Surgical robots market reaches new high

The global surgical robots market size was valued at USD 2.5 billion in 2019 and is anticipated to grow at a CAGR of 22.3 percent over the next six years, predicts Grand View Research. Key factors attributing to the growth include increasing adoption of minimal invasive surgeries among patients owing to its added benefits, such as need for shorter hospital stays by patients, compared to traditional surgery, introduction of flexible and cost-effective surgical robots by new manufacturers, and their increasing approvals for new medical conditions. Other factors aiding the market growth are increasing number of approvals granted by the FDA to surgical robotic companies for R&D in image-guided robotic surgery and robotic automation. Moreover, the increasing number of surgical robotic systems and rising adoption of robot-assisted hysterectomies and other surgical interventions are further contributing to this growth. Improvement in healthcare infrastructure and the introduction of advanced medical systems is also expected to facilitate system implementation in developed countries.

Surgical robots have been witnessing a paradigm change in the last few years owing to technological advancements in the areas of 3D imaging, high definition microscopic cameras, data recorders, data analytic systems, motion sensors, remote navigation systems, robotic-controlled catheters, and other accessories useful for surgeries. This is to develop new applications for existing platforms as well as create disruptive technologies, which will drive the future market. The industry is witnessing a growing trend of robotic companies collaborating on technology platforms with third-party vendors to develop new surgical applications. Despite gaining wide popularity, surgical robots share the same risks as those associated with traditional open surgeries, such as the potential of infection and cardiopulmonary risks of anesthesia. Also, mechanical failure during an on-going surgery is an added risk. This is likely to prevent the people from resorting to robot-assisted surgeries.

The surgical robots market is an oligopolistic market consisting of players such as Intuitive Surgical, Stryker Corporation, Medtronic, Smith & Nephew, and others. Many companies in this market implement initiatives such as mergers and acquisitions, product developments, and geographic penetration to compete in the market. For instance, Medtronic acquired Mazor Robotics in December 2019 to enter the market. Moreover, the FDA approved in April 2019 Intuitive Surgical’s ion lung-biopsy system, designed for undergoing minimal invasive biopsies deep within the lungs.