Its All About Building Intelligent Machines to Simplify Complex Tasks: Introducing Surgical Robots - Another Modern Advancement in Surgery
Surgical robots were first introduced in the 1980s and were primarily used in cholecystectomy and appendicectomy. Earlier, surgeons were reluctant towards the adoption of robots for minimally-invasive procedures. Slowly, they got acquainted with the benefits of surgical robots and that is when the preference started to increase. Currently, surgeons immensely rely on surgical robots as they help to minimize human error and offer maximum flexibility. As per the report, the global surgical robots market is anticipated to rise at a staggering CAGR of 21.4% between 2018 and 2026. Increasing technological advancements in surgical robots is expected to stimulate growth in the market. Surgical robots are the main point of attraction and mainstays in any operating room. So far, surgical robots could perform prostates, tumors, fibroids, and other complex procedures. Now, a surgical robot can perform eye surgery too. Several researchers from the University of Oxford designed a PRECEYES Surgical System, which can perform surgery on the retina. The rising demand for minimally-invasive procedures is encouraging researchers to design surgical robots for different body parts. Spurred by this, the surgical robots market size is likely to increase in the forthcoming years.
The rising need for automation in healthcare is one of the major factors driving the surgical robots market growth. This, coupled with the rising prevalence of chronic diseases, is enabling growth in the market. Robots have been in the healthcare industry from the past 40 years, yet there is a continuous rise in their development. These surgical robots have paved their way into several operating rooms and are perform surgeries from gynecology to ocular procedures. Surgical robots are gaining immense popularity among clinicians and patients as they are convenient to use and have the potential to improve patient outcome. In addition to this, patients prefer undergoing surgery via surgical robot as it promotes quicker patient recovery, minimization of pain, and less blood loss.
As per the report by Fortune Business Insights, the global surgical robots market was US$ 1463.0 Mn in 2018 and is projected to leap above US$ 6875 Mn by 2026.
66% Gynecologist Surgeons to Adopt Surgical Robots
The demand for surgical robots is expected to grow in several applications which include general surgery, gynecology, urology, orthopedics, and others. Among these, gynecology is anticipated to register a considerable CAGR, aiding the surgical robots market share. According to the National Institutes of Health, around 24% of gynecologist surgeons adopted surgical robots for performing surgeries in 2014. Moreover, around 66% said that they will be using surgical robotic technology in the next year. Da Vinci was that first robotic surgical system approved by the FDA for performing gynecologic surgeries. As per research studies, around 4,22,000 surgeries were performed with Initiative’s da Vinci system in the U.S. in 2013. The adoption of robotic surgery is increasing in gynecology, as it has moderately revolutionized the surgical care of women. Some of the gynecology surgeries performed by surgical robots include hysterectomy, myomectomy, radical hysterectomy, sacrocolpopexy, and tubal anastomosis.
The growing awareness about robotic surgery has encouraged orthopedic surgeons to adopt surgical robots. The rising incidence of orthopedic injuries is fueling demand for surgical robots in orthopedics. Surgical robotic systems allow surgeons to improve screw placements, joint accuracy, and scar reduction. Stryker acquired Mako Surgical with an aim to bring surgical robots in the orthopedic space. It has been reported that Mako robots have performed around 76,900 knee and hip replacement procedures in 2018 and is expected to grow in terms of installations by 2019. The robotic arm used in orthopedic surgery helps a surgeon to achieve desired orientation, improve stability and mobility while performing joint replacement surgery. Enabled by these factors, several other companies are planning to invest in surgical robots in the years to come. Robotics is penetrating in this sector, which is likely to surge the surgical robots market revenue by 2026.
The surgical robotic system reduces labor cost and provides fewer post-surgery complications. Considering this, the demand for surgical robots is the highest from hospitals. Hospitals in developing and developed economies are in favor of automating their hospital services. This, as a result, will positively impact the surgical robots market growth across the world. Another factor expected to drive the hospital segment is the rising number of surgical procedures worldwide. The growing prevalence of trauma cases is likely to augment demand for surgical robots in hospitals. Furthermore, introduction of favorable reimbursement policies in hospitals is expected to increase the patient inflow, thus favoring this segment’s growth in the surgical robots market.
How Did We Get this Information? Research Methodology
The report entails surgical robots market trends and analysis to give its readers a clear understanding of the market’s present and future scenario. The global surgical robots market report displays the market size, share, cost analysis, production, and market value during the forecast period, 2018-2026. The report on the global market for surgical robots offer a detailed analysis of the insights to help readers make judgement on the competitive situation. This will further help manufacturers to gain information on surgical robots market development.
The “Surgical Robots Market” highlights the information about technological advancements and recent and upcoming innovations. Analysts have carefully calculated CAGR, revenue and volume growth, and market share estimations. Analysts have adopted different analytical methods to predicts the market figures for surgical robots. Moreover, a bottom-up and top-down approach is used to calculate estimations.
Fortune Business Insights report on Surgical Robots market includes a detailed evaluation, which is backed by primary and secondary sources. Not only quantitative, but qualitative informative given by our analysts will help you to in making significant decisions for your organization. The report offers valuable information on a minute and granular level regarding the competitive landscape of the surgical robots market. This is followed by assessment of various factors influencing the surgical robots market growth.
A Glance at Some of the Massive Advancements in Robotic Surgery
Intuitive Surgical Inc., Zimmer Biomet, Stryker, Medtronic, and Smith & Nephew are some of the prominent players operating in the global surgical robots market. Of these, Intuitive Surgical Inc. is leading the market and it is the pioneer in surgical robot space. Several companies are planning to expand their product portfolio by bringing innovations in surgical robots. This will further improve the success rate of surgeries. Several companies are in the process of designing specific robotic systems to strengthen their market position. Below are some of the industry developments:
- Titan Medical – Single Port Robotic Arm
A Toronto-based company called Titan Medical completed designing the single-arm robotic surgical system in January 2019. Sport single-port robotic surgical system and is small and portable than the da Vinci surgical system. The high cost is the main hindrance for hospitals to invest in surgical robots but Titan Medical intention is to offer this system at reduced cost. The company has designed this system for abdominal surgeries, by promising ease of use, superior clinical performance, and operational efficiency.
- Medtronic Acquires Mazor Robotics- A US$ 1.7 Bn Deal
In December 2018, Medtronic closed a US$ 1.7 Bn deal by acquiring Mazor Robotics. Mazor Robotics designs robotic-assisted spine surgery device and Mazor X guidance system. Medtronic, the world’s largest medical device manufacturer plans to unite its spine technologies with Mazor Robotics. Both the companies developed a Mazor X stealth device with an aim to accelerate in the field of spine surgery. This acquisition aims to further advance the field of robotic surgery in the spine, thus improving the quality of life of patients.
- Miniature Robots by Virtual Incision
Virtual Incision developed portable and miniaturized robots that have the ability to perform abdominal surgeries. These are remotely-operated robots and can function in space. Considering this, the company has tested its robots on NASA’s plane called “vomit comit” which flies in parabolas aiming to create weightlessness. This robot is the size of a human’s fist and enters the human body through a small incision. It maneuvers in the body with its miniaturized tools such as scissors, tiny laparoscope, and graspers. This robot is not only portable, but affordable, effective, and safe, thereby ensuring a faster recovery.
Automation is slowly revolutionizing the healthcare IT industry. The adoption of surgical robots is increasing as they help to increase efficiency in terms of success rate and performance. Minimally-invasive surgeries based on surgical robots can prove beneficial to patients by offering a speedy recovery and fewer hospital stays. A leading surgical robotics firm called Intuitive Surgical won two awards at the International Design Excellence Awards (IDEA) ceremony on 25th August 2019. This shows that robotic-assisted surgery is going to be a hot topic in medical technology and healthcare IT. Encouraged by this, other companies are also planning to enter into the surgical robots market by adopting several strategies. For instance, Johnson & Johnson announced the acquisition of Auris Health this year as the company plans to further expand its digital surgery business.
North America to Hold a Lion’s Share in the Surgical Robots Market
In 2018, the surgical robots market in North America was valued at US$ 1045.5 Mn and is anticipated to maintain its dominance in the forecast years. As per the American Heart Association, around 98 million people in America were suffering from cardiovascular disorders in 2016. The rising prevalence of cardiovascular diseases is fueling demand for minimally-invasive surgeries, which is subsequently stoking demand for robotic surgical systems in North America. Several institutions are planning to adopt robotic surgical systems. Genesis Healthcare System recently launched a program on robotic-assisted cardiac surgery to improve patient outcomes. One of the most recently performed robotic-assisted surgery was coronary artery bypass grafting or CABG.
Increasing research and development activities can lead to the increase in adoption of surgical robots. This, in turn, is likely to boost the market in Asia Pacific. The emerging need for high-quality healthcare infrastructure is influencing the market to grow in this region. As the population is growing, several institutions are planning to take a technological leap by adopting surgical robots. For instance, SSKM, a well-established referral hospital in Kolkata is planning to invest in robotic surgery by early next year. The plan is to replace several conventional laparoscopic procedures with a cutting-edge technology called robotic surgery. Recently in February 2019, First Affiliated Hospital in China successfully completed its first orthopedic robotic surgery. Beijing is up for the quest in using robotics for medical operations. Companies in China are investing in talent to develop medical robots and revolutionize the healthcare industry soon. Analysts in the report say that it is the oncology segment which is expected to gain popularity in Asia Pacific.
Are Robots Going to Make Their Way into Healthcare Across Tthe World?
With the advent of Intuitive Surgical’s da Vinci Surgical System, minimally-invasive surgeries have become more prevalent. Some of the value-added advantages of robotic surgeries include smaller incisions, lesser hospital stays, improved dexterity, and 3D visualization. As robots are beginning to make their way into the healthcare industry, the high-costs associated with them is hampering its adoption. However, there is a potential to reduce costs as surgical robots significantly contribute to improving patient care. For instance, CMR Surgical’s Versius robot allows patients to receive affordable minimally-invasive surgery, thus improving patient outcomes.
More and more cost-effective robotic surgeries are on the way and companies are developing new solutions to further optimize the outcomes and improve access to patient care. The older robotic systems were very expensive, but the surgical robots market is pushing towards affordable and novel treatment options. Robotic surgery is now seen as an effective technology in today’s world. Surgeons are upgrading their skills and hospitals are conducting programs on robotic surgery. Having said this, surgeons are not going to get replaced by surgical robots. These robots just extend the capabilities of surgeons. Human touch still plays a quintessential role for surgeons during surgeries. It is not easy to beat the enormous experience and steady hands of eminent surgeons.