Surgical Robotics Sector Projected to Show Two-Fold Growth
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By HospiMedica International staff writers Posted on 07 Mar 2016 |
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The global sales of surgical robotic systems are projected to reach USD 28.8 Billion by 2020. These are the latest findings of Allied Market Research (AMR; Portland, OR, USA), a full-service market research and business-consulting firm.
According to AMR, increased adoption of advanced robotic surgery over conventional open surgery, a growing count of surgical procedures, and the rising incidence rates of gynecological, neurological, and urological disorders are the major factors that will boost market growth. As a result, the surgical robotic procedures market is estimated to grow at a compound annual growth rate (CAGR) of 4.9% during 2015–2020, fostering the growth of the surgical robotics market.
The gynecology application segment accounted for 28% share of the surgical robotic systems market share in 2014, maintaining its dominance. Orthopedic surgery, currently at 22%, is projected to be the fastest growing application segment during the forecast period. Systems and accessories jointly accounted for three-fourths of the market in 2014, and are forecast to maintain this trend, mainly due to rising adoption rates across Tier-1 hospitals and recurrent sales of accessories for these systems. System-related services are projected to be the fastest growing segment, owing to growing need for technical systems support, software upgrades, and product parts replacements.
North America and Europe collectively account for around four-fifths of the world surgical robotic systems market revenue, with North America anticipated to remain the highest revenue-generating region, due to widespread adoption of surgical robotic systems among surgeons and patients. However, the Asia-Pacific region is expected to grow rapidly due to a growing awareness of robotic surgeries, increasing healthcare expenditure, and shifting trend towards adoption of technologically advanced procedures.
The key companies in the market include Intuitive Surgical (Sunnyvale, CA, USA), Blue Belt Technologies (Plymouth, MN, USA), Think Surgical, Hansen Medical, MAKO Surgical (MAKO, Ft. Lauderdale, FL, USA), and Mazor Robotics (Caesarea, Israel), among others. Prominent market players have adopted an acquisition strategy in the segment, which will lead to consolidation of the market in the coming years. For instance, Smith & Nephew recently acquired Blue Belt Technologies, and Stryker acquired MAKO Surgical.
Related Links:
Allied Market Research
According to AMR, increased adoption of advanced robotic surgery over conventional open surgery, a growing count of surgical procedures, and the rising incidence rates of gynecological, neurological, and urological disorders are the major factors that will boost market growth. As a result, the surgical robotic procedures market is estimated to grow at a compound annual growth rate (CAGR) of 4.9% during 2015–2020, fostering the growth of the surgical robotics market.
The gynecology application segment accounted for 28% share of the surgical robotic systems market share in 2014, maintaining its dominance. Orthopedic surgery, currently at 22%, is projected to be the fastest growing application segment during the forecast period. Systems and accessories jointly accounted for three-fourths of the market in 2014, and are forecast to maintain this trend, mainly due to rising adoption rates across Tier-1 hospitals and recurrent sales of accessories for these systems. System-related services are projected to be the fastest growing segment, owing to growing need for technical systems support, software upgrades, and product parts replacements.
North America and Europe collectively account for around four-fifths of the world surgical robotic systems market revenue, with North America anticipated to remain the highest revenue-generating region, due to widespread adoption of surgical robotic systems among surgeons and patients. However, the Asia-Pacific region is expected to grow rapidly due to a growing awareness of robotic surgeries, increasing healthcare expenditure, and shifting trend towards adoption of technologically advanced procedures.
The key companies in the market include Intuitive Surgical (Sunnyvale, CA, USA), Blue Belt Technologies (Plymouth, MN, USA), Think Surgical, Hansen Medical, MAKO Surgical (MAKO, Ft. Lauderdale, FL, USA), and Mazor Robotics (Caesarea, Israel), among others. Prominent market players have adopted an acquisition strategy in the segment, which will lead to consolidation of the market in the coming years. For instance, Smith & Nephew recently acquired Blue Belt Technologies, and Stryker acquired MAKO Surgical.
Related Links:
Allied Market Research
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