Surgical Robotics Sector Projected to Show Two-Fold Growth
|
By HospiMedica International staff writers Posted on 07 Mar 2016 |
|
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
Gold Member
12-Channel ECG
CM1200B
Gold Member
POC Blood Gas Analyzer
Stat Profile Prime Plus
Silver Member
Wireless Mobile ECG Recorder
NR-1207-3/NR-1207-E
New
Acute Care Scale
PH-740
Latest Business News
- Johnson & Johnson Acquires Cardiovascular Medical Device Company Shockwave Medical
- Mindray to Acquire Chinese Medical Device Company APT Medical
- Olympus Acquires Korean GI Stent Maker Taewoong Medical
- Karl Storz Acquires British AI Specialist Innersight Labs
- Stryker to Acquire French Joint Replacement Company SERF SAS
- Medical Illumination Acquires Surgical Lighting Specialist Isolux
- 5G Remote-Controlled Robots to Enable Even Cross-Border Surgeries
- International Hospital Federation Announces 2023 IHF Award Winners
- Unprecedented AI Integration Transforming Surgery Landscape, Say Experts
- New WHO Guidelines to Revolutionize AI in Healthcare
- Getinge Acquires US-Based Medical Equipment Provider Healthmark Industries
- Global Surgical Lights Market Driven by Increasing Number of Procedures
- Global Capsule Endoscopy Market Driven by Demand for Accurate Diagnosis of Gastrointestinal Conditions
- Global OR Integration Market Driven by Need for Improved Workflow Efficiency and Productivity
- Global Endoscopy Devices Market Driven by Increasing Adoption of Endoscopes in Surgical Procedures
- Global Minimally Invasive Medical Devices Market Driven by Benefits of MIS Procedures
Channels
Artificial Intelligence
view channel
AI-Powered Algorithm to Revolutionize Detection of Atrial Fibrillation
Atrial fibrillation (AFib), a condition characterized by an irregular and often rapid heart rate, is linked to increased risks of stroke and heart failure. This is because the irregular heartbeat in AFib... Read more
AI Diagnostic Tool Accurately Detects Valvular Disorders Often Missed by Doctors
Doctors generally use stethoscopes to listen for the characteristic lub-dub sounds made by heart valves opening and closing. They also listen for less prominent sounds that indicate problems with these valves.... Read more
Critical Care
view channel
Wheeze-Counting Wearable Device Monitors Patient's Breathing In Real Time
Lung diseases like asthma, chronic obstructive pulmonary disease (COPD), lung cancer, bronchitis, and infections such as pneumonia, rank among the leading causes of death worldwide. Traditionally, medical... Read more
Wearable Multiplex Biosensors Could Revolutionize COPD Management
Chronic obstructive pulmonary disease (COPD) ranks as the third leading cause of death worldwide. Acute exacerbations of COPD (AECOPD), which are often triggered by lung infections, accelerate the disease's... Read more
.jpg "Image: New machine learning models can help solve the problem of underdiagnosed heart disease in women (Photo courtesy of 123RF)")
Surgical Techniques
view channel
Flexible Microdisplay Visualizes Brain Activity in Real-Time To Guide Neurosurgeons
During brain surgery, neurosurgeons need to identify and preserve regions responsible for critical functions while removing harmful tissue. Traditionally, neurosurgeons rely on a team of electrophysiologists,... Read more.jpg "Image: Lightning Flash 2.0 features advanced computer assisted vacuum thrombectomy software (Photo courtesy of Penumbra)")
Next-Gen Computer Assisted Vacuum Thrombectomy Technology Rapidly Removes Blood Clots
Pulmonary embolism (PE) occurs when a blood clot blocks one of the arteries in the lungs. Often, these clots originate from the leg or another part of the body, a condition known as deep vein thrombosis,... Read more
Hydrogel-Based Miniaturized Electric Generators to Power Biomedical Devices
The development of engineered devices that can harvest and convert the mechanical motion of the human body into electricity is essential for powering bioelectronic devices. This mechanoelectrical energy... Read more
Wearable Technology Monitors and Analyzes Surgeons' Posture during Long Surgical Procedures
The physical strain associated with the static postures maintained by neurosurgeons during long operations can lead to fatigue and musculoskeletal problems. An objective assessment of surgical ergonomics... Read morePatient Care
view channel
Surgical Capacity Optimization Solution Helps Hospitals Boost OR Utilization
An innovative solution has the capability to transform surgical capacity utilization by targeting the root cause of surgical block time inefficiencies. Fujitsu Limited’s (Tokyo, Japan) Surgical Capacity... Read more
Game-Changing Innovation in Surgical Instrument Sterilization Significantly Improves OR Throughput
A groundbreaking innovation enables hospitals to significantly improve instrument processing time and throughput in operating rooms (ORs) and sterile processing departments. Turbett Surgical, Inc.... Read more
Next Gen ICU Bed to Help Address Complex Critical Care Needs
As the critical care environment becomes increasingly demanding and complex due to evolving hospital needs, there is a pressing requirement for innovations that can facilitate patient recovery.... Read more
Groundbreaking AI-Powered UV-C Disinfection Technology Redefines Infection Control Landscape
Healthcare-associated infection (HCAI) is a widespread complication in healthcare management, posing a significant health risk due to its potential to increase patient morbidity and mortality, prolong... Read moreHealth IT
view channel
Machine Learning Model Improves Mortality Risk Prediction for Cardiac Surgery Patients
Machine learning algorithms have been deployed to create predictive models in various medical fields, with some demonstrating improved outcomes compared to their standard-of-care counterparts.... Read more
Strategic Collaboration to Develop and Integrate Generative AI into Healthcare
Top industry experts have underscored the immediate requirement for healthcare systems and hospitals to respond to severe cost and margin pressures. Close to half of U.S. hospitals ended 2022 in the red... Read more
AI-Enabled Operating Rooms Solution Helps Hospitals Maximize Utilization and Unlock Capacity
For healthcare organizations, optimizing operating room (OR) utilization during prime time hours is a complex challenge. Surgeons and clinics face difficulties in finding available slots for booking cases,... Read more
AI Predicts Pancreatic Cancer Three Years before Diagnosis from Patients’ Medical Records
Screening for common cancers like breast, cervix, and prostate cancer relies on relatively simple and highly effective techniques, such as mammograms, Pap smears, and blood tests. These methods have revolutionized... Read morePoint of Care
view channel
Critical Bleeding Management System to Help Hospitals Further Standardize Viscoelastic Testing
Surgical procedures are often accompanied by significant blood loss and the subsequent high likelihood of the need for allogeneic blood transfusions. These transfusions, while critical, are linked to various... Read more
Point of Care HIV Test Enables Early Infection Diagnosis for Infants
Early diagnosis and initiation of treatment are crucial for the survival of infants infected with HIV (human immunodeficiency virus). Without treatment, approximately 50% of infants who acquire HIV during... Read more
Whole Blood Rapid Test Aids Assessment of Concussion at Patient's Bedside
In the United States annually, approximately five million individuals seek emergency department care for traumatic brain injuries (TBIs), yet over half of those suspecting a concussion may never get it checked.... Read more