Global surgical robotics market projected to grow more than $12.59B by 2025
FREMONT, CA—According to a new market intelligence report by BIS Research, titled “Global Surgical Robotics Market—Analysis and Forecast, 2018-2025”, the global surgical robotics market is anticipated to grow more than $12.59 billion by the end of 2025, growing at a CAGR of 12.03% during the forecast period of 2018-2025. The rising incidence of chronic diseases, increasing geriatric population, growing demand for minimally invasive surgeries and miniature robotics, technological advancements in the field of medical surgeries, and substantial funding provided by various governmental organizations to conduct research & development (R&D) activities in next generation surgical robotic systems are the factors that are expected to fuel the demand for the surgical robotic systems in the near future.
As per the Lancet Commission on Global Surgery, nearly one-third of the global disease burden can be attributed to the surgically treatable conditions. Factors such as lack of infrastructure, insufficient number of trained surgeons and anesthesiologists and the prohibitive costs of receiving care can prevent billions of people, especially in the low and middle-income countries from receiving the care they need. An estimated 143 million additional surgical procedures are needed each year to save lives and prevent disability. The surgical robotic system enables the surgeon to use computer and software technology to control and move surgical instruments through one or more tiny incisions in the patient’s body for a variety of surgical procedures.
The growing demand of technologically advanced minimally invasive surgical procedures both from the doctors’ and patients’ end have given rise to the robotic assistive surgeries. Robotic surgery refers to a surgical procedure where surgeons use a computer to control small instruments attached to a robot. Hence, it is also known as computer guided minimally invasive surgery. The shorter hospitalization time, reduced therapy requirements, lesser pain, and consequently lesser need of medication for surgical pain or scarring, and negligible complications related to the incisions are some of the additional benefits propelling the adoption of surgical robotic system across hospitals and ambulatory surgical centers.
According to Abdul Wahid, a lead analyst at BIS Research, “With the advent of technologically advanced surgical robotic systems, the global market is expected to grow substantially to meet the rising needs of healthcare professionals confronting the surgeries of a large pool of patients, especially of the people with gynecological, urological, orthopedics, and neurological disorders. Among all the surgical systems, the da Vinci surgical system accounted for the highest installation volume in 2016 and is anticipated to reach 1,123 installation units in 2025, growing at the CAGR of 8%”.
- Based on the product segment, instruments & accessories accounted for the largest market share in 2017 and is expected to reach $5.84 billion by 2025. This is attributed to the prominent recurring revenue generation business model in the surgical robotics market.
- Based on the application, gynecology accounted for the largest market share by value in 2017. However, general surgery is expected to be dominant with a revenue generation of $4.22 billion by 2025. Further, orthopedics is anticipated to grow at the highest CAGR of 15.50% during the forecast period, 2018-2025.
- Based on end-users, hospitals are the most significant consumer of surgical robotic systems and are anticipated grow at the CAGR of 11.66% during the forecast period, 2018-2025.
- Based on region, North America is currently the largest revenue generator for the surgical robotics market and is expected to reach $4.75 billion by 2025PR Newswire has the complete article