Market Definition
Robotically-assisted surgical (RAS) devices are computer-assisted software-controlled surgical systems that are also called Robotic Surgery. These devices enable the surgeons to use highly advanced software technologies to control & move surgical instruments for a wide array of minimally invasive surgical procedures. Therefore, with the increasing integration of technologically advanced devices in the healthcare industry, the demand for robotic-assisted surgical devices would experience noteworthy growth in the upcoming years.
Market Insights
The Global Robot-assisted Surgical Devices (RASD) Market is projected to grow at a CAGR of around 10.59% during the forecast period, i.e., 2022-27. During the historical years, robotic surgery has grown exponentially, owing to clinical benefits such as being minimally invasive, causing lesser pain as compared to conventional surgery, and offering faster recoveries for patients. Simultaneously, surgeons using robotic technologies have benefited from being able to perform surgeries in a more comfortable position with greater visualization & precision. However, in the near future, newly developed robotic systems may be able to conquer even the most difficult fields, such as neurosurgery, cardiovascular surgery, and microsurgical procedures. The evolution of robot-assisted surgical procedures has witnessed significant technological advancements since its adoption in minimally invasive surgeries & other complex procedures. The overall landscape of the healthcare sector is changing tremendously to improve or maintain a high quality of treatment while lowering the cost.
The factors such as the increasing geriatric population on a global level as well as different healthcare standards between developed & developing economies are posing a challenge to reconciling these issues. Additionally, minimally invasive surgery within the healthcare sector holds enormous potential as it is considered the most effective treatment option for surgeries. Further, with the rapidly evolving technologies, surgical robotics would be delivered on real-time networks in the near future, bringing single specialized expertise into a single community setting.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 10.59% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Rest of South America | |
| Europe: Germany, France, Italy, The UK, Spain, Rest of Europe | |
| Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific | |
| Middle East & Africa: The UAE, Saudi Arabia, South Africa, Rest of Middle East and Africa | |
| Key Companies Profiled | Medtronics PLC, CRM Surgical, Stryker Corporation, Johnson & Johnson (Auris Health), Intuitive Surgical Inc. Titan medical, THINK Surgical Inc, Other |
| Unit Denominations | USD Million/Billion |
Also, if properly implemented, it can become the most-effective healthcare service, further lowering the operating & overhead costs. Moreover, the US Food and Drug Administration (FDA) is working with professional societies to encourage education & training associated with the utilization of Robotically-assisted surgical devices so that the technology could be adopted by more healthcare professionals & surgical centers.
Key Trend in the Market
The market for surgical robotics is continuously emerging as more than 70 companies are trying to tap the hidden potential by developing novel technologies & targeting different surgical applications. Intuitive Surgical, Inc. is a pioneer in this field & has established multiple sales channels to maintain market dominance to reduce the risk of indulging in the business as usual. The company has strategically adopted an operating leasing program to enter the next level of revenue-generating growth strategy.
Further, the overall impact of this growth strategy has fueled its revenue by leasing its system. Hence, in order to tap into emerging & low-income markets, system leasing could facilitate the market penetration & would be a key trend for the Global Robot-assisted Surgical Device market.
Impact of COVID-19 on the Global Robot-assisted Surgical Devices Market
Robot-assisted Surgical Device market experienced a steep decline due to the outbreak of the COVID-19 pandemic. The tremendously increasing COVID-19 affected patients were the prime concern of all the healthcare workers across the world. In both developed & developing countries, there was a shortage of medical consumables, hospital beds, and available doctors due to the substantial increase in patients.
Therefore, the cardiovascular, cancer-related & other minimally invasive surgeries were halted, which negatively impacted the robotics-assisted market globally. Additionally, the government & private hospitals heavily invested in providing basic amenities to their patients, which, in turn, affected the sales of RASD across various regions.
