The
global surgical robots market is projected to reach USD 6.5 billion by 2023
from USD 3.9 billion in 2018, at a CAGR of 10.4%. Growth in the surgical robots
market can be attributed to factors such as technological advancements, increased
funding from the government for surgical robots’ research and development, growing
application areas to varied surgical specialties, and rise in the adoption of
surgical robots by hospitals and ambulatory surgical centers. Also, growth
opportunities in emerging markets and the rising preferences of patients for
minimally invasive surgeries may act as an important boosting factor for the
exponential growth of surgical robots market. On the other hand, high instrument
costs and shortage of trained professionals are the key factors that are
expected to restrain market growth to a certain extent during the forecast year.
The
major players in the surgical robots market include Intuitive Surgical (US), Stryker
(US), Mazor Robotics (US), Smith & Nephew (UK) and TransEnterix (US). Analysis
of the market developments between 2016 and 2018 revealed that several growth
strategies such as product approvals, strategic acquisitions, and expansions
along with partnerships & agreements were adopted by the market players to
strengthen their product portfolios and maintain a competitive position in the surgical
robots market.
In
2017, Intuitive Surgical was the largest player in the surgical robots market.
This can be attributed to their largest market share (~80%) and a strong brand
portfolio. With over 4000 da Vinci surgical systems installed across the globe currently,
the company has a strong market presence in the surgical robots market. Some
major product launches like the single port platform and several FDA approvals have
played a major role in strengthening the sales for the company in 2017. The
initiation of direct operations from emerging countries like India has also been
a major breakthrough for the company. Continuous focus over research &
development and technological advancement of the current robotic systems have
helped the company to maintain a strong leadership position in the market.
In
2017, Stryker Corporation was the second largest player in the surgical robots
market. The strategic acquisition of MAKO Surgical Corporation (US) in 2013
enabled the company to enter the surgical robots market. This enabled the
company to strengthen their surgical robots portfolio by the introduction of
MAKO Total Hip and MAKO Partial Knee. In August 2015, Stryker received FDA
clearance for its MAKO Total Knee application which has played a major role in
the company’s promising growth.
In
2017, Mazor Robotics (US) was the third largest player in the surgical robots
market. The signing of a two-stage
agreement with Medtronic (Ireland) in 2016 has contributed in strengthening the
sales of the company. There has also been a significant increase in the
installed base of their systems worldwide, with over 180 systems installed
across the globe and over 120 systems installed in the US, as of 2017. There have
been more than 16,000 spinal surgeries performed by surgeons across the globe
using Mazor’s Renaissance System. In 2016, the launch of Mazor X System in
Boston (US) has furthermore strengthened Mazor Robotics’ surgical robots
portfolio.
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