Increase in adoption of advanced robotic surgery over conventional open surgery, growing count of surgical procedures, and rising incidence rates of gynecological, neurological and urological disorders are the major factors boosting the market growth. However, high cost of surgical robotic systems and procedures is the major factor restraining the growth of the market. The surgical robotic procedures market is estimated to grow at a CAGR of 4.9% during 2015 – 2020, thereby, fostering the growth of the surgical robotics market.
Surgical Robotics Market was evaluated at $3 billion in 2014, and is estimated to garner $6 billion by 2020, registering a CAGR of 10.2% throughout the forecast period (2016‐2020). Robotics surgery, computer-assisted surgery, or robotically assisted surgery involve partial interference or complete dependence on specially devised machines and equipment sot carry out certain surgical procedures. Surgical robotic systems are a combination of equipment, accessories, software, and services that help to perform several minimally-invasive surgeries including gynecological, cardiac, neurological, and orthopedic. Robotic systems allow surgeons to automate the surgical procedure, thereby improving efficacy and precision during the procedure, and minimizing post-surgical complications.
The gynecology application segment accounted for 28% share of the surgical robotic systems market share in 2014, and is expected to maintain its dominance during the forecast period.
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In the component segment, systems and accessories jointly accounted for three-fourths of the surgical robotic systems market in 2014, and is forecast to maintain this trend throughout the forecast period. This is mainly attributed to the rising adoption of surgical robotic systems across Tier-1 hospitals and recurrent sales of accessories for these systems. However, system-related services are projected to be the fastest growing segment, owing to growing need for technical systems support, software upgrades, and product parts replacements.
The increase in need for automation in the healthcare sector and growing demand for minimally-invasive surgeries or unmanned surgery and miniature robotics are the major factors driving the computer-assisted surgery and procedures market. In addition, a rise in incidences of colorectal cancer, neurological disorders, and gynaecological diseases is expected to boost the adoption of robotic surgical systems. Due to this, large-scale hospitals based in developed and developing economies are now favoring automate surgical or hospital services, which ultimately drives the growth of the surgical robotics industry. On the other hand, the high costs associated with surgical robotic procedures and accidental death or injuries due to broken instruments and system errors are likely to hinder the surgical robotics market growth. According to a study conducted at the University of Illinois, around 144 deaths and more than 1,000 injuries have been linked to complications leading from robotic surgery in the United States, in the past decade.
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North America is anticipated to remain the highest revenue-generating region during the forecast period, owing to widespread adoption of surgical robotic systems among surgeons and patients. However, Asia-Pacific region is expected to grow rapidly during the forecast period, owing to growing awareness of robotic surgeries, increasing healthcare expenditure, and shifting trends towards adoption of technologically advanced procedures.
The leading players in the surgical robotics systems market have adopted key strategies, such as partnerships and definitive agreement, to expand their market presence. For instance, in 2015, Hansen Medical, Inc., signed a definitive agreement with AB Medica Sagl and China National Medical Device Co., Ltd. for the distribution of its robotic system in Switzerland and China, respectively. Prominent market players have adopted the acquisition strategy to increase their market share, which would lead to consolidation of the market in the coming years. For instance, Smith & Nephew recently acquired Blue Belt Technologies Ltd., in October 2015, to consolidate its position in the surgical robotic systems market. The key companies profiled in this report include Intuitive Surgical, Inc., Blue Belt Technologies Ltd., Think Surgical, Inc., Hansen Medical, Inc., MAKO Surgical Corp., Renishaw plc., Stanmore Implants Worldwide, Ltd., and Mazor Robotics Ltd., among others.