Increase in adoption of advanced robotic surgery over conventional open surgery, growing count of surgical procedures, and rising incidence rates of gynecological, neurological and urological disorders are the major factors boosting the market growth.
Portland, OR -- (SBWIRE) -- 06/13/2017 -- Surgical Robotic Systems Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $6.4 billion by 2020. The gynecology application segment accounted for 28% share of the surgical robotic systems market share in 2014, and is expected to maintain its dominance during the forecast period.
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In the component segment, systems and accessories jointly accounted for three-fourths of the surgical robotic systems market in 2014, and is forecast to maintain this trend throughout the forecast period. This is mainly attributed to the rising adoption of surgical robotic systems across Tier-1 hospitals and recurrent sales of accessories for these systems. However, system-related services are projected to be the fastest growing segment, owing to growing need for technical systems support, software upgrades, and product parts replacements.
Key Findings of Surgical Robotics Market:
Surgical robotic systems market is projected to witness a two-fold increase in CAGR as compared to surgical robotic procedures market during the forecast period.
Accessories segment is expected to maintain its foothold in the surgical robotic systems market throughout the analysis period.
Orthopedic surgery is projected to be the fastest growing application segment in the surgical robotic systems market during the forecast period.
In 2014, gynecology and urology surgery collectively accounted for about half of the surgical robotic systems market.
Asia-Pacific is forecast to be one of the fastest growing markets, growing at a CAGR of 14.7% from 2015 to 2020.
In 2015, North America and Europe collectively accounted for around four-fifths of the global surgical robotic systems market revenue.
North America is anticipated to remain the highest revenue-generating region during the forecast period, owing to widespread adoption of surgical robotic systems among surgeons and patients. However, Asia-Pacific region is expected to grow rapidly during the forecast period, owing to growing awareness of robotic surgeries, increasing healthcare expenditure, and shifting trends towards adoption of technologically advanced procedures.
The leading players in the surgical robotics systems market have adopted key strategies, such as partnerships and definitive agreement, to expand their market presence. For instance, in 2015, Hansen Medical, Inc., signed a definitive agreement with AB Medica Sagl and China National Medical Device Co., Ltd. for the distribution of its robotic system in Switzerland and China, respectively. Prominent market players have adopted the acquisition strategy to increase their market share, which would lead to consolidation of the market in the coming years. For instance, Smith & Nephew recently acquired Blue Belt Technologies Ltd., in October 2015, to consolidate its position in the surgical robotic systems market. The key companies profiled in this report include Intuitive Surgical, Inc., Blue Belt Technologies Ltd., Think Surgical, Inc., Hansen Medical, Inc., MAKO Surgical Corp., Renishaw plc., Stanmore Implants Worldwide, Ltd., and Mazor Robotics Ltd., among others.
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