Overview of the Global Surgical Robots Market

          In 2014, the value of the global surgical robotics market was 4 billion US dollars and is expected to grow at a compound annual growth rate of 20.03% percent over the next eight years. According to market research by Grand View Research, the value is anticipated to reach 20.8 billion US dollars by 2024. Factors contributing to the market expansions include: an increase in the number of elderly citizens, mutual surgical benefits for both surgeons and patients, the development of modern technology and innovations in the production of robots, high surgery costs which can be reduced by the introduction of surgical robots, and the rise of chronic diseases such as diabetes, cancer, heart disease, and neurological diseases.

 

Global Surgical Robotics Market by Product

          In 2016, 550 units of Da Vinci, a surgical robot, were manufactured. This figure represented the largest production volume of any surgical robot, and is followed by the productions of Mako, Rosa, and CyberKnife robots, ranked respectively by their production volumes. The number of Da Vinci is anticipated to increase to 1,150 units in 2025, and used in prostate cancer surgeries, renal blockage treatments, and heart surgeries.

          On the other hand, the number of Mako robots is likely to rise in response to the increase in the number of orthopedic surgeries. In addition, the company has launched a joint development project with Stryker Corporation, a leader in knee and hip replacement technology, with the aim of improving Mako’s operational system. Thus, it is expected that new models of Mako will be introduced to the market in order to increase future sales.

          Medtech’s Rosa surgery robot is also seeing market expansions due to the increase in cases of brain and spinal surgeries. Recently, Medtech has been authorized to expand Rosa’s markets in Europe and North America.

          CyberKnife is a robot that facilitates surgery with the use of radiation, which does not require physical incisions.

          Intutive Surgical (ISRG), the market leader in medical robots and the producer of Da Vinci, received over     $2.7 billion US dollars per annum from surgical robot products. Installations of Da Vinci at major hospitals around the world has also increased the company’ revenues by 13 percent in 2016.


Global Surgical Robotics Market by Application

          In 2016, the use of surgical robots in gynecological surgeries accounted for 31 percent of the total usage; followed by general surgeries (30 percent), urological surgeries (14 percent), and orthopedic surgeries         (13 percent). It is expected that the use of surgical robots in general surgery will increase to 34 percent, with a projected market value of 6 billion US dollars and a cumulative annual growth rate of 17.4 percent, whereas the figure for orthopedic surgery rise to 17 percent.


Global Surgical Robotics Market by Region
 

          In 2016, North America dominated the surgical robot market with a 56 percent market share, followed by Europe which accounted for 19 percent, and the Asia Pacific region with 17 percent. It is estimated that by 2025, the Asia Pacific region will increase its surgical robotics market share to 20 percent which is due largely to the region’s economic advancement, the improvement and development of healthcare budgets, and the overall GDP growth of the region. In contrast, the utilization of the surgical robot in North America will decline, while Europe’s will remain at the same level.
 
 




Source of References:
¹GRAND VIEW RESEARCH. (2014). Surgical Robot Market By Product (Systems, Instrument And Accessories,
Service), By Brand (da Vinci Surgical System, Cyber Knife, Rosa, MAKO, Renaissance), By Application
(General Surgery, Urology, Orthopedic, Neurosurgery, Cardiovascular, Gynecology, Radiology, Transplant,
Gastro-intestinal), Market Size, Application Analysis, Competitive Strategies and Forecasts, 2018 - 2024
²GRAND VIEW RESEARCH. (2016). Surgical Robot Market Size To Reach $20.8 Billion By 2024. 
³Timestech. (2018). Are robots making their mark in operation theatres?.
⁴Seeking Alpha. (2017). Catch This Robotics Leader On The Upcoming Stock Split.
⁵Data Bridge Market Research. (2018). Global Surgical Robots Market – Industry Trends And Forecast To 2025.