Minimally Invasive Surgical Systems Market Analysis and Forecast, 2018-2025
The global surgical robotics market is relatively small and is currently having a total addressable market size of nearly $XX billion and is expected to reach a value of $XX billion by the end of 2025. The market has the potential to grow by nearly XX% every year and hence the eventual total addressable market is essentially unlimited. Surgical robots have been there in the market for nearly two decades and have successfully aided surgeons in providing their patients with minimally invasive surgeries. With a slow growth initially after its introduction back in the year XX, the demand for robotic surgeries has increased tremendously last two decade. For example: three years after the commercial launch of da Vinci surgical system, robotic assisted surgeries accounted for only XX% of all minimally invasive surgeries (back in 2003). However, in 2015, robotic assisted surgeries accounted for nearly XX% of all Minimally Invasive Procedures (MIS) procedures and now the percentage has surged to more than XX%. Despite a significant surge in the number of robotic surgeries, the distribution of these surgeries vary intensely from country to country. Currently U.S. is only country with the highest adoption of robotic assisted surgeries with more than XX surgeries performed in the year 2015 alone.
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The total addressable market is further expanding with rising number of surgical procedures globally. As of 2018, the global procedure growth is nearly XX% which is primarily due to the extensive usage of da Vinci assisted general surgical procedures, continued growth in urology in Europe and Asia region followed by multi speciality procedure growth in China. The growth in the general surgery procedures is further increasing due to the rising demand for hernia repair and colon resection procedures. The market growth is also expected as more number of companies are investing and innovating in this field. As of 2017, Intuitive Medical was the clear leader in the surgical robotics market occupying approximately XX% of the market. The company’s da Vinci surgical system has significantly propelled the number of procedures globally thus expanding the addressable market. For example: in the year 2016 alone, the system was used to perform nearly XX surgeries. Not only this, since its inception the system has performed more than 4 million minimally invasive surgical procedures till date.
Currently, robotic surgery is used for the treatment of a lot of benign as well as malignant gynaecological conditions such as cervical cancer, endometrial cancer and Lymphadenectomy, among others. One of the earliest robotic system called da Vinci Surgical System was approved by FDA back in 2005 for performing gynaecological procedures. Since then, there were more than XX million robotic surgeries performed worldwide out of which more than XX% of procedures were meant to treat gynaecological conditions, followed by XX% urological conditions and XX% general and chest surgeries.
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