Surgical robots market driven by technological advancements and increase in purchasing power of hospitals – Robotics and Automation News

The global market for surgical robots market is being driven by ongoing technological advancements in the sector as well as the increasing purchasing power of hospitals.

This is according to the latest market intelligence study by Transparency Market Research, entitled Surgical Robots Market.

The global surgical robots market was valued at approximately $4.2 billion in 2018 and is projected to expand at an annual growth of 13 per cent from 2019 to 2027.

Key segments

In terms of method, the minimally invasive segment is anticipated to account for over 60 percent share of the market.

Technological advancements allow surgeons to perform less invasive surgical procedures and increase in purchasing power of hospitals and other healthcare settings are expected to propel the minimally invasive segment during the forecast period.

Demand for robots for minimally invasive surgical procedures is likely to increase during the forecast period.

Efficiency of such robots is speeding up the recovery time, shorter hospital stays, increasing the accuracy and safety of surgical procedures, and less intra-operative radiation exposure to patients & healthcare providers.

Easy performance mapping and therapy customization are the major factors projected to drive demand for such robots across the globe.

Research and development in the technology, design, efficiency, and safety of spine surgical robots is anticipated to present significant opportunities in the segment in the near future.

Based on application, the gynecological and urological surgery segments accounted for major shares of the surgical robots market in terms of revenue in 2018.

The segment is expected to expand at a moderate annual growth during the forecast period.

Robotic surgery has developed rapidly, and its use in gynecological conditions as well.

Robot-assisted surgery was approved by the US Food and Drug Administration in 1999 for urologic and cardiac procedures and in 2005 for gynecological surgery.

In 2018, robot technology was applied widely in gynecological surgeries such as for hysterectomy, sacrocolpopexy, myomectomy, adnexal surgery, and malignancy staging.

In terms of end user, the hospitals segment is likely to grow at a rapid pace during the forecast period, due to benefits associated with the use of surgical robots coupled with the resources and capabilities to deploy these platforms.

Moreover, rise in investments in the hospital sector, particularly in developing countries, is projected to increase the number of hospitals in countries such as China, India, and Brazil, thereby boosting the need to procure surgical robotic systems.

Prominent regions

North America held the largest share of the global surgical robots market in 2018. The market in the region is driven by the presence of key players, large number of research activities, and highly structured health care industry.

In terms of revenue, the US is likely to dominate the surgical robots market in North America during the forecast period, owing to early adoption of technologies such as the da Vinci Surgical System, Navio Surgical System, Mazor X, and increase in the geriatric population.

The country is projected to be the most attractive market for surgical robots, with high attractiveness index.

The market in the US is anticipated to expand at annual growth rates of approximately 12 percent during the forecast period.

Increase in adoption of surgical robots by hospitals, technological advancements, rise in research & development of surgical robots for new applications, and surge in demand for rapid and safe minimally invasive surgery procedures are driving the surgical robots market in the US.

Asia Pacific accounted for a significant share of the surgical robots market in 2018.

The market in the region is expected to grow at a rapid pace during the forecast period.

Increase in investment by key players in Asia Pacific and rise in surgical procedures are likely to propel the surgical robots market in Asia Pacific.

Emerging economy, government funding for research, improving healthcare infrastructure, and rise in presence of major global players in countries, such as China and India, are projected to augment the surgical robots market in the region during the forecast period.

Key players

Key players are expanding their footprint to strengthen their positions in the surgical robots market.

These players are collaborating with other companies to secure and strengthen their positions in the market.

Additionally, regulatory approvals is expected to be a key trend going forward, leading to an increase in competition in the market.

For instance, in January 2018, Medrobotics received the FDA regulatory clearance to market its Flex Robotic System for robot-assisted visualization in general surgery, gynecological, and thoracic procedures in the US.

Leading players in the surgical robots market include:

Main image courtesy of ValueConnected.com

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Surgical robots market driven by technological advancements and increase in purchasing power of hospitals - Robotics and Automation News