Global medical robotic systems market size was valued at USD 7,470.7 million in 2014. Key factors driving the demand for medical robots market include rapidly growing demand for precise and efficient minimally invasive surgeries. Growth in the volume of these surgeries, as a consequence of growing disease prevalence levels is also likely to drive the market growth. Improvement in healthcare infrastructure and the introduction of advanced medical equipments are expected to facilitate further implementation of robotic systems in developed countries.
The global industry is witnessing a paradigm change over the years due to technological advancements in the areas of 3D-Imaging, High definition microscopic cameras, data recorders data analytic, motion sensors, remote navigation, and robotic controlled catheters.
The scope of technology innovation is to develop new applications for existing platforms and as well as create disruptive technologies which drive demand. The industry is witnessing a growing trend of companies collaborating on technology platforms with third party vendors to develop new applications
According to the FDA, the use of robotics in the U.S. has increased from 25,000 per year in 2005 to 450,000 in 2012. Furthermore according to data published by the National Cancer Institute it is estimated that in 2014, nearly 80% of prostatectomies were performed using robotics compared to only 1% of all prostatectomies in the year 2001. Increasing adoption of technologically advanced systems is expected to drive demand over the forecast period.
U.S. medical robotic systems market, by product, 2012-2022 (USD Million)
Surgical robots accounted for the largest share in 2014 at over 60% owing to, the increasing demand for minimally invasive surgeries and growing adoption rate of this equipment in hospitals.
Furthermore, technological advancements pertaining to negate the disadvantages of laparoscopic surgeries that include Da Vinci Surgery with improved precision and dexterity delivering favorable outcomes is expected to positively reinforce growth over the forecast period. Additionally, growing number of clinical applications are expected to fuel the future growth of this industry.
Non medical hospital product segment is identified as the fastest growing product segment expected to grow at a CAGR of over 16.0% during the forecast period. Growing healthcare IT market and centralization of establishments are some factors contributing towards the growth in demand.
Laparoscopy was the largest application in 2014 at 88.5%, owing to the increasing demand for minimally invasive diagnostic and therapeutic procedures, growing geriatric population base, and increasing younger population with unhealthy lifestyles such as consumption of fatty foods and increasing consumption of alcohol and lifestyles lacking physical exercises is also likely to attribute to the growth of target diseases over the next seven years.
Furthermore, development of innovative systems with enhanced magnification and maneuverability, easier manipulation, and improved micromotions of the instruments in patient’s body result in the improvisation of surgical methods.
Additionally, these surgeries have proven to be technically feasible and are specifically designed to meet the needs of surgeons. Owing to the presence of such aforementioned factors, laparoscopy is expected to witness lucrative growth over the forecast period.
On the contrary, increasing prevalence of neurological disorders such as brain tumors, strokes, epilepsy & Parkinson’s diseases, and growing awareness levels pertaining to robot-assisted surgeries are the key factors attributing to the lucrative growth of the neurology application segment over the forecast period.
North America dominated in terms of revenue in 2014 at over 40% owing to growing demand for robot-assisted surgeries, presence of sophisticated healthcare infrastructure accompanied by high healthcare expenditure levels in the region. Growing acceptance of assisted surgeries in an array of surgical applications is poised to gain immense importance in the armamentarium of surgeons.
The Asia Pacific medical robotic systems market is expected to grow at the fastest rate during the forecast period due presence of untapped opportunities, constantly improving healthcare infrastructure, and high patient awareness levels are some of the key rendering factors attributing to industry growth.
Rising complication rates arising due to ureteric reimplantation, heminephroureterectomies, urteroureterostomy, and ileocystoplasty represent Asia Pacific as a major growth sector for this industry.
Companies that dominate the global market share include Varian, Reninshaw Plc., MAKO Surgical Corp., Accuray, Health robotics S.R.L, Intuitive Surgical Inc.
This industry is highly fragmented with companies focusing extensively on R&D initiatives in an attempt to capitalize on the available opportunities via developing cost effective and technologically advanced products.