The global surgical robot market size was valued at USD 4.0 billion in 2015 and is expected to grow at a CAGR of 20.03% over the next eight years. The rising incidences of chronic conditions coupled with increasing geriatric population prone to these diseases are expected to boost market growth.
With rising incidences of these conditions and increasing geriatric population base, the probability of surgical intervention increased multi-fold, hence propelling the industry growth. The prevalence of conditions such as diabetes, cancer, cardiovascular, disorders and neurological disorders is growing globally.
For instance, in 2014, it was reported by the CDC that about 50.0 million people suffer from neurological disorders causing an annual expenditure of over USD 450.0 billion, hence demanding a high volume of surgical intervention.
According to data published by the Medtech, Rosa Robots performed over 2,600 procedures in 2015 for brain surgeries in the U.S. and with the introduction of Rosa Spine, the number is expected to increase over the forecast period.
The increasing adoption of the technology to treat cancer and benign tumors is also expected to support growth over the next eight years. According to the WHO statistics, 14.1 million cases of cancer have been reported for the year 2012.Lung cancer is highly prevalent with about 1.8 million cases globally.
The introduction of technologically advanced systems, such as SurgiBot, Amadeus, Single Port Orifice Robotic Technology (SPORT), and others, is also anticipated to act as a high impact rendering driver.
These systems are expected to provide intuitive control, enhanced visualization, and higher dexterity along with cost-efficiency in comparison to the already existing products, thereby boosting the demand of the surgical robots.
North America surgical robot market share, by product, 2014 - 2024
The product-wise segmentation of the surgical robot industry is inclusive of the system, instrument, consumables, and services. Services are expected to be the fastest growing segment owing to the high maintenance required by these systems. Key players usually provide a service contract at the time of sale of system on annual basis, which can be renewed by the hospitals. The services are inclusive of initial training and routine technology upgrading to optimize the system performance.
Instruments and accessories are expected to be the largest segment over the forecast period owing to the rising volume of robot-assisted surgeries. An upsurge in the adoption of robot based surgeries has been observed in regions such as the U.S., the UK, China, India, and Saudi Arabia leading to an increasing sale of instruments and accessories that are required to be changed for each procedure. As of 2015, these instruments and accessories held over 35.0% of the share.
Brand wise analysis of the market includes da Vinci systems, Rosa, CyberKnife, Renaissance, MAKO, and others. da Vinci is the leader in 2015 due to its position as the first mover of the industry. These systems have been commercially available since 2000 and have recently undergone patent expiry leading to the introduction of new entrants.
Over the forecast period, MAKO is anticipated to witness the fastest growth owing to a rise in orthopedic surgical volume along with collaborative marketing efforts for the system by Stryker Corporation. Stryker is the pioneering leader in the knee and hip replacement procedure and is expected to introduce the MAKO brand into new territories leading to the rising sales over the forecast period.
Furthermore, the introduction of new cost-effective robotic systems included in the others segment is also expected to propel the growth. For instance, the ALF-X multi-port system and SurgiBot are two cost-efficient products from TransEnterix.
Key segments analyzed in the report include general surgery, urology, orthopedic, radiology, neurosurgery, cardiovascular procedures, gynecology, gastrointestinal, transplants, and others. Gynecology forms the largest segment and contributes about 30.0% of the revenue in 2015. The increasing adoption rate by the U.S. gynecologists in conducting procedures, such as prostatectomy, is a vital impact rendering driver and is expected to further propel the growth over the forecast period.
North America is expected to dominate the industry over the forecast period with a major contribution by the U.S. region. As of 2015, the U.S. held about 60.0% of the global share. The U.S. market for surgical robotics is expected to be driven by the financial capability of hospitals to invest in these systems, strategic collaboration with insurance players, rising patient acceptance owing to superior healthcare outcomes, and general awareness about computer-assisted surgeries.
Asia Pacific is anticipated to witness the fastest growth over the forecast period due to rising income levels, constantly improving healthcare expenditure, and overall growth of GDP in the region.
Competitive Market Share Insights
Key players for the surgical robots’ market include Intuitive Surgical, Inc., Mazor Robotics, Accuray, Medrobotics, Medtech, MAKO/Stryker Corporation, Hansen Medical, and others. The industry is expected to witness an upsurge in the number of manufacturers owing to the expiry of the patent for the da Vinci systems. New entrants such as Titan Medical, TransEnterix, and Google among a few are anticipated to develop cost-effective systems with superior visualization and dexterity over the forecast period.
Collaborations and mergers over the next seven years to share technology and costs for innovation in the field are expected to be observed. For instance, MAKO was acquired by Stryker Corporation in 2010.
The study has been particularly analyzed on the basis of brands, which are commercially available and will be launched over the forecast period. The industry is extremely niche with a prominent leader, Intuitive Surgical. The industry has been studied over the forecast period to understand and predict how the market share of this player will be affected.
Tools used for analysis are PESTEL, Porters five forces, driver/restraint impact analysis, and predictive modeling using information gathered by primary research. The data for the purpose of this study was extracted from company annual reports, investor presentations, and medical robotic journals, which were then analyzed using QFD model-based variable analysis.
Along with the extensive secondary research, primary research through questionnaires and personal interviews with key opinion leaders and manufacturing firms helped in understanding the trends and future opportunities existing in the industry.
This report has been represented in terms of products, application, and brands in various regions of the world. However, in order to cater to specific needs of any clients, the study can be further customized.
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