LONDON--(BUSINESS WIRE)--According to the latest study released by Technavio, the global robotic surgery market is expected to grow at a CAGR of more than 11% during the forecast period.
This report titled ‘Global Robotic Surgery Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Barath Palada, a lead analyst at Technavio for medical devices research, “The emergence of micro and nano robots in robotic surgical procedures is likely to have a positive impact on the market growth, owing to the potential advantages such as single incision surgery, and supplementary visualization.”
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The report categorizes the global robotic surgery market into three major product segments. They are:
- Robotic surgery systems
- Instruments and accessories
- Robotic surgery services
Robotic surgery systems
The robotic surgery systems market is growing at a moderate CAGR due to growing concerns regarding safety and the presence of few approved products in the market. Also, budget constraints faced by hospitals, high equipment cost, and economic uncertainties globally have affected the adoption rates of robotic surgical systems. However, the situation has changed since 2014, and countries such as the US have witnessed an increase in new robotic surgery system installations. For instance, Intuitive Surgical reported a YoY growth of 14% for robotic surgical system segment, owing to an increase in shipment units primarily in the US.
“The increasing focus of vendors to expand their robotic surgical systems into emerging economies is likely to change the market dynamics during the forecast period,” says Barath.
Instruments and accessories
Instruments and accessories are used in conjunction with robotic systems during surgeries. Accessories such as sterile drapes, light guides, camera heads, and other items facilitate the use of robotic systems. Instruments include the mechanical arms that are used to perform surgery through tiny incisions. The cost of instruments and accessories amount to USD 650 to USD 3,500 per procedure, and most of them need to be replaced after every procedure. The Robotic surgery instruments and accessories market is growing at a CAGR of close to 14%.
Instruments and accessories segment generates recurring revenue and this is driving market growth. For instance, Intuitive Surgical reports recurring revenue from the sale of EndoWrist and Single-Site instrument and accessory products that are used in performing surgical procedures with the da Vinci Surgical System.
Robotic surgery services
The global robotic surgery services market is growing at a CAGR of more than 15%. To ensure optimal performance, sustained proficiency, and reduced morbidity, robotic surgical systems require annual servicing for better performance. Some of the services provided by Intuitive Surgical include support, installation, repair, and maintenance. The continuous need for better servicing of surgical systems has led to generate the recurring revenue, which has driven the market growth. Also, a high number of installations will lead to an increase in the recurring revenue from the services segment.
The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:
- Auris Surgical Robotics
- Intuitive Surgical
- Stryker
- Titan Medical
Browse Related Reports:
- Global Exoskeleton Robots Market 2016-2020
- Global Laparoscopic Devices Market 2016-2020
- Global Surgical Power Tools Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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