The global surgical robotics market value is expected to grow at the CAGR of approximately 10.78% during the forecast period 2020-2025

SEATTLE, WASHINGTON, UNITED STATES, October 11, 2020 /EINPresswire.com/ -- Market Overview

The global surgical robotics market is relatively small and was having a total addressable market size of nearly $4.49 billion in 2016 and is expected to reach a value of $12.59 billion by the end of 2025. However, in 2015, robotic assisted surgeries accounted for nearly 27% of all MIS procedures and now the percentage has surged to more than 35%.

Conventional surgical instruments are incapable of providing high quality image/video of the affected region, thereby imposing difficulties in the case of complex surgeries. On the contrary, robotic surgery makes it easier for the surgeons to carry out complex procedures with comparatively much smaller incision. Furthermore, robotic surgeries can significantly improve patient outcomes and reduce the number of in-patient stays for a patient

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Market Dynamics

Factors such as growing demand for minimally invasive surgeries, rising incidence rate of chronic diseases, general awareness regarding computer aided surgeries, rising disposable income, and introduction of technologically advanced systems, such as SurgiBot, Amadeus, Single Port Orifice Robotic Technology (SPORT), and Modus V, among others, are propelling the growth of this market. Rising incidences of colorectal cancer, neurological disorders, interventional cardiology disorders, and gynecological diseases, growing geriatric population, and active participation of the government and the industry players in the technological advancement in the field of computer assisted robotic surgeries have boosted the overall growth of this market.

Also, another major factor that contributes to the growth of the overall market is the disposability of equipment and accessories used in a minimally invasive surgical procedure. The surgical robotics vendors generate revenue through one time sale of the surgical system and generate the recurring revenue from the sale of equipment and accessory products and maintenance services used in the surgical system.

High cost of robotic systems and lack of clinical evidences on the efficacy of surgical robotic systems serves as a challenge for the market players to get regulatory approvals and clearance. However, newly established players are putting efforts to get necessary regulatory clearance to enter the market and bring in clinical evidence in order to increase the adoption rate of surgical systems in the near future. Moreover, the shortage of skilled professionals or surgeons globally who can easily understand the technicalities of these technologically advanced surgical robotic system also serves as a restraint for the growth of this market. However, the industry players and the government of different nations are actively involved in giving the training services to the surgeons and are trying to make them comfortable in its usage and technological aspects

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Segmentation by End User

The hospital was the largest revenue contributing application segment, accounting for $4.08 billion in 2016 and is expected to grow at the CAGR of 11.10% during the forecast period 2018-2025 This can be attributed to the rising demand for minimally invasive surgeries, involvement of government and industry leaders in continuous technological advancement leads to the increasing demand of more advanced surgical robotic systems both from the health workers and patients' side

However, the ambulatory surgical centers segment was the second largest end user segment which accounted for $293.7 million in 2016. Further, it is expected to grow at the highest CAGR of 18.90% during the forecast period 2017-2025. This can be attributed to the increasing adoption rate of surgical robotic systems among the ambulatory surgical centers for various surgical procedures which provide cost effective services and convenient environment that is less stressful than what many hospitals can offer.

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Segmentation by Geography

The global conventional minimally invasive surgical equipment market, by region is currently dominated by North America. The contribution of North America was valued at $3.58 billion in 2018 and is expected to reach $4.38 billion by 2025, witnessing a CAGR of 2.90% in the forecast period 2018-2025. North America is the leading region with the highest revenue generated from the conventional minimally invasive surgical equipment market. Almost 92% of the market is dominated by the U.S. market. The reason for this dominance is the rising number of laparoscopic procedures performed in the nation. However, contribution of MEA (Middle East and Africa) is expected to witness highest CAGR of 5.90% in the forecast period 2018-2025. The growth can be attributed to the increasing demand for laparoscopic surgeries due to rising government initiatives to improve patient outcomes. The double digit growth can be expected due to rising surgical need across the world owing too rapidly increasing ageing population as well as rising number of chronic diseases which needs surgical interventions

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Bhanu Reddy
Global Monitor
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