This research report on the robotic surgery devices market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights on segmentation by products (robotic systems and instruments and accessories), applications (general surgeries, gynecological surgeries, urological surgeries, and other surgeries), end-users (hospitals and ASCs), and geography (APAC, North America, Europe, Latin America, and MEA).
The increased usage of robotic surgery platforms for orthopedic surgeries is likely to influence the growth of the robotic surgery devices market. These platforms are highly used for several orthopedic 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 minimally invasive and open surgical procedures.
Global vendors are focusing on inorganic growth strategies such as acquisitions and investments to explore untapped markets across geographies, expand their presence, enhance product portfolio, and improve expertise in the market. These inorganic growth initiatives will complement vendors’ organic growth strategies, thereby gaining traction among end-users in the robotic surgery devices market. Besides, several robotic surgery platforms, which are under clinical investigation, are likely to receive regulatory approvals during the forecast period, thereby promoting the growth of the robotic surgical devices market.
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 sale of robotic surgical devices, which is expected to influence the overall growth of the market in the coming years significantly. Further, vendors are developing and launching advanced robot-assisted 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 increased 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.
This market research report includes a detailed segmentation of the market by product, application, end-users, and geography.
Robotic Surgery Devices Market: Products
Increased safety and efficiency of robotic surgical devices is increasing the share of the robotics systems segment
The growing preference for MI surgical techniques and the increasing availability of 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 robotic surgical instruments and accessories.
The market for robotics system is growing at a healthy rate due to superior safety and efficiency offered by robotic surgical devices. However, continuous innovations and technological advancements have led to the development of several next-generation robotic surgery systems. Also, vendors are focusing on strategic acquisitions to strengthen their position in the global robotic surgery devices market and enhance their market position and expand into new and unexplored markets.
Robotic Surgery Devices Market: Applications
The rise of robotic prostatectomy is a key driver for the robot-assisted urological procedures
The growing usage of robotic surgical devices for performing surgeries such as bariatric, hernia repair, cholecystectomy, and colorectal surgeries, especially in the US, Germany, Japan, and France is a major factor for high percentage shares of the general surgeries segment. The rise of surgical robot platforms has increased the acceptance of robotic surgeries for surgical applications. For example, the Intuitive Surgical’s da Vinci system is gaining prominence in the market and is widely used to perform colorectal surgeries.
Since their first approval of gynecological surgeries by the USFDA in 2005, robot-assisted surgeries have drastically changed the surgical management of several gynecologic malignancies. Robot-assisted surgeries are currently recommended for the management of cervical, endometrial, and ovarian cancers. Therefore, the implementation of robot-assisted gynecologic surgeries in highly complex procedures and high-risk patients is expanding at a rapid pace, thereby increasing the scope of robot-assisted gynecologic surgeries.
The increasing prevalence of kidney ailments or renal cancers is leading to the demand for open, laparoscopic, and robot-assisted techniques. Further, the rise of robotic prostatectomy in treating patients with prostate cancers is another major driver for the growth of the robot-assisted urological segment. Robot-assisted surgeries use finely controlled robotic instruments to perform prostatectomy safely while enhancing patient recovery and outcomes.
Robotic Surgery Devices Market: End-users
The availability of better reimbursement policies is significantly adding to the growth of the hospital segment
The growing elderly population and the increasing prevalence of prostate, uterine, lung cancers, hernia, spinal, and cardiovascular 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 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 surgeries, including robotic surgeries. As a result, ASCs are the fastest-growing segment vis-a-vis hospitals, still widely prevalent only in developed countries such as the US.
Robotic Surgery Devices Market: Geography
The growing preference for technologically advanced robotic surgical surgeries is boosting the robotic surgery devices market in North America
The North American region will dominate the market in the coming years due to favorable government frameworks, the high adoption of robotic surgical systems, and the high acceptance of MI procedures among patients. The growing preference for technologically advanced robotic surgery devices, the high penetration of robotic surgeries, and the presence of a large pool of skilled surgeons performing robotic surgeries are boosting the robotic surgery devices market in North America. Further, the high awareness of the availability of robotic surgeries for treating several diseases/ailments are the major factors fueling the growth of the robotic surgery devices market.
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, which is higher than combined incremental growths of APAC, Latin America, and MEA. Germany, France, the UK, Spain, and Italy are the major revenue contributors in Europe. The robotic surgery devices market is witnessing significant growth due to the presence of highly sophisticated healthcare infrastructure, high awareness levels regarding the availability of robotic surgical devices, and rising investments in R&D activities for the development of innovative robotic surgery devices. Growing technological advancements for developing robotic surgical devices and increasing the incidence of various diseases requiring surgical interventions will also have a positive impact on the market growth during the forecast period.
With the rise in technological advancements, robotic surgery devices have transformed from an idea of the future to present reality. As the demand for MI surgical procedures is increasing, both global and emerging MedTech companies are developing a diverse range of robotic devices. Although Western countries are currently the largest market for robotic surgical devices. Having said that, many countries in APAC offer 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 for robotic surgery devices in the region. Mexico and Brazil accounted for a market share of 56.47% in 2018. Also, recent amendments in insurance and healthcare reimbursement policies in Brazil and Mexico are further expected to boost market growth in the coming years.
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. Therefore, the higher healthcare expenditure and awareness about several treatments for various diseases will have a direct impact on the robotic surgery devices market growth during the forecast period. The African region is expected to witness slow growth than the Middle East region due to the shortage of trained medical professionals to perform robotic surgical devices and the lack of awareness of the latest medical technologies.
Key Profiled Countries
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.
Other prominent vendors are Auris Health, Curexo, Corindus Vascular Robotics, CMR Surgical, meercompany, Medrobotics, Renishaw, Smith & Nephew, Stereotaxis, Tinavi, and Zimmer Biomet.
Key Market Insights
The analysis of the robotic surgery devices market provides market sizing and growth opportunities for the forecast period 2019–2024.
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