Surgical Robots Market
Surgical Robots Market (Component: Systems, Accessories & Consumables, and Services; Application: Gynecological Surgery, Urological Surgery, Neurosurgery, Orthopedic Surgery, General Surgery, and Others; Method: Minimally Invasive and Open Surgery; and End User: Hospitals and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Robotic Arms Drive Adoption of Surgical Robots
Growing demand for minimally invasive surgeries has triggered the adoption of surgical robots. Equipment manufacturers are tapping into opportunities in robotic arms, systems, and devices to capitalize on the trend. As such, the systems component segment of the surgical robots market is expected to reach a value of ~US$ 4.1 Bn by the end of 2022.
Healthcare providers are increasingly benefitting from the introduction of novel surgical robots, since these machines are gaining clinical approval for challenging surgical operations. According to a survey conducted by the IEEE - an association for electronic engineering, surgical robots are gaining increased acceptance by millennial parents in Asian countries, as compared to the individuals in the U.S. and the U.K. This trend is well justified, since Asia Pacific is projected for aggressive growth during the forecast period.
Manufacturers are collaborating with technologists to improve the efficacy of robots that contribute toward better patient outcomes. Companies are increasing their efficacy in AI and machine learning to make surgical robots a mainstream technique in operating rooms worldwide.
The global surgical robots market is expected to reach a value of ~US$ 13.1 Bn by 2027.
To know the scope of our report Get a Sample on Surgical Robots Market
FDA-approved Surgical Robots Gain Prominence in Gynecological Surgeries
The surgical robots market is witnessing change with the introduction of AI in operating rooms. As such, surgical robots are anticipated to gain increased prominence in ambulatory surgical centers in the coming years. Operational accuracy of surgical robots is proving productive in gynecological, general, and orthopedic surgeries. Moreover, the gynecological surgery application segment of the surgical robots market is anticipated to reach a value of ~US$ 4.9 Bn by 2027.
Companies are leveraging opportunities in orthopedic and neurosurgical operations, since these sectors are predicted for exponential growth during the forecast period. This trend is leveraged with AI to gain FDA and CE clearance for novel surgical robots. For instance, in January 2019, Intuitive Surgical - a U.S. leader in robotic products, announced its fourth quarter earnings for the FDA-approved da Vinci surgical systems that are gaining increased acceptance in the U.S. healthcare industry landscape.
Apart from the U.S., manufacturers are meeting the needs of healthcare providers for urological procedures.
Get a glimpse of the in-depth analysis through our Report Brochure
Companies Overcome Limitations of Haptic Feedback Using Cutting-edge Sensor Technology
Minimally invasive surgery is a modern technique that helps in executing complex surgical procedures with utmost precision. However, ambiguity associated with the haptic feedback of surgical robots acts as a barrier for its adoption by robot-assisted surgeons.
The surgical robots market is highly consolidated with only two major players accounting to ~90% of the total market share. This is another major challenge faced by emerging players who lack the budget, resources, and expertise to overcome the limitations of the haptic feedback associated with surgical robots.
In order to overcome these issues, companies in the surgical robots market are join forces with haptic sensor manufacturers to gain insights on accurate tissue and organ models. For instance, sensing and test-measurement solutions provider Futek manufactures haptic sensors to support surgical robotic platforms. Thus, emerging players are leveraging this opportunity to collaborate with haptic sensor manufacturers to gain competitive edge over leading players. Manufacturers are increasingly investing in R&D to address design challenges associated with haptic autoclavable sensors by collaborating with multidisciplinary engineering teams.
Improvements in 3D Visualization Technology Boosts Uptake of Robotic Systems
Successful outcomes associated with robotic-assisted surgeries are increasingly replacing conventional surgical procedures. Manufacturers in the surgical robots market are making improvements in 3D visualization to enhance quality of life in patients. Ongoing innovations cater to solutions that integrate the medical device technology with robotic systems to reduce trauma and offer rapid post-surgery healing.
Robotic-assisted surgeries are being increasingly adopted in the U.S. healthcare industry landscape, since the FDA has approved surgical robots for general laparoscopic surgeries. As minimally invasive surgeries are growing popular in globally, manufacturers in the surgical robots market are increasing research to augment high-resolution imaging and superior operative ergonomics in robotic systems.
Since several hospitals, especially in developing economies are restricted with limited budget spending, manufacturers are introducing low-cost surgical robots that eliminate the need for constant maintenance servicing.
Expanding operations in future? To get the perfect launch ask for a custom report
The surgical robots market is expected to expand at a significant CAGR of ~13% during the forecast period. Companies are eyeing high growth opportunities in Europe and Asia Pacific. Surgical robots are being equipped with AI and machine learning technologies for better outcomes.
However, overhead costs associated with advanced surgical robots such as installation, and service and training fees has slowed down the uptake of surgical robots, especially in budget-constrained hospitals of developing economies. Hence, manufacturers should introduce low-cost robotic systems that fit the budget of these hospitals. For instance, Johnson & Johnson - a U.S. multinational corporation has acquired a stake in Verb Surgical, - a California-based medical equipment manufacturer to develop low-cost robotic systems.
Surgical Robots Market: Overview
- According to Transparency Market Research’s latest market report on the global surgical robots market for the historical period 2017-2018 and forecast period 2019-2027, rise in the per-capita healthcare expenditure, increase in baby boomer and disabled populations, development in healthcare infrastructure in emerging markets, surge in rehabilitation success rate, and reduction in overall cost of healthcare services are anticipated to drive the global surgical robots market
- According to the report, the surgical robots market was valued at ~US$ 4.2 Bn in 2018 and is projected to expand at a CAGR of ~13% from 2019 to 2027
Technological Advancements and Increase in Purchasing Power of Hospitals: Key Drivers
- Rise in the disposable income of people in emerging economies is expected to enable them to avail better healthcare facilities. Hence, availability of better medical robots are likely to prompt healthcare service providers to make significant investments in advanced medical automation technologies in order to meet patient needs, improve operational efficiency, and save both service costs and time.
- Rapid increase in adoption of medical robotic systems can be attributed to a blend of technological improvements, such as usage of more efficient motors, compact & light materials, power back-up, and sophisticated controls & safety mechanisms
Focus on Geographic Expansion
- Companies in the global market are increasingly turning to in-licensing and collaboration agreements to launch new products in Asia Pacific. Rise in demand for technology-driven solutions, economic growth, surge in disposable income, and increase in awareness about robot-assisted minimal invasive surgeries present significant opportunities for players operating in the global market. Increase in healthcare awareness programs coupled with private wealth is expected to boost Asia Pacific’s healthcare spending by annual average of 6.5% during the forecast period.
- For instance, in 2018, Intuitive Surgical, Inc. announced the direct operations in India, following seven years of doing business in the country through a distributor, Vattikuti Technologies Pvt. Ltd.
- In August 2017, Titan Medical extended its agreement with Longtai Medical, Inc. to market, sell, and distribute Titan’s SPORT surgical system in Asia Pacific
High Cost of Medical Robots and Lack of Skilled Personnel to Hamper Global Market
- The surgical robots market is technology driven. Introduction of new technologies in the market increases demand for these systems due to improved efficiency and outcomes. However, high pricing of these new devices raises the affordability issue, which limits market growth, especially in the developing regions. Moreover, lack of reimbursement affects demand for robotic systems.
- Robotic surgery has been adopted by patients and doctors in the last decade. However, standardization in training for instrument handling and accreditation guidelines to ensure surgeon competence and patience safety is still lacking. Hence, during clinical practice, failure of robotic procedures have been observed, which results from surgeon’s inability.
- There has been widespread implementation of robotic systems for minimal invasive surgery. However, a non-negligible number of complications and technical difficulties have still been observed.
Surgical Robots Market: Competition Landscape
- This report profiles major players in the surgical robots market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The surgical robots market is highly consolidated, with presence of small number of players
- Leading players in the surgical robots market include -
- Intuitive Surgical, Inc.
- Smith & Nephew plc
- Medtronic plc
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- TransEnterix Surgical, Inc.
- Verb Surgical, Inc. (joint venture between Johnson & Johnson and Google, Inc.)
- Medicaroid, Inc.
- TINAVI Medical
- Medrobotics Corp
Surgical Robots Market: Key Developments
- Key players in the surgical robots market are engaged in regulatory approvals, introduction of technologically advanced products, acquisitions, and collaborative agreements with other companies. Major developments by key players are likely to fuel the surgical robots market. A few expansion strategies adopted by players operating in the surgical robots market are:
- In April 2019, Johnson & Johnson acquired Auris Health, Inc. for ~US$ 3.4 Bn in cash. Johnson & Johnson plans to advance its commitment to combatting lung cancer and expand its digital surgery portfolio across multiple surgical specialties.
- In March 2019, Smith & Nephew acquired Brainlab‘s orthopedic joint reconstruction business and announced plans to unveil a next-generation surgical robotics platform
- In January 2018, Medrobotics Corp. received the FDA regulatory clearance to market its Flex Robotic System for robot-assisted visualization in general surgical, gynecological, and thoracic procedures in the U.S.
- The report on the surgical robots market discusses individual strategies, followed by company profiles of manufacturers of surgical robot products. The competitive landscape section has been included in the surgical robots market report to provide readers with a dashboard view and a company market share analysis of key players operating in the surgical robots market.
Surgical Robots Market - Scope of Report
TMR’s report on the global surgical robots market studies past as well as current growth trends and opportunities to gain valuable insights of the same indicators for the market during the forecast period from 2019 to 2027. The report provides revenue of the surgical robots market for the period 2017-2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the surgical robots market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the surgical robots market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, companies’ presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the surgical robots market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the surgical robots market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the surgical robots market.
The report delves into the competitive landscape of the surgical robots market. Key players operating in the surgical robots market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the surgical robots market that have been profiled in this report.
Key Questions Answered in Surgical Robots Market Report
- What is the scope of growth of product companies in the surgical robots market?
- What will be the Y-o-Y growth of the surgical robots market between 2019 and 2027?
- What is the influence of changing trends in technologies on the surgical robots market?
- Will North America continue to remain the most profitable regional market for surgical robot providers?
- Which factors are anticipated to impede the growth of the surgical robots market during the forecast period?
- Which are the leading companies in the surgical robots market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the surgical robots market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the surgical robots market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the surgical robots market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the surgical robots market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the surgical robots market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the surgical robots market more reliably and accurately.
Surgical Robots Market - Segmentation