Global surgical robotics market expected to reach $28.8 billion

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Increase in adoption of advanced robotic surgery over conventional open surgery, growing count of surgical procedures, and rising incidence rates of gynaecological, neurological and urological disorders are the major factors boosting the market growth. However, high cost of surgical robotic systems and procedures is the major factor restraining the growth of the market. The surgical robotic procedures market is estimated to grow at a CAGR of 4.9% during 2015–2020, thereby, fostering the growth of the surgical robotics market.

In the component segment, systems and accessories jointly accounted for three-fourths of the surgical robotic systems market in 2014 and are 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:

• 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.
  
• Orthopaedic surgery is projected to be the fastest growing application segment in the surgical robotic systems market during the forecast period.
  
• In 2014, gynaecology 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 world 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 trend 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 signed a definitive agreement with AB Medica Sagl and China National Medical Device Co 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 acquired Blue Belt Technologies 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, Think Surgical, Hansen Medical, MAKO Surgical, Renishaw, Stanmore Implants Worldwide and Mazor Robotics, among others.

The complete report is available at https://www.alliedmarketresearch.com/surgical-robotics-market.