India's Surgical Robotics Market To Touch $350 Mn By 2025
With automation becoming integral to almost all sectors, Indian surgical robotics market is expected to expand at a CAGR of 20 percent between 2017 and 2025 to reach $350 million, compared with $64.9 million in 2016, according to a new market intelligence report by BIS Research.
The global surgical robotics market is anticipated to grow at a CAGR of 12 % during the forecast period 2017-2025, and expected to grow over $12.60 billion by 2025. As per the volume data, the surgical system is anticipated to grow at a CAGR of 10% during the forecast period, 2017-2025.
Among the major reasons of this growth is the rising incidence rate of chronic diseases, increasing geriatric population, growing demand of minimally invasive surgeries and miniature robotics, technological advancements in the field of medical surgeries, and substantial funding provided by various governmental organizations to perform research & development (R&D) activities in next-generation surgical robotic systems are the factors that are expected to fuel the demand for surgical robotic systems in the near future.
As per the Lancet Commission on Global Surgery factors such as lack of infrastructure, insufficient numbers of trained surgeons and anesthesiologists, and the prohibitive costs of receiving care prevent billions of people, especially in the low and middle-income countries from receiving the necessary care. An estimated 143 million additional surgical procedures are needed each year to save lives and prevent disability. Furthermore, for the developing countries, investing in surgery would save approximately $12.3 trillion in GDP by 2030.
The growing demand for technologically advanced and minimally invasive surgical procedures, both from the doctors’ and patient’s end, gave rise to the robotic assistive surgeries. Robotic surgery refers to a surgical procedure where surgeons use a computer to control small instruments attached to a robot. Hence, it is also known as computer-guided minimally invasive surgery.
The shorter hospitalization times, reduced therapy requirements, less pain, and consequently reduced need for postsurgical pain or scarring medication, and negligible complications related to the incision are some of the additional benefits, which are propelling the adoption rate of surgical robotic systems across various hospitals and ambulatory surgical centers.
“With the advent of technologically advanced surgical robotic systems, the global market is expected to grow substantially to meet the rising needs of healthcare professionals confronting the surgeries of a large pool of patients, especially of the people with gynaecological, urological, orthopaedics, neurological, and orthopaedics disorders. The market for surgical systems by value is expected to grow at the CAGR of 12.3% during the forecast period, 2017-2025,” said Abdul Wahid, a lead analyst at BIS Research.
“Among all the surgical systems, the da Vinci surgical system accounted for the highest installation volume in 2016 and is anticipated to reach 1,123 installation units in 2025, growing at the CAGR of 8%. Furthermore, the market for da Vinci surgical system by value accounted for the highest market share in 2016 and is expected to grow at a CAGR of 10.9% during the forecast period, 2017-2025,” he added.
India has about 50 players in the market including Intuitive Surgical Inc, Accuray Inc, Mazor Robotics Ltd Medrobotics Corporation, Medtech SA, Renishaw plc, Stryker Corporation, Synaptive Medical Inc and Titan Medical Inc.
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