Covid-19 Impact on Global Robotic Surgery Devices Market Size, Status and Forecast 2020-2026

Robotic Surgery Devices Market:

WiseGuyReports.com adds “Global Robotic Surgery Devices Market Size, Status and Forecast 2020-2030” reports to its database.

Executive Summary

The global robotic surgery devices market is expected to decline from $5.04 billion in 2019 to $4.84 billion in 2020 at a rate -3.91%. The decline is mainly due to the Covid-19 outbreak resulting in other patients delaying their episodes of care. The market is then expected to stabilize and reach $7.71 billion in 2023 at CAGR of 16.81%.

The robotic surgery devices market consists of sales of robotic systems, instruments and accessories and services related to the robotic surgery devices market. Robotic surgery devices are advanced surgical devices compared to traditional laparoscopic surgery devices. These devices are used for Minimally Invasive (MI) surgeries in the eye, brain, heart and other parts of the body. These robotic surgery devices can be applied in Gynecological, Neuro, Orthopedic, and general surgeries. The robotic surgery devices are more cost-effective and introduced to reduce complications, Pain, reoperations, etc.

North America was the largest region in the robotic surgery devices market in 2019. Asia-Pacific is expected to be the fastest growing regions in the forecast period.

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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 as computers and can used 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, the robotic surgery devices are playing an important role in the healthcare industry with their technological advancements and innovations.

The robotic surgery devices market covered in this report is segmented by product and service into robotic systems, instruments & accessories, services and by surgery type into urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, other applications.

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 operation, 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.

In July 2019, Intuitive Surgical Inc. is an American corporation that develops, manufactures, and markets robotic products that have acquired Schölly Fiberoptic’s robotic endoscope business. Schölly Fiberoptic is a major player in the visualization systems for Minimally Invasive (MI) diagnostic and surgical applications. This acquisition integrated Schölly’s robotic endoscope manufacturing line, and two Schölly sites into some of the Intuitive operations which are the robotic-related manufacturing line from Denzlingen (Germany) , the manufacturing site in Biebertal (Germany) and the repair site in Worcester, Mass (USA). The acquisition's main aim is to strengthen the Intuitive’s supply chain and increase its manufacturing capacity for visualization products to advance healthcare.

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 parts 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 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.

Major players in the robotic surgery devices market are Intuitive Surgical (US), Stryker (US), Medtronic (Ireland), Smith & Nephew (UK), TransEnterix (US), Mazor Robotics (US, Medrobotics (US), Accuray (US), and THINK Surgical (US).

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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