Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) -- According to the report, Robotic Surgical Procedures market size is projected to reach USD 19.03 Billion by 2027. Robotic Surgical Procedures Market was worth 5.32 billion in 2019 and will exhibit a CAGR of 21.8% during the forecast period. The global robotic surgical procedures market size is anticipated to grow significantly owing to the increasing prevalence of chronic diseases among patients.
The integration of advanced technologies in robotic surgical procedures is estimated to drive the robotic surgical procedures market growth. In addition, the increasing prevalence of chronic diseases among patients worldwide is anticipated to strengthen their demand in the future. For instance, according to the World Health Organization (WHO), in 2019, the total cases of prostate cancer globally reached nearly 1.2 million. However, the high cost associated with robotic surgical procedures is predicted to limit their growth.
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Strategic Partnerships to Aid Key Players Gain High Shares
On the basis of application, the general surgery segment will drive the global market with the largest share in 2019. The increasing utilization of robotic type of surgical procedures for hysterectomy, nephrectomy, and cardiac valve repair is the major factor driving the segment growth. The orthopedics segment, on the other hand, is set to enhance the demand for robot-assisted surgical procedures. The growth of this segment is attributed to the increasing patient pool suffering from orthopedic disorders.
North America is projected to dominate the global robotic surgical procedures market share during the forecast period. In 2019, the market value stood at USD 4.08 billion in 2019. The region’s dominance is attributed to the flourishing healthcare industry in the U.S. Increasing applications of technologically advanced equipment and the presence of prominent pharmaceutical enterprises in the country are set to drive the growth of robotic surgical procedures in the region.
The market in Europe is projected to showcase promising growth in the forecast period. Increasing cases of urological and orthopedic disorders in the region are predicted to drive the demand for these type of surgical procedures. In addition, the introduction of advanced surgical equipment in the region will further expand the market.
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Integration of Cutting-edge Technology in Surgical Procedures to Drive Growth
Key players operating in the global market are focusing on strategic partnerships, such as mergers and acquisitions, joint ventures, and collaborations, with other enterprises. This will help them gain more market share. For instance, in October 2018, Stryker entered into a strategic partnership with Synaptive Medical and Ziehm Imaging in order to strengthen its position in the surgical guidance space.
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In February 2020, Medtronic announced the acquisition of Digital Surgery, a London-based Artificial Intelligence (AI) developer, in order to strengthen its robotic surgical procedure platform.
In October 2019, Stryker acquired Mobius Imaging, LLC and GYS Tech, LLC. The latter is Stryker’s sister company. This acquisition will help the company expand its expertise in robotic surgical procedures.
- Intuitive Surgical (Delaware, United States)
- Stryker (Michigan, United States)
- Smith & Nephew (London, United Kingdom)
- ZIMMER BIOMET (Warsaw, United States)
- Accuray Incorporated (Sunnyvale, U.S.)
- CMR Surgical Ltd. (Cambridge, United Kingdom)
- avateramedical GmbH (Jena, Germany)
- Johnson & Johnson Services, Inc. (New Brunswick, United States)
- Medtronic (Dublin, Ireland)
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Global Robotic Surgical Procedures Market Segmentation:
By Application:
- General Surgery
- Gynecology
- Urology
- Orthopedics
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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