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Surgical Robot Market Projected to Reach USD 20.8 Billion by 2024: Grand View Research Inc.

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Surgical Robot Market Projected to Reach USD 20.8 Billion by 2024: Grand View Research Inc.

July 09
02:24 2019
Surgical Robot Market Projected to Reach USD 20.8 Billion by 2024: Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global surgical robot market size was valued at USD 4.0 billion in 2015 and is expected to grow at a CAGR of 20.03% over the next eight years

The global surgical robot market is expected to reach USD 20.8 billion by 2024, according to a new study by Grand View Research, Inc. The prevalence of chronic disorders, such as chronic heart diseases and various types of cancer, is on a rise. These diseases frequently require surgery as a line of treatment. With the advent of surgical robot, these surgeries have become easier and less traumatic, thereby propelling the demand over the forecast period.

The surgical robotic system causes less postoperative complications and reduces the length of hospital stay for a patient. This further helps to save treatment cost as well as labor cost. Owing to these benefits, these devices are now favored by hospitals in developing as well as developed regions.

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The introduction of evolved systems is expected to boost the market growth over the forecast period. The development of computer software coupled with such robotic systems result in higher precision and better viewing of the incision site. This is expected to propel the demand over the forecast period.

The rising popularity of minimally invasive procedures due to their patient-friendly nature is the vital driver for this industry. Surgical robot help in performing complicated procedures through navigation and magnification options.

North America surgical robot market share, by product, 2014 – 2024

North America surgical robot market share, by product, 2014 - 2024

Further key findings from the study suggest: 

  • Robot systems held a lucrative share of around 42.0% in the product segment. Robot systems were followed by accessories and are also anticipated to witness a substantial growth owing to their frequent repurchase. 
  • On the other hand, services are anticipated to grow at a lucrative rate of around 20.0% over the forecast period. Periodic maintenance of the existing robotic systems is mandatory; hence, this segment is anticipated to witness a substantial growth. 
  • The da Vinci Surgical System by Intuitive Surgical, Inc. dominated this industry in 2015. This system is the first U.S.FDA approved system; hence, retains the first mover advantage. 
  • ROSA surgical system by Medtech is anticipated to witness a lucrative growth over the forecast period. These systems are intended for the brain and spinal cord surgeries. Recent approval for ROSA systems as well as expansion in European and North American Region by Medtech is anticipated to support the growth of this system. 
  • Gynecology held significant share of around 30.0% in application segment followed by general surgery segment which is anticipated to witness remunerative share over the forecast period. Rising prevalence of colorectal cancer further contributed towards the growth of this segment. 
  • North America is the dominating market with lucrative shares of around 60.0% in 2015. However, Asia Pacific is projected to witness sturdy growth over the forecast period with the fastest growth rate. Healthcare advancements as well economic developments with the aid of government is anticipated to support the growth.
  • The key players operating in this industry include Intuitive Surgical, Inc., Accuray, MAKO /Stryker, Medtech Surgical, Hansen Medical, TransEntrix, Titan Medical, Inc., and Renishaw Plc. 
  • New product launches and collaborative developments are key strategic initiatives undertaken by market players to sustain the competition 
  • For instance, in July 2015, Accuray and Raysearch Laboratories AB formed a strategic collaboration. Accuray will co-market and offer Raycare Oncology Information System (OIS) in designated major radiation markets 

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Grand View Research has segmented the global surgical robot market on the basis of type, products, and region:

Global Surgical Robots Market By Product, 2014 – 2024 (USD Million)

  • Robot System
  • Instrument & Accessories
  • Services

Global Surgical Robots Market By Brand, 2014 – 2024 (USD Million)

  • da Vinci Surgical System
  • CyberKnife
  • ROSA
  • MAKO
  • Renaissance
  • Other

Global Surgical Robots Market By Application, 2014 – 2024 (USD Million)

  • General Surgery
  • Urology
  • Orthopedic
  • Neurosurgery
  • Cardiovascular
  • Gynecology
  • Radiology
  • Transplant
  • Gastrointestinal
  • Others

Surgical Robots Market By Region, 2014 – 2024 (USD Million)

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France 
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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Company Name: Grand View Research, Inc.
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