had complete control over the USD 2.8 billion markets. The company has installed more than 5,500 da Vinci surgical robots and has a market value of USD 70 billion. Few other major players such as Stryker and Smith & Nephew also hold a considerable share in the market.
Since the acquisition of Mako Surgical, Stryker Corp. is trying to enter of the consolidated marketplace by the launch of an orthopedic surgery robot and is also trying to acquire a share in a knee surgery devices and implants market that was previously dominated by Intuitive Surgical. However, as the industry is capital intensive and the major players spend heavily on the research and development of innovative products, new entrants find it difficult to compete in the market.
Product Development and Mergers and Acquisitions are the Major Growth Strategies Implemented by the Key Players in the Surgical Robots Industry
In order to grow, the leading companies in the market are focusing on strategies such as product development, mergers and acquisitions, and geographical expansion. In December 2018, Medtronic acquired Mazor Robotics in a USD 1.64 billion deal. The acquisition helped to grow the spine and brain surgical guidance systems segment of the company's minimally invasive and robotic surgery device business. Moreover, Intuitive Surgical launched a Single Port Platform for surgical robots in 2018. This system is adopted in the urologic surgical procedures which are suitable for a single port approach. Furthermore, the leading market players are acquiring FDA approvals for their newly developed surgical robotics systems.
Growing Adoption of Minimally Invasive Surgeries is Augmenting the Demand for Surgical Robots
In recent years, minimally invasive surgeries have gained huge popularity across the world. The low-risk complications and assistances associated with less hospital stay have propelled the growth of minimally invasive surgeries. The minimally invasive surgeries need a few small incisions in the body to carry out the surgical procedure. They offer several advantages over conventional open surgeries including shorter recovery time and lower risks of pain, bleeding, and scarring. Laparoscopy and hysteroscopy are two major types of minimally invasive surgeries. Robotic-assisted laparoscopic prostatectomy (RALP) has been used widely to carry out several gastrointestinal surgeries. The robotic systems offer better precision and lower errors in minimally invasive surgeries. Thus, it helps surgeons to carry out surgery with better outcomes. This, in turn, augments the demand for surgical robots across the world.
Growing FDA Approvals for Surgical Robots is Aiding the Growth of Surgical Robots Market
Additionally, increasingly favorable regulations by the FDA and other government organizations are helping the surgical robotic companies to get approvals for their products. Regulations implemented by the regional government agencies compel the companies to manufacture and market superior quality of the surgical robots. The growing number of approvals by the FDA to the companies is augmenting the development of new products for various surgical applications. This, in turn, is expected to boost the growth of the global surgical robot market. However, the high cost associated with robotic surgeries is the major restraining factor for the growth of the surgical robot market. Nevertheless, the growing expenditure on R&D activities by the market players is anticipated to increase the demand for surgical robots over the forecast period.
Accessory Segment is Set to Drive the Global Surgical Robotic Market
By components, the accessory segment dominates the global surgical robot market. Due to their disposable nature, the accessories are purchased on a regular basis for every procedure. Moreover, the growing demand for minimally invasive robotic assisted surgery is expected to further boost the market growth. Among the applications, the orthopedic surgery segment is expected to grow with a lucrative rate in the forecast period. The growing use of surgical robots in the knee and joint replacement surgeries. According to Wolters Kluwer Journal, about 700,000 knee replacement surgeries are performed annually in the U.S. alone. The majority of these surgeries are performed using a surgical robot. This, in turn, drives the growth of surgical robots for orthopedic surgeries.
North America Region to Dominate the Global Surgical Robotic Market
Among the geography, the North America region generated the highest revenue for the surgical robots. The domination of North America in the global surgical robot market is attributed to the factors including the rising prevalence of chronic diseases such as cancer, cardiovascular, neurovascular and others along with higher adoption of advanced surgical treatments is anticipated to drive the market growth. Moreover, the strong presence of major market players in the region is expected to boost the surgical robots in North America. Furthermore, the growing acceptance of surgical robots in ambulatory surgical centers is anticipated to propel the North American surgical robot market in the future.
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