At least 7 surgical robots are expected to be commercially launched in the US and European markets by 2021. As of 2016, only 14% of the 4 million applicable soft tissue surgeries were performed using robotic surgical technology in the US and the penetration of surgical robots was even lower in other developed countries. This highlights enormous potential for robot-assisted surgeries going forward.
The number of total hip replacement procedures in the US was approximately 400,000 each year, and is expected to increase threefold by 2030. The demand for total-knee replacements is expected to increase more than six fold by 2030 from current 500,000 each year. Within five years, 1/3rd of all surgeries in the US, more than double the current levels, are expected to be performed with robotic systems.
Countries such as Germany, France, Portugal, Belgium, Sweden, Denmark, Netherlands, Italy and the UK spent between 7-9% of their GDP on healthcare every year. Approximately, 160,000 total hip and knee replacement procedures are performed each year in the UK. In France, more than 90,000 total knee arthroplasty procedures are performed every year. More than 90,000 total/partial hip replacement procedures and over 70,000 total knee replacement procedures are performed each year in Germany.
According to a recent study evaluating historical procedure rates and population projections by the US Census Bureau, the number of total hip replacement procedures in the US was approximately 400,000 each year, which is expected to increase threefold by 2030. The key factors driving the growth of the robotic surgery market are rising incidence of chronic disease, growth in minimally invasive surgery (MIS), and incline in number of surgical robots getting clearance from regulatory authorities. The market is also expected to grow due to technological innovations such as the capsule robot system, software/applications and imaging system, increasing geriatric population base and increasing per capita healthcare expenditures.
The global market for robotic surgery is quite fragmented and highly competitive, apart from the fact that the leading player has a clear dominance and first mover advantage over others. Technological advancements and new product launches will increase the level of competition in the already competitive market. The fact that all companies developing surgical robots also provide accessories and consumables required for every surgical procedure, and also provides round the clock service / maintenance support will further intensify the market’s competitive environment.
The report titled “Global Robotic Surgery Market by Region (North America, Europe, Asia Pacific and ROW), by Product Type (Surgical Robot System, Instruments and Accessories and Services) – Outlook to 2022” by Ken Research suggested the global robotic surgery market is anticipated to grow at a CAGR of 22.5% during the period 2017-2022 to reach over USD 11.2 billion by 2022.
Ankur Gupta, Head Marketing & Communications