The robotic assisted surgery systems market is estimated to be valued at USD 6,031.27 million in 2020, and it is expected to reach USD 12,970.08 in 2026, witnessing a CAGR of 13.6% during the forecast period.
Globally, the rising number of COVID-19 cases has a profound impact on the robotic assisted surgery market, as surgical procedures initially had to be postponed or delayed. Furthermore, the delay of elective procedures due to COVID-19-related measures adversely affected the robotic assisted surgery systems market, especially in 2020. COVID-19 also impacted the production of robotic assisted surgery systems and products in 2020.
However, as these cases are rising, the preference for robotic assisted surgical systems is also increasing due to the several advantages associated with them, such as facilitation of precise, tremor-free surgery and benefits of minimally invasive methods.
The major factors driving the growth of the market are the rising technological advancements and the entry of new market players, along with the surging burden of chronic disorders and the rising preference for minimally invasive methods. Cardiovascular diseases are the most prevalent across the world, and they are the leading causes of death. As per the 2020 updates of the World Health Organization, ischemic heart disease is responsible for nearly 16% of the world's total number of deaths. Furthermore, since 2000, the highest increase in the number of deaths has been for ischemic heart disease, as it rose by more than 2 million to 8.9 million deaths in 2019. The rising prevalence of cardiovascular diseases is also increasing the number of cardiopulmonary surgeries and coronary artery bypass grafting (CABG) surgeries being performed. Thus, such factors may increase the demand for robotic assisted surgery systems.
However, the annual maintenance costs of these systems, along with their disposable supply costs, are quite high, which puts them beyond the reach of many institutions and healthcare systems, especially in middle-income and low-income countries.
Key Market Trends
The Surgical Robot Segment is Expected to Hold the Largest Share in the Robotic Assisted Surgery Systems Market
The surgical robot segment is expected to hold the largest share in the robotic assisted surgery systems market during the forecast period.
With the emergence of COVID-19, surgeries had to be postponed, which impacted the market for surgical robot systems negatively. According to the study based on 12 weeks of peak disruption to hospital services, published in the British Journal of Surgery in May 2020, due to COVID-19, around 28.4 million elective surgeries had to be canceled or postponed in 2020, globally. More than 580,000 planned surgeries in India had to be canceled or delayed due to the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020.
However, surgeries are being resumed now. Thus, the rising preference for surgical robots due to the minimum level of intervention required and the declining risk of cross-contamination may upsurge the demand for surgical robots.
Many hospitals and other institutions are actively adopting these surgical robots to enhance their surgical procedures in terms of patient outcomes. For instance, in 2020, Apollo Hospital Networks installed about 80 robotic-assisted surgery set-ups across India to perform general, oncology, urology, and bariatric surgeries. Furthermore, in November 2020, it introduced the ''Robotic Joint Replacement Program'', wherein healthcare professionals use next-generation robotic systems for smaller incisions and other activities in partial and total knee replacement procedures.
North America is Expected to Hold a Significant Share in the Market in the Forecast Period
During this pandemic situation, the United States was one of the most affected countries, worldwide, which further significantly impacted the robotic assisted surgery systems market. The adoption of robotic assisted surgery systems may have declined during this period, as countries aimed at conserving and managing resources for curbing the spread of the disease.
North America is expected to dominate the overall robotic assisted surgery systems market throughout the forecast period. The major factors attributing to the growth are the rise in the burden of chronic diseases and technological advancements in robotic-assisted surgery systems. According to the Canadian Institute for Health Information's 2020 report, more than 62,000 hip replacements and over 75,000 knee replacements were performed in Canada during 2018-2019. This represents an increase of 20.1% and 22.5%, respectively, over the last five years. Additionally, joint replacements have increased, with more than 137,000 surgeries being performed annually and an estimated amount of USD 1.4 billion for inpatient hospital and physician costs (excluding rehabilitation). Hence, the rising number of surgical procedures may further support market growth. Furthermore, in September 2019, Medtronic PLC introduced Hugo RAS System, a robot-assisted surgery platform that is more flexible and cost-effective than other systems. Thus, with the above data points, it can be incurred that the market for robotic assisted surgery systems in this region may thrive during the forecast period.
Competitive Landscape
The robotic assisted surgery systems market is inclusive of international companies and local players. New market players with more funds for research and development are now entering the market. Moreover, big players in medical devices are also focusing on paving their way in the robotic assisted surgical systems market through mergers, acquisitions, etc. For instance, in December 2019, Ethicon, a division of Johnson & Johnson, announced to acquire stakes (of Verily) in Verb Surgical Inc. to strengthen Ethicon's capabilities in terms of surgery and advanced instrumentation. The deal was closed in February 2020. This move also helped the market grow. Some of the companies that are currently dominating the market are Intuitive Surgical Inc., Stryker Corporation, Johnson & Johnson Inc. (Verb Surgical Inc. and Auris Health Inc.), SRI International Inc., Accuray Incorporated, Think Surgical Inc., Renishaw PLC, Medtronic PLC, Smith & Nephew PLC, Brainlab, and NuVasive Inc.
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TABLE OF CONTENTS
1 INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Technological Advancements and Entry of New Market Players
- 4.2.2 Increasing Cases of Chronic Diseases and Rising Preference to Minimally Invasive Surgeries
- 4.3 Market Restraints
- 4.3.1 Stringent Regulatory Processes and High Cost of Devices
- 4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 System
- 5.1.1.1 Surgical Robot
- 5.1.1.2 Navigation System
- 5.1.2 Consumable and Accessories
- 5.1.3 Software and Services
- 5.2 By Application
- 5.2.1 Gynecological Surgery
- 5.2.2 Cardiovascular
- 5.2.3 Neurosurgery
- 5.2.4 Orthopedic Surgery
- 5.2.5 Laparoscopy
- 5.2.6 Urology
- 5.2.7 Other Applications
- 5.3 By End User
- 5.3.1 Hospitals
- 5.3.2 Ambulatory Surgery Centers
- 5.3.3 Other End Users
- 5.4 By Geography
- 5.4.1 North America
- 5.4.1.1 United States (by Product Type, Application, and End User)
- 5.4.1.2 Canada (by Product Type, Application, and End User)
- 5.4.1.3 Mexico (by Product Type, Application, and End User)
- 5.4.2 Europe
- 5.4.2.1 Germany (by Product Type, Application, and End User)
- 5.4.2.2 United Kingdom (by Product Type, Application, and End User)
- 5.4.2.3 France (by Product Type, Application, and End User)
- 5.4.2.4 Italy (by Product Type, Application, and End User)
- 5.4.2.5 Spain (by Product Type, Application, and End User)
- 5.4.2.6 Rest of Europe (by Product Type, Application, and End User)
- 5.4.3 Asia Pacific
- 5.4.3.1 China (by Product Type, Application, and End User)
- 5.4.3.2 Japan (by Product Type, Application, and End User)
- 5.4.3.3 India (by Product Type, Application, and End User)
- 5.4.3.4 Australia (by Product Type, Application, and End User)
- 5.4.3.5 South Korea (by Product Type, Application, and End User)
- 5.4.3.6 Rest of Asia-Pacific (by Product Type, Application, and End User)
- 5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Intuitive Surgical Inc.
- 6.1.2 Stryker Corporation
- 6.1.3 Johnson & Johnson Inc. (Verb Surgical Inc. and Auris Health Inc.)
- 6.1.4 SRI International Inc.
- 6.1.5 Accuray Incorporated
- 6.1.6 Think Surgical Inc.
- 6.1.7 Renishaw PLC
- 6.1.8 Medtronic PLC
- 6.1.9 Smith & Nephew PLC
- 6.1.10 Brainlab
- 6.1.11 NuVasive Inc.
- 6.1.12 Avatera Medical GmbH
- 6.1.13 Globus Medical
- 6.1.14 Zimmer Biomet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
