ALBANY, New York, Feb. 3, 2020 /PRNewswire/ -- A new TMR study reveals that the surgical robots are finding an increased acceptance in the emerging Asia region. The study is based on recent findings by IEEE (an Association for Electronic Engineering) that millennial parents are increasing opting for robotic surgeries for their children in Asia Pacific region. The study also reveals that low availability of robotic surgeries remains a concern.
According to the Transparency Market Research (TMR) report, the system components are expected to remain the largest segment in the market with a valuation of US$4.1 bn by the end of 2022. Moreover, the overall market growth promises a bright prospect with a forecast of US$13.1 bn in valuation by 2027.
According to TMR analysts, the growth can be largely be attributed to low turn-around times, and increased innovation in robotics over the next years. According to the lead author of the report, "beautification treatments like hair transplant, cosmetic surgeries are major positives emerging in the market. These have not only helped new players absorb high-costs of robotic integration, but also in turn made way for less stress, and more productivity for physicians, as well as private clinics. The growth is likely to remain robust in domains like artificial beautification surgeries, with increased acceptance for robotics in critical non-invasive surgeries as well."
Explore the top-notch research report with incisive insights, and detailed country-level projections. Gain business intelligence on surgical robots market by Type: (Component: Systems, Accessories & Consumables, and Services; Application: Gynecological Surgery, Urological Surgery, Neurosurgery, Orthopedic Surgery, General Surgery, and Others; Method: Minimally Invasive and Open Surgery; and End User: Hospitals and Ambulatory Surgical Centers) 2019 – 2027.
Apart from beautification surgeries, training woes in healthcare also promise robust growth for players in the surgical robots market. Training new physicians to read x-rays in detection of anomalies, and in relation to critical illnesses like cancer is often hard. Moreover, it takes years of experience for consumers to master various forms of diagnosis and often with the help of guidance from seniors.
New imaging technology promises to aid training problems experienced in healthcare, which significantly improve the expertise, and do so without lowering the productivity of senior physicians.
Players in the surgical robots market also face a few restraints as high costs of adoption, and lack of dynamic, and vibrant response systems limit the application. The growth of AI, inclusion of more digital imaging systems, and increased acceptance of robotic systems will likely overcome these challenges. However, for players to succeed, economies of scale remain the need of the hour for robust expansion of surgical robotic systems.
Rising disposable income, young population, and large penetration of digital systems in Asia Pacific promises robust opportunities for growth in the surgical robots market. The medical automation in the region has reached maturity in many ways as patient needs, improved operational efficiency, and reduced costs and time remain major drivers for growth.
Rising technological advancements like more efficient motors, usage of light materials, and in-built safety mechanisms are prominent features of surgical robotic systems today. Moreover, power-backups, and sophisticated systems for operation continue to drive new innovation in the market.
According to the study, the global surgical robots market showcases strong growth indicators, thanks to rise in youth population in emerging nations, and increasing emphasis on aesthetic surgeries due to changing lifestyle. The increasingly consumer driven culture in emerging nation places more emphasis on external beauty, and study continue to show that individuals perceived as more beautiful than peers, end with higher socioeconomic standing. These studies, peer pressure, and advertisement driven consumerist culture is making way for more aesthetic enhancements, and rise of robotic surgeries.
Additionally, rising accident fatalities, chaotic traffic conditions in developing countries, and large number of face debilitating accidents are also increasing the need for aesthetic surgeries. For example, in 2018, the WHO reported that India is home to 6% of the accidents in the world, despite having only 1% of its vehicle population. Moreover, the 467,044 cases in 2018 were a 1.5% jump from the previous year. The rising cases of accidents, and increased emphasis on beauty is likely to drive more growth in the surgical robots market in near future.
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Key players in the surgical robots market remain focused on improving efficacy of operations. The core area has remained a key competitive edge conventionally. In the near future, companies like Intuitive Surgical, Inc, Smith & Nephew plc, Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., TransEnterix Surgical, Inc are expected to pour in more investment towards conceptualization of better systems banking on new trends in 3D printing, AI, among others. The rising investment in research, increasing collaboration between multinational and regional players will likely open new avenues for growth.
Surgical Robots Market - Segmentation
Accessories & Consumables
Ambulatory Surgical Centres
Middle East & Africa
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