Array of Benefits Push Robotic Surgery Systems towards Global Usage
Surgical robotics is a relatively new and evolving medical technology bringing a paradigm shift in the treatment of patients. One of the major benefits for robotic surgery is faster patient recovery as it is minimally invasive form of surgery. This indeed helps hospitals to carry out more number of surgeries as the waiting period is lower than open surgery. Few other benefits include, lower probability of complications, a boost to surgeon confidence and potential expansion of minimally invasive surgery to new conditions.
Medtech Insight (Informa Pharma Intelligence) predicts the global market for robotic surgery systems expected to reach US$9.7bn by 2023. With Medtech giants Medtronic, Johnson & Johnson and Zimmer Biomet launching robotic platforms in 2020, this market is set for a major shakeup.
Global Robotic Surgery Systems Market is Set for Major Shake-up
Global market leader Intuitive Surgical controlled 80% of market share in 2018 with its strong intellectual property portfolio. It holds the ownership or exclusive field-of-use licences for more than 2,400 patents and more than 1,800 patent applications as of 2016. As Medtech Insight (Informa Pharma Intelligence) stated, in 2019, 1.2 million total procedures were performed using the da Vinci surgical system alone.
Significant Growth Ride Ahead on the Back of Conducive Demand and Supply Environment
The increasing utility of automation in medical practices coupled with highly complex surgical procedures are key factors driving the robotic surgery systems market growth.
In recent past, medical technology has witnessed advancements in the areas of 3D-imaging, high-definition microscopic cameras, motion sensors and robotic controlled catheters that are useful in surgical procedures. This has enhanced the possibility of newer surgical applications and disruptive technologies, which are set to drive market growth. Increased adoption of minimally invasive surgeries is also contributing to healthy market growth.
Few recent approvals of FDA are key to signify changing market dynamics by the entry of players exploring different configurations and approaches to robotic-assisted surgery. TransEnterix received FDA clearance for its Senhance Surgical Robotic System in 2017, which is used in gynecologic, colorectal, hernia repair and cholecystectomy procedures. Isreal-based XACT Robotics received a CE mark in 2018 to sell its robotic navigation steering system in Europe.
On the flip side, excessive capital and operational cost of surgical robots along with technology infrastructure requirements prevent the mass-market penetration of these systems. It will continue to face strong competition from other minimally invasive approaches, such as laparoscopy, that usually are more cost-effective while delivering similar clinical outcomes.
In addition, surgical robots come with the added risk of mechanical failures while on-going surgery, which holds back patients from going for robotic, assisted surgeries more often. Although mechanical failure and malfunction are very rare and happen in less than 1% of the cases, these can potentially happen.
North America to Dominate Throughout Forecast Period
North America has recorded the highest revenue compared to other regions in 2019 and anticipated to dominate global robotic surgery systems market throughout the forecast period. The U.S. is house to most of the leading players including Intuitive Surgical. It is also going to lead on the robotically assisted surgery numbers. European and Asia Pacific markets are poised to register lucrative double-digit growth over the forecast period because of the growing adoption of robot-assisted surgeries.
Oligopolistic Market Nature to Change, Slow and Steady
The global robotic surgery systems market is oligopolistic in nature. Intuitive Surgical is long dominating the market with few others that are steadily growing. One of the reasons behind Intuitive Surgical’s dominance of the surgical robotics industry is its strong intellectual property portfolio. However, there is a recently growing trend of collaboration between robotic companies and third-party vendors on technology platforms to develop new surgical applications.
Some of the leading players in the market are Intuitive Surgical, Accuray Inc., AVRA Surgical Robotics, Inc, Corindus Vascular Robotics, Elekta Company, FreeHand 2010 Ltd, Hansen Medical, Inc., Hyundai Heavy Industries, Stryker, Mazor Robotics, Ltd., Medrobotics Corporation, Medtronic, Renishaw, Restoration Robotics, Think Surgical, Titan Medical Inc., TransEnterix, Varian Medical Systems, Virtual Incision Corporation and Immersion Corporation.