Robotic Surgery System Market to Foresee Growth of a CAGR over 10% From 2019 to 2029

  • 09 Jul 2019

Global robotic surgery system market to value over USD 6 Billion by 2029 end and register a CAGR of over 10% from 2019 to 2029.

Robotic surgery systems are an evolvement of medical sciences due to advancements in technology. Complex procedures are carried out with more accuracy, attention to detail and flexibility thus making it the preferable alternative over conventional traditional methods. 
Surgeries performed by robots are minimally invasive, reducing threats thus proving to be entirely beneficial. 

Improved ergonomics and increased detailed focus will drive the market during the forecast period. Increased availability of the robotic surgery system with skilled ability to perform complex surgeries with precision and minimal blood loss is projected to further propel the market. Low mobility of equipment and high expenses along with lack of skilled personnel hinder the growth of the market. 

Various incentives in terms of monetary aid and other resources also aid the growth of this market globally. The support from government and other organisations aid to promote the market and its market. Reimbursements by multiple third-party vendors for the medical procedures of the public has made reimbursement procedures simpler for the people. Obtaining regulatory approvals has also restrained the market’s growth, however rising need has overshadowed this aspect and supported in expanding the market. 

Global Robotic Surgery System market: Segmentation
By Component      
      
•    Robotic Surgical System 
•    Maintenance Services 
The robotic surgery services segment is expected to expand at a rapid pace. High maintenance cost and annual service contract which comes with the product at the time of sale are expected to boost the segment.

By Application 
•    Urology 
•    Gynaecology 
•    General Surgery 
•    Thoracic Surgery 
•    Cardiac Surgery 
•    Neurosurgery 
•    Others 
The robotic surgical system is anticipated to offer immense alternatives in urology, thoracic, colorectal, gynaecological, general and pediatric surgeries. Urology accounted for a major share of this market due to the rise in prostatectomy procedures and is expected to grow at highest CAGR during the forecast period. 

By End-User 
•    Hospitals 
•    Research Centers 
The Hospital segment accounted for a major share due to the availability of the trained professional surgical team for performing these surgeries along with advanced infrastructure and is expected to grow at CAGR. 

By Region:
•    Europe 
•    North America 
•    APAC 
•    Latin America
•    Rest of World
North America is expected to dominate the market due to the increase in acceptance of these robotics by patients, advanced health care infrastructure, and strategic collaboration with insurance companies. The Asia Pacific is expected to be the second biggest market after North America due to the rapid development of robotic surgical systems and an increase in demand for surgical robots in countries such as China and India. 

Competitive Landscape: 
•    Tier 1 players- established companies in the market with a major market share 
•    Tier 2 players
•    Emerging players which are growing rapidly
•    New Entrants  
Significant firms in the market include Intuitive Surgical Inc., MAKO Surgical Corp., Medtronic Inc., Accuray Incorporated, Hansen Medical Inc., Blue Belt Technologies, Mazor Robotics Ltd., SRI International, Curexo Technology Corporation, and Think Surgical Inc.

FutureWise Takeaways 
•    Growth prospects 
•    SWOT analysis
•    Key trends
•    Key data points affecting market growth 

Objectives of the Study:
•    To provide an exhaustive analysis on the global robotic surgery system market by component, by application, by end-user and by region
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East.
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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