Surgical robots are witnessing extensive use by doctors to assist in minimally invasive surgeries to reduce recovery time, uneasiness, and prolonged pain in patients.
Surgical robots are witnessing extensive use by doctors to assist in minimally invasive surgeries to reduce recovery time, uneasiness, and prolonged pain in patients. They offer advantages like minimum post-care discomfort, brief hospital stays, and limit the necessity of blood transfusions. Surge in consumer preference to opt for these surgeries in developed and developing economies will enhance the deployment of surgical robots through the coming years.
The influx of technological innovations and recent developments in robots have offered and enhanced visualization and restricted the risks of surgical site infections. Robots deployed in surgeries demonstrate the highest level of accuracy and precision in operations.
Furthermore, surgical robots like the ROSA spine provide immense flexibility to enable deep brain stimulation as well as implantation of electrodes in functional procedures including the cerebral cortex, and biopsies. Estimates reveal that the global surgical robots market size will surpass an annual revenue of more than USD 24 billion by 2025.
Surgical robotics systems to see significant demand
Value of surgical robotic systems is anticipated to record over 24% CAGR up to 2025 owing to the consistent appeal of consumers to opt for less invasive surgeries. The growth can also be accredited towards the advantages offered through robotic assistance to professionals in performing functions with maximum control, flexibility as well as high precision in comparison to conventional methods.
Besides, the use of robotic systems in surgeries incurs lower instances of blood loss leading to a declined need for blood transfusion. Penetration of various types of surgical robots in ambulatory surgical centers (ASCs) recorded close to USD 1.6 billion in annual revenues in 2018. This can be owed to the multiple benefits associated with ASCs like brief stay and low operational costs. There is also a provision for minimally invasive surgeries across selected multispecialty ASC’s to treat chronic disorders.
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Consistent demand for orthopedic surgical robots
Orthopedic surgical robots market reached 13% of the global revenue in 2018 and could observe an exponential rise over the next few years. This is owing to the higher adoption of surgical robots in orthopedic surgeries. Smith & Nephew, in July 2020, unveiled Cori, a next-gen surgical robotic system for use in complete and unicompartmental knee arthroplasty surgeries.
Recently launched robotic systems are witnessing intense demand to assist in complete hip replacement during orthopedic procedures as they offer accurate implant positioning while mitigating the chances of errors. These factors along with the prevalence of bone disorders like arthritis will enhance the application potential of the robots.
Competitive market in the U.S.
U.S. can be ranked as a leading hub for surgical robots as the regional industry was responsible for a revenue share of close to USD 2.2 billion in 2018, with the consistent deployment of technically advanced surgical robots. The country is home to an expanding geriatric population base vulnerable to several chronic conditions leading to a magnifying adoption of surgical robots in minimally invasive surgical procedures. Also, the presence of positive regulators across the region will add impetus to surgical robot development.
Surgical robot producers are incorporating several marketing strategies like mergers, collaborations, and product launches to expand their sales and product portfolio. For instance, Mazor Robotics launched the Mazor X, a robotic surgery system in February 2019. This surgical robot is implemented with the latest technology rendering a long-term competitive potential to the organization. Furthermore, the ongoing COVID-19 pandemic could have also influenced the need for innovations in surgical robotics.
The scarcity of skilled professionals in developing economies as well as the higher prices of surgical robots may negatively impact the surgical robots market forecast to some extent. MedTech, Hansen Medical, Think Surgical, Medrobotics, Renishaw, Stryker, and Intuitive Surgical are some of the other key surgical robots market participants.
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