Global market for Surgical Robots to grow at CAGR of 12%; Indian market growth projected at 20% in forecast period of 2017-2025
According to a new marketing intelligence report by BIS Research, titled “Global Surgical Robotics Market – Analysis and Forecast, 2017-2025”, the Indian market for surgical robotics is anticipated to grow at a CAGR of 20% and the global market at 12% between 2017 and 2025. The overall global market size is expected to reach a cumulative value of USD 12.6 billion by 2025, while the Indian market is expected to grow from USD 64.9 million in 2016 to USD 349.3 million by 2025.
There are several factors that are expected to fuel the demand for surgical robotic systems in the near future. Some of these are the rising incidence rate of chronic diseases, increasing geriatric population, growing demand of minimally invasive surgeries and miniature robotics and technological advancements in the field of medical surgeries. The growth is likely to be further propelled by substantial funding provided by various governmental organizations to perform research & development (R&D) activities in next generation surgical robotic systems.
The current robotic surgery systems are gradually attaining the next generation level of medical robotics. Removing human contact during the surgery may be considered as the next level. The robotic surgery systems, then, will be capable of functioning at greater distances between surgeons’ control console and the patient. This will allow the robotic surgery to be conducted with the patients in a nearby clean room devoid of any human contact or interference, thus reducing or eliminating the chances of intraoperative infection. Advancements in making robotic surgery systems more capable of replicating the tactile feel and sensation, which a surgeon experiences during the more invasive traditional procedures, would enable the surgeons gain the precision and advantages of minimally invasive procedures. This can be done without losing the sensory information which is helpful in making the correct judgment during the robotic surgery.
According to Abdul Wahid, Lead Analyst, BIS Research, “With the advent of technologically advanced surgical robotic systems, the global market is expected to grow substantially to help healthcare professionals confront the surgeries of people with gynaecological, urological, orthopaedics, neurological, and orthopaedic disorders. The market for surgical systems by value is expected to grow at the CAGR of 12.3% during the forecast period, 2017-2025. Among all the surgical systems, the da Vinci surgical system accounted for the highest installation volume in 2016 and is anticipated to reach 1,123 installation units in 2025, growing at the CAGR of 8%. Furthermore, the market for da Vinci surgical system by value accounted for the highest market share in 2016 and is expected to grow at the CAGR of 10.9% during the forecast period, 2017-2025.”
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants and vendors. The report also profiles 26 companies including several key players such as Intuitive Surgical Inc., Accuray Inc., Mazor Robotics Ltd., Medrobotics Corporation, Medtech SA, Renishaw plc, Stryker Corporation, Synaptive Medical Inc., Titan Medical Inc., Think Surgical Inc., TransEnterix Inc., and Smith & Nephew plc, among others.
