Analysis of COVID-19 Crisis-driven Growth Opportunities in Robotic Surgery Devices Market
Assistive robots and artificial intelligence (AI) technology are quickly becoming important part of our daily lives. A large number of robotic tools are being used in surgical interventions. Demand for robotic surgery devices is expected to increase at a steady pace during the forecast period due to growing complexity of surgical procedures for managing serious diseases and rise in demand for minimally invasive technology.
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Robotic surgery devices continue to remain a fast-growing segment of the medical device industry. Moreover, exponential growth in the number of surgical procedures and mounting burden of chronic diseases drive demand for technologically progressive surgical robots. Surgical robots offer an array of benefits over conventional methods, making them more and more popular in advanced medical techniques.
Better visualization of the surgical site, precise process protocol, better and shorter recovery period for patient undergoing robotic surgery, and reduced probabilities of human errors are the advantages of robotic surgery devices. Significant research and development activities in the field of advanced surgical robots has led to a shift in dynamics of surgical procedures toward extending the capabilities of surgeons during critical procedures.
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Apart from providing improved visuals of the surgical site to a surgeon, surgical robots provide real-time access to a patient’s medical records along with advanced sensor technology. For instance, Intuitive Surgical’s da Vinci Xi robotic surgery system allows minor incisions in highly critical procedures by providing advanced technology with excellent precision, control, and greater access to the doctor compared to conventional open surgeries.
Moreover, the da Vinci Xi robotic surgery system provides a clear 3-dimentional view of the site to the surgeon. Another promising product in robotic surgery devices is the TransEnterix’s SurgiBot System, which unlike da Vinci Xi system which requires the surgeons to be seated behind the console, can be controlled by the surgeon from inside the sterile field. The advanced robotic approach is used to perform surgical procedures for the treatment of various gynecology, cardiac, spinal, urology, vascular, oncology, and general laparoscopy issues.
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The global robotic surgery devices market can be segmented based on product type, surgery type, and region. In terms of product type, the market can be categorized into systems, accessories, and services. Based on surgery type, the global robotic surgery devices market can be classified into gynecology, cardiac, spinal, urology, vascular, oncology, and general laparoscopy surgery.
In terms of region, the global robotic surgery devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to continue its dominance of the global robotic surgery devices market owing to greater acceptance of technology advancements, significant R&D expenditure, and increase in investments for such innovations.
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However, a number of challenges exist in the field of advanced surgical robotics which can hamper market growth during the forecast period. Lack of skilled trainers, high learning curve, and resistance in terms of adoption of technology by senior surgeons are the major restraints of the global robotic surgery devices market. Organizational and regulatory challenges and high capital expenditure are the other factors hampering the growth of the global surgical robots market.
For instance, cost of the advanced fourth-generation da Vinci Xi system is approximately US$ 1.9 Mn which increases with add-on cost of disposables and appendages, making it an expensive procedure. However, the advantages of surgical robots offset these restraints. Hence, doctors and hospitals are increasingly adopting these systems. However, the next generation surgical robotics market is still in a nascent stage. Advancements in technology make it a highly lucrative market for the future.
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Key players in the global robotic surgery devices market are Intuitive Surgical, TransEnterix International, Inc., Stryker Corporation, Hansen Medical, Zimmer Biomet, Corindus Vascular Robotics, Stereotaxis, Inc., and Smith & Nephew, plc.
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