Global surgical robots market is projected to register a healthy CAGR of 14.1% in the forecast period 2019 to 2026. The new market report contains data for historic years 2017, the base year of calculation is 2018 and the forecast period is 2019 to 2026.
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RISING AGEING POPULATION:
With increasing age, the patient pool for chronic disease is rising. Older populations are more prone to diseases such as diabetes, allergies, arthritis, cardiovascular diseases, infections, gastrointestinal and other problems.
There are various health issues which are affected by the senior citizens such as osteoporosis, Alzheimer's disease, osteoarthritis, diabetes, cardiovascular diseases among other diseases which are rising in the demand of surgeries. The demand for surgeries is growing but the number of doctors is decreasing, in such situation the surgical robots can be very helpful as they would help in reducing the time span of surgeries. Hence, the ageing population is expected to drive the market for the surgical robots.
RISING CASE OF ACUTE AND CHRONIC DISEASES:
The prevalence of diseases and conditions such as cardiovascular diseases, diabetes, Alzheimer's disease, Parkinson's disease, cancer and many others over the period of time.
With the increasing prevalence of chronic diseases the demand for the development and innovation of drugs and devices are increasing. This growing demand has provided an opportunity for the pharmaceutical companies to focus on introducing various products in the market in order to meet the rising demand for targeted drug delivery systems.
For instance, in 2016, Intuitive Surgical and Fosun Pharma agreed to establish a joint venture for the researching, developing, manufacturing and selling the robotic assisted catheter-based medical devices. This would help in producing the products which help in targeting the early diagnosis and cost-effective treatment of the lung cancer.
Robotics and the autonomous systems are being hailed as the fourth industrial revolution. Its impact will be felt more widely than either the computer or communications revolutions that preceded it. The exploitation of robotic technology in the healthcare setting has a great deal of potential and is an exciting area of development. Regulatory authorities are actively involved in various stages of robots development.
Two of the most important pieces of legislation in this area are:
Surgical robots fall under the regulation of the medical device directive. The FDA classifies medical devices into three categories - Class I, Class II and Class III- based on the risks associated with the device. Hence, too many rules and regulations by the government restrains the market growth.
HIGH COST OF THE EQUIPMENT AND SURGERY:
Surgical robots are the new technology that holds significant promise. One of the main factors which are restraining the growth of the market is the high cost of the equipment and the high cost of surgery involved.
Thus, the high cost of the equipment’s and the high cost of the surgery are restraining the market to grow.
MERGERS AND ACQUISITIONS TO EXPAND BUSINESS:
Companies dealing in surgical robots have been leveraging mergers and acquisitions, internal R&D and new partnership to expand their business in other regions, especially in promising emerging market also to increase their surgical robots market size and to grab the opportunity of surgical robots in market.
Mergers and acquisitions will lead to expansion of business as these mergers and acquisitions will create an opportunistic scenario for surgical robotics market leading to new product development.
Intuitive Surgical is the leader in the robotics surgery space. The Da Vinci Surgical Systems developed by Intuitive Surgical was launched in 1999 that have been used in more than 3 million procedures till date around the world. Recently, Toronto based Titan Medical, unveiled recently its SPORT (Single Port Orifice Robotic Technology) surgical robot, which is similar to the Da Vinci system.
Other players also in the market include Auris surgical robotics, Cambridge, Vecna technologies, Sofar and Health robotics, Mazor Robotics, Cambridge Medical Robotics and Swisslog holds a very good position both in international market and domestic market but due to the rise in demand of innovative technology in the market.
Global surgical robots market is segmented into three notable segments which are product type, brands and application.
On the basis of product type, the market is segmented into robotic systems, instruments, accessories and services. In 2019, instruments segment is projected to lead with 59.3% shares and is growing with the highest CAGR of 15.1% in the forecast period of 2019 to 2026.
On the basis of brands, the market is segmented into Da Vinci surgical system, Renaissance, Cyberknife, Artas, ROSA and others. In 2019, Da Vinci surgical system segment is projected to lead with 79.6% shares and is growing with the highest CAGR of 15.2% in the forecast period of 2019 to 2026.
On the basis of application, the market is segmented into general surgery, urological, gynaecological, gastrointestinal, radiotherapy, radical prostatectomy, cardiothoracic surgery, colorectal surgery and others. In 2019, general surgery segment is projected to lead with 31.2% shares and is growing with the highest CAGR of 17.3% in the forecast period of 2019 to 2026.
Some of the major players operating in the global surgical robots market are Intuitive Surgical, Accuray Incorporated, Stryker, MEDTRONIC, Smith & Nephew, THINK Surgical, Inc., TransEnterix Surgical, Inc., Zimmer Biomet, Verb Surgical Inc., Auris Health, Inc., Virtual Incision Corporation, Restoration Robotics, Inc. and others.
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Global Surgical Robots Market is Expected to Grow at CAGR 13.7% From 2017 to 2024
Surgical Robots Market is forecasted to grow at 14.1% with factors such as Slow Regulatory Procedures and Expensive Installation Stalling the growth of the Market in Emerging Economies
Global Surgical Robots Market is Growing at a Significant Rate in the Forecast Period 2017-2024
Global Surgical Robots Market is Growing at a Significant Rate in the Forecast Period 2018-2025