New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Robotic Surgery Devices Global Market Report 2023" - https://www.reportlinker.com/p06277178/?utm_source=GNW
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The global robotic surgery devices market will grow from $6 billion in 2022 to $6.84 billion in 2023 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The robotic surgery devices market is expected to grow from $11.65 billion in 2027 at a CAGR of 14.2%.
Robotic surgery equipment market consist of sales of robotic systems, instruments and accessories that are used for robotic surgeries.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Robotic surgery devices help doctors perform complex minimally invasive operations with precision and flexibility.
North America was the largest region in the robotic surgery devices market in 2022.Western Europe was the second largest market in robotic surgery devices market.
The regions covered in the robotic surgery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main product and services in the robotic surgery devices market are robotic systems, instruments and accessories, and services.The services are provided by the robots and are also called robot-assisted surgery services.
The various surgery types are urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and others. These are used in hospitals and ambulatory surgery centres.
The rise in demand for minimally invasive technology is driving the robotic surgery devices market.Minimally Invasive (MI) surgery devices are equipped with imaging and catheter technologies that can be easily inserted into any part of the body.
Robotic surgery procedures are usually associated with minimally invasive surgeries.These technologies are mainly used for heart, laparoscopy, orthopedic, gynecological, and urological surgeries.
Robotic surgeries were introduced to reduce patient hospital length of stay (LOS), pain, complications, return to work time, and reoperations.According to the Intuitive Surgical company report, there is a 24% growth year on year for instruments and accessories.
For robotic systems, the company has gained 16% growth and the overall robotic surgery devices market is growing at a rate of 13% -16%. The Intuitive Surgical company estimates that more than 1.2 million surgical procedures were done by using their robotic systems. Consumer preferences are changing, and hospitals are adopting robotic surgery devices to create more value and cost-effective surgical procedures.
Expensive robotic surgery is hampering the robotic surgery devices market.Robotic surgery is comparatively more expensive than other traditional ways of surgeries as it is associated with a lot of complications, requires highly trained senior doctors to operate robotic systems/instruments, complex technical operations, and maintenance.
A single robotic system costs around $2 million and the surgery costs about a range of $3000 - $6000.The annual maintenance cost of robotic surgery devices usually costs between $100,000 - $170,000.
The largest robotic surgery device manufacturer Intuitive Surgical supplies the single-use or disposable surgical tools used for robotic arms for surgeries.This is one of the reasons that robotic surgeries are more costly.
The huge cost associated with robotic surgeries is therefore hindering the market growth.
The advances in surgical products and technologies in the health care industry are creating more opportunities in the robotic surgery devices market.Increasing investments in R&D is helping investors to create value for the customers by producing medical-surgical products like robotic surgery devices by using the latest technologies.
With the use of robotic systems that are equipped with optical imaging, surgical tools, instruments, and accessories, the surgeries are made easier.Some of the surgical advances that are creating more value and opportunity in the healthcare industry include 3-D high definition endoscope (Multi-Angle Rear-Viewing Endoscopic tool) devices for Brain surgery, Smart surgical glasses (equipped with a video camera and Head-mounted monitor) that act like computers, and can use for live observation of surgeries, surgical robots with artificial intelligence that acts as doctors, and humanoid robots which are used for highly critical surgeries in eye and brain.
The other advanced surgical tool is remote robotics, which is used to assist with surgery from any remote location. Therefore, robotic surgery devices are playing an important role in the healthcare industry with their technological advancements and innovations.
In February 2020, Medtronic plc, a US-based medical device manufacturer, acquired Digital Surgery for an undisclosed amount.The acquisition would help Medtronic in clinical decision support and reduce its cost.
It will also help them to grow in the robotic surgery vertical. Digital Surgery is a UK-based manufacturer of digital surgical tools.
The countries covered in the robotic surgery devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The robotic surgery devices market research report is one of a series of new reports that provides robotic surgery devices market statistics, including robotic surgery devices industry global market size, regional shares, competitors with a robotic surgery devices market share, detailed robotic surgery devices market segments, market trends and opportunities, and any further data you may need to thrive in the robotic surgery devices industry. This robotic surgery devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277178/?utm_source=GNW
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