Robotic Surgery Devices Market - Global Outlook and Forecast 2019-2024

INDUSTRY INSIGHTS

The global robotic surgery devices market is growing at a faster rate than the global medical devices market. The global market is growing at a significant rate due to the increasing incidence/prevalence of various diseases. The rising elderly population is another key factor of the market growth for global robotic surgical devices.

The increased usage of robotic surgery platforms for orthopedic surgeries is likely to influence the market growth. These platforms are highly used for several surgeries such as the spine, knee replacement, and joint replacement. Several clinical studies have suggested that robot-assisted orthopedic surgeries provide better safety and efficacy than conventional open and minimally invasive surgery procedures.

Further, the high demand for Minimal Invasive (MI) surgical techniques is contributing to the growing recognition of robot-assisted surgeries. Therefore, the increased acceptance of robotic surgeries will directly encourage the device's sales, which is expected to influence the overall growth of the market in the coming years significantly. Further, vendors are developing and launching advanced robotic platforms/devices to address the prevailing unmet surgical needs for the treatment of several disorders/ailments. They are focusing on the commercialization of robotic surgery devices. Also, the approval of new products, coupled with R&D, is expected to help vendors to expand their market reach and growth. The global robotic surgery devices market is expected to grow at a CAGR of about 17% during the period 2018–2024.

 ROBOTIC SURGERY DEVICES MARKET SEGMENTATION

This market research report includes a detailed segmentation of the market by

• Product
• Application
• End-users
• Geography

 PRODUCTS INSIGHTS

Increased safety and efficiency of robotic surgical devices is increasing the share of the robotics systems segment

In 2018, the instruments & accessories segment accounted for a share of 60% of the global robotic surgical devices market. The growing preference for MI techniques and advanced treatments are the key factors for the growth of the instruments and accessories segment. Further, the increase in the aging population, the presence of a large pool of patient, and the awareness of advanced robotic surgical treatment are some of the significant factors fueling the market. Vendors are extensively investing in R&D to develop innovative surgical instruments and accessories.

The market for robotics system is growing at a healthy rate due to the superior safety and efficiency offered by robotic surgical devices. However, continuous innovations and technological advancements have led to the development of several advanced robotic surgery systems. Also, vendors are focusing on strategic acquisitions to strengthen their position in the global robotic surgery devices market. The acquisitions enhance their market position and expand into new and unexplored markets.

APPLICATIONS INSIGHTS

The rise of robotic prostatectomy is a key driver for the robot-assisted urological procedures

The general surgeries segment dominated the global robotic surgical devices market and accounted for a share of 33% in 2018. The rise of surgical robot platforms has increased the acceptance of robotic surgeries among the patients. For example, the Intuitive Surgical’s da Vinci system is gaining prominence and is used to perform colorectal surgeries.

Gynecology is identified as the second-largest surgical specialty where the acceptance of robotic surgeries has increased both in the US and international markets. For instance, approximately 265,000 procedures were performed using the da Vinci system in 2018. In Europe, Asia, and Latin America, the robotic gynecologic surgical volume witnessed a growth of 23% in 2018.

END-USERS INSIGHTS

The availability of better reimbursement policies is significantly adding to the growth of the hospital segment

The growing elderly population and rising diseases are the major factors contributing to the increasing volume of robotic surgeries in hospitals. Major and renowned hospitals have started offering robotic surgeries for treating a broad range of diseases. In addition, the availability of better reimbursement policies of hospitals is significantly adding to the growth of the segment. Thus, the increased demand for robotic surgical devices from hospitals is likely to boost the robotic surgery devices market during the forecast period.

The ASCs end-user segment is likely to grow at a faster rate than the hospitals segment at a CAGR of 18% during the forecast period. The rise in same-day discharge (SDD) procedures and cost-effectiveness of ASCs (ambulatory surgical centers) are contributing to the growth of the market. Also, ASCs are equipped with sophisticated/advanced equipment to perform a wide range of MI procedures, including robotic surgeries. ASCs are still widely prevalent only in developed countries such as the US.

GEOGRAPHY INSIGHTS

The growing preference for technologically advanced robotic surgeries is boosting the market in North America

The North American region will dominate the market in the coming years. The favorable government frameworks, the high adoption of robotic surgical systems, and the high acceptance of MI procedures among patients are boosting the market growth. Europe is the second largest market for robotic surgical devices. The region is expected to witness an incremental growth more than $800 million during the forecast period. Germany, France, the UK, Spain, and Italy are the major revenue contributors in Europe.

Although Western countries are currently the largest market for robotic surgical devices. The APAC region offers significant growth opportunities due to the presence of a large pool of patient population and favorable government reforms to improve healthcare. Japan, China, Australia, South Korea, and India are the major revenue contributors to the market in APAC.

Brazil and Mexico are the major revenue contributors to the robotic surgical devices market in Latin America. The market in Brazil is growing at a significant rate due to the increasing elderly population, changing medical device industry dynamics, and growing private and government healthcare expenditure. Mexico is another major market in the region. Mexico and Brazil accounted for a market share of 56.47% in 2018.

The robotic surgery devices market in MEA is growing at a slower rate than all other regions. However, the region is experiencing positive growth due to an increase in healthcare spending, growing awareness about healthcare treatments, and a large middle-class population with high spending power. Although healthcare spending in MEA is currently at the lowest in the world, the region’s healthcare expending is expected to grow by about 10% annually in the coming years.

KEY VENDOR ANALYSIS

The global robotic surgery devices market is highly consolidated with major players accounting for a significant share in the market. Global vendors are dominating the market, however, there are significant growth opportunities for new entrants as well. Global vendors are focusing on implementing various strategies such as new product launches, acquisitions, and increased R&D investment to enhance their market share and presence in the market.

Key Vendors

• Intuitive Surgical
• Stryker
• Medtronic
• TransEnterix

The global surgical robotics market research report includes analysis with revenue and forecast insights for the following segments:

Market by Products

• Robotic Systems
• Instruments and Accessories

By Application

• General Surgeries
• Gynecological
• Urological
• Other

By End-users

• Hospitals
• ASCs

By Geography

• APAC
  • Japan
  • China
  • Australia 
• North America
  • US
  • Canada 
• Europe
  • Germany
  • France
  • UK 
• Latin America
  • Brazil
  • Mexico
• MEA
  • Turkey
  • Saudi Arabia