According to the current analysis of Reports and Data, the global advantages of robotic surgery market was valued at USD 4.94 Billion in 2021 and is expected to reach USD 11.90 billion by the year 2030, at a CAGR of 10.3%. advantages of robotic surgery include surgery assisted by robots added with the systems to reduce human errors like trembling while doing operations. It is a technological advancement that has a concern to shift over to minimally invasive surgical procedures. advantages of robotic surgery has a tremendous potential to grow, as the physical presence of the surgeon is not necessary. In advantages of robotic surgery, the primary market driver is technological advancement, and a hike in road accidents is expected to fuel the market growth during the forecast period. For instance, according to the numbers given by the Association for Safe International Road Travel (ASIRT) in 2018, about 20-30 million get injured or disabled in road accidents every year. The escalating accidental ratios and the need to have better aesthetics would propel market growth.
Furthermore, the rise in the geriatric population and upsurge in demand for minimally invasive surgical procedures over the traditional methods of surgical procedures are anticipated to fuel the industrial growth in the coming years. In addition, the surge in the initiatives taken by the government for awareness regarding such procedures and an increase in the spending capacity of an individual is expected to help the industry to gain traction in the near future.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Further key findings from the report suggest
- The global leaders are competing to innovate the products to have the largest share in the market. For instance, in December 2017, Think Surgical Inc. announced that the U.S. Food and Drug Administration had granted clearance for it to market the TSolution One system for total knee replacement in the U.S. The robot had earlier received CE Marking, and surgeons have used it in more than 550 procedures in the Asia-Pacific and European markets.
- The competition in advantages of robotic surgery is very high due to the increase in the need for minimally invasive procedures. The companies now are making agreements for penetration in the market. For instance, In May 2018, Stereotaxis Inc. and Acutus Medical declared collaboration and signed an agreement to integrate the Niobe Magnetic Navigation System with Acutus Medical AcQMap, a High-Resolution Imaging and Mapping System. This technology integration helps the patient to allow better improvement of patient care and physician experience.
- In 2019, Stryker acquired Cardan Robotics and Mobius Imaging to spread its hands-on Orion robotics and navigation system for surgical and interventional radiology. The expansion of the companies to ensure better systems and accessories to be installed for advantages of robotic surgery is expected to fuel the growth of the market in the forecast period.
- According to the World Health Organization in 2019, it is observed that there were about 703 million people aged 65 years and above in the world in 2019 and is estimated to double to 1.5 billion by 2050. The increasing geriatric population would owe to push up the growth of advantages of robotic surgery, especially in the orthopedic segment of the application.
- According to the estimates given by the Association for Safe International Road Travel (ASIRT) in 2018, about 20-30 million get injured or disabled in road accidents every year. The need for having better aesthetics and an increase in the spending capacity of the individuals will help the market to gain traction in the coming years.
Top Players in the Global advantages of robotic surgery Market:
Intuitive Surgical, Stryker, Mazor Robotics, Smith & Nephew, Hansen Medical, Renishaw, Transenterix, Think Surgical, Medtech, and Zimmer Biomet.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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advantages of robotic surgery Market Segmentation:
Components Outlook (Revenue, USD Billion; 2019–2030)
- Robotic System
- Instruments & Accessories
- Services
Applications Outlook (Revenue, USD Billion; 2019–2030)
- Orthopedic Surgery
- Neurosurgery
- Gynecologic Surgery
- Cardiothoracic Surgery
- Urology
- General Surgery
- Plastic Surgery
- Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Hospitals
- Ambulatory Surgical Centers
- Others
Global advantages of robotic surgery Market Report: Regional Segmentation
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global advantages of robotic surgery market over the forecast period?
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- Which are the leading manufacturers and suppliers in the global advantages of robotic surgery market?
- Which regional market is expected to lead in terms of revenue share in the global advantages of robotic surgery market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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