With the shifting focus from conventional techniques to technologically advanced tools for surgery in the healthcare industry, advanced tools are being developed that provide precise and optimum outcomes. Surgical robotics is one such tool as they equip doctors to manage highly complex surgeries with precision and dexterity.
Surgical Robotic companies such as Intuitive Surgical have transformed surgical practices by introducing technologically advanced products, such as da Vinci robotic systems. These systems enable doctors to reach those areas of the anatomy that cannot be accessed easily by surgeons without making a large incision.
With the advancement in technology exponential growth in robotic-assisted surgical procedures along with high-quality care options precise surgical procedures, with less patient discomfort are expected in the near future. Also, from a patient’s perspective, surgical robotics offer several benefits such as reduced risk of infection, faster recovery time, shorter hospital length of stay, and small incisions or scars.
Moreover, it has been observed that conventional instruments used for carrying out surgeries are unable to provide high-quality video of the affected region, causing difficulty during complex surgical cases. Due to this, the demand for surgical robotics is increasing in the market.
Based on the market intelligence by BIS Research, titled “Global Surgical Robotics Market - Analysis and Forecast, 2019-2029”, the surgical robotics market registered a value of $4.71 billion in 2018 and is projected to reach $15.43 billion by 2029, growing at a CAGR of 10.7% during the forecast period, 2019-2029.
During the initial period of the forecast i.e. one to four years the impact of most of the market drivers, such as including rising incidence of chronic disorders and increasing geriatric population, globally is expected to be medium. However, during the later period i.e. from 5-10 years the impact of the aforementioned factors is expected to be high.
At the same time the factor that is expected to have the least impact is the technological advancement in the field of medical surgeries, during the first four years. However, it is anticipated to have a high impact on the surgical robotics market.
There are certain factors that are restraining the growth of the market. These include high cost of surgical robotic systems and its associated procedures, shortage of skilled professionals, and restrictive reimbursement landscape. Each of these factors are expected to have a high impact over the market, during the first four years of the forecast period. However, it is anticipated, the impact of high cost of surgical systems will reduce from high to medium after the initial four years, with the impact of other two factors remaining unchanged
In addition, the BIS Research report highlights that several strategies were incorporated by the key players operating in the market to sustain competition. These strategies include product launches and clearances, agreements, funding, and mergers and acquisitions. Among these four categories, product launches and clearances account for 50.4% of the total strategies.
Some of the major players operating the market include Auris Health, Inc. (Johnson & Johnson), CMR Surgical Limited, Corindus Vascular Robotics, Inc., Globus Medical, Inc., Intuitive Surgical, Inc., Mazor Robotics Ltd. (Medtronic plc), Medrobotics Corporation, and Medtech SA (Zimmer Biomet Holdings, Inc.), among others. Among these players, the Intuitive Surgical Inc. is dominating the market with a share of 79.05%.