The global Surgical Robots market gathered revenue around USD 4.9 Billion in 2020 and market is set to grow USD 16.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 18.9% during the prediction period 2021 to 2027.
Overview of Surgical Robots Market Study
Surgical Robots market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
Drivers: Advantages of robotic-assisted surgery
Globally, the demand for minimally invasive surgeries (MIS) is on the rise mainly due to the advantages associated with these procedures, such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, faster recovery periods, and considerable cost savings. Robotic minimally invasive surgery adds to these advantages by ensuring greater accuracy, repeatability, control, and efficiency.
According to a 2020 article on the comparison of surgical outcomes between integrated robotic and conventional laparoscopic surgery for distal gastrectomy, the surgical success rate in the IRDG (integrated robotic distal gastrectomy) group was 98.0%; significantly higher as compared to the CLDG (conventional laparoscopic distal gastrectomy) group, which accounted for 89.5% success rate. Though the incidence of in-patient and outpatient complications was similar between the groups, the readmission rate in the IRDG group (98.0%) was significantly lower than in the CLDG group (84.3%).
Robotic surgery also offers highly advanced visualization capabilities that provide surgeons with a superior view of the operating area, using HD cameras to illustrate microscopic structures. These systems provide greater dexterity than the human hand; given their ability to rotate 360 degrees and superior maneuverability, robots can allow surgeons to reach hard-to-access areas. These advantages of surgical robots and the rising demand for better, quicker healthcare services are expected to drive the growth of the overall surgical robots market in the coming years.
Restrains: High cost of robotic systems
Robot-assisted surgeries are more expensive than minimally invasive surgeries. The American Congress of Obstetricians and Gynecologists recommends robotic hysterectomy only for unusual and complex clinical conditions. The association states that the adoption of robotic surgery for all hysterectomies would add an estimated USD 960 million to the annual cost of hysterectomy surgeries in the US. The da Vinci system, one of the most commonly used robotic systems, costs between USD 1.5 million and USD 2.5 million, while the CyberKnife robotic system costs around USD 4 million per unit.
In addition, the annual maintenance cost of a robot is close to USD 125,000, which further adds to the already high cost of robotic surgery. The average robotic surgical procedure generally costs anywhere between USD 3,000–USD 6,000. The rising cost of surgeries due to the use of robotic systems is thus expected to restrain the growth of the medical robots market.
In the last few years, hospitals worldwide have witnessed a decrease in their budgets, primarily due to declining federal budgets. For instance, the Florida government’s budget cuts for South Florida hospitals amounted to USD 160 million in 2017. In 2017, 44 urban hospitals in Denver faced budget cuts ranging between USD 0.1 million to USD 20 million. Similarly, hospital budgets in some European countries were reduced in the last couple of years, with further reductions expected in the coming years. Reductions in budgets have necessitated cost-containment measures in many facets of hospital operations. Cost-cutting has resulted in staff lay-offs, delays in facility upgrades, and freezing capital equipment purchases such as high-cost robotic systems.
Opportunities: Increasing penetration of surgical robots in ASCs
Ambulatory surgery centers (ASCs) are freestanding facilities specializing in surgical, diagnostic, and preventive procedures that do not require hospital admission. The cost-effectiveness of ASCs provides significant savings for governments, third-party payers, and patients. A study conducted by Healthcare BlueBook (a provider of data for healthcare services) and HealthSmart (a provider of health plans for self‐funded employers) concluded that ASCs decreased the cost of outpatient surgery by USD 38 billion annually since these facilities offer a lower-cost site of care compared to hospital outpatient departments.
Medicare and its beneficiaries save more than USD 2.6 billion each year because they pay significantly less for procedures performed in ASCs than the rates paid to hospitals for the same procedures. Patient co-payments are also significantly lower when care is received in an ASC. Owing to these cost benefits, there has been a rapid increase in the number of surgical procedures performed in ASCs and outpatient settings, while hospital in-patient visits have reduced. According to a 2019 article in the ASC Focus journal, published by the Ambulatory Surgery Center Association, there has been a significant shift from performing complex surgical procedures in hospital settings to performing them in outpatient settings.
Owing to this, ASCs, especially in the US, are increasingly acquiring advanced robotics to treat complex cases. The Atlanta Minimally Invasive Gynecologic Surgery Center, Health East Ambulatory Surgical Center, and Hutchinson Ambulatory Surgery Center are some ASCs that employ the da Vinci Surgical System to perform minimally invasive procedures. Midtown Surgery Center and San Francisco Surgery Center also offer MAKOplasty, a robotic-arm guided procedure for orthopedic treatment. Thus, the growing number of ASCs providing robotic-assisted specialized surgeries provides an enormous opportunity for players in the surgical robots market.
North America holds the largest share in this market
North America dominated the surgical robots market, with a share of 63.6% in 2019, while the Asia Pacific region is expected to register the highest CAGR of 18.5% during the forecast period. The large share of the North American market can be attributed to the availability of funding for R&D in surgical robots in this region and the increasing adoption of surgical robots for pediatric surgeries in Canada and general surgery procedures in the US.
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Surgical robots enable surgeons to carry out complex surgical procedures with greater precision. They are primarily used in gynecological, urological, orthopedic, general, neurosurgeries, and other minimally invasive surgeries. Growth in this market is primarily driven by the advantages of robotic-assisted surgery, technological advancements in surgical robots, the increasing adoption of surgical robots, and the increase in funding for medical robot research
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COVID-19 Impact on Surgical Robots Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Surgical Robots market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Surgical Robots market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Surgical Robots market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Surgical Robots market include:
Intuitive Surgical (US), Stryker Corporation (US), Medtronic (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (Transenterix) (US), Corindus Vascular Robotics (US), Renishaw (UK), Auris Health (US), Medrobotics Corporation (US), Think Surgical (US), Verb Surgical (US), OMNIlife Science (US), CMR Surgical (US), Preceyes BV (Netherlands), China National Scientific Instruments And Materials Corporation (CSIMC) (China), Microsure (Netherlands), Titan Medical (Canada), avateramedical Gmbh (Germany) and Medicaroid Corporation (Japan).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Product and Service
- Instruments and Accessories
- Robotic Systems
- General Surgery
- Gynecological Surgery
- Urological Surgery
- Orthopedic Surgery
- Other Applications
By End User
- Ambulatory Surgery Centers
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The purpose of Nova one advisor’s Surgical Robots market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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