The global surgical robot market is expected to reach USD 20.8 billion
by 2024, according to a new study by Grand View Research, Inc. The prevalence
of chronic disorders, such as chronic heart diseases and various types of
cancer, is on a rise. These diseases frequently require surgery as a line of
treatment. With the advent of surgical robot, these surgeries have become
easier and less traumatic, thereby propelling the demand over the forecast
period.
The surgical robotic system
causes less postoperative complications and reduces the length of hospital stay
for a patient. This further helps to save treatment cost as well as labor cost.
Owing to these benefits, these devices are now favored by hospitals in
developing as well as developed regions.
The introduction of evolved
systems is expected to boost the market growth over the forecast period. The
development of computer software coupled with such robotic systems result in
higher precision and better viewing of the incision site. This is expected to
propel the demand over the forecast period.
The rising popularity of
minimally invasive procedures due to their patient-friendly nature is the vital
driver for this industry. Surgical robot help in performing complicated
procedures through navigation and magnification options.
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Further key findings
from the study suggest:
·
Robot systems
held a lucrative share of around 42.0% in the product segment. Robot systems
were followed by accessories and are also anticipated to witness a substantial
growth owing to their frequent repurchase.
·
On the other
hand, services are anticipated to grow at a lucrative rate of around 20.0% over
the forecast period. Periodic maintenance of the existing robotic systems is
mandatory; hence, this segment is anticipated to witness a substantial
growth.
·
The da Vinci
Surgical System by Intuitive Surgical, Inc. dominated this industry in 2015.
This system is the first U.S.FDA approved system; hence, retains the first
mover advantage.
·
ROSA surgical
system by Medtech is anticipated to witness a lucrative growth over the
forecast period. These systems are intended for the brain and spinal cord
surgeries. Recent approval for ROSA systems as well as expansion in European
and North American Region by Medtech is anticipated to support the growth of
this system.
·
Gynecology held
significant share of around 30.0% in application segment followed by general
surgery segment which is anticipated to witness remunerative share over the
forecast period. Rising prevalence of colorectal cancer further contributed
towards the growth of this segment.
·
North America is
the dominating market with lucrative shares of around 60.0% in 2015. However,
Asia Pacific is projected to witness sturdy growth over the forecast period
with the fastest growth rate. Healthcare advancements as well economic
developments with the aid of government is anticipated to support the growth.
·
The key players
operating in this industry include Intuitive Surgical, Inc., Accuray, MAKO
/Stryker, Medtech Surgical, Hansen Medical, TransEntrix, Titan Medical, Inc.,
and Renishaw Plc.
·
New product
launches and collaborative developments are key strategic initiatives
undertaken by market players to sustain the competition
·
For instance, in
July 2015, Accuray and Raysearch Laboratories AB formed a strategic
collaboration. Accuray will co-market and offer Raycare Oncology Information
System (OIS) in designated major radiation markets
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc.
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Email: sales@grandviewresearch.com
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