Market Challenges And Opportunities

Global Robotic-assisted Surgery Systems Market Drivers:

High prevalence of chronic diseases to boost market growth

One of the key factors expected to augment growth of the global robotic-assisted surgery systems market over the forecast period is the increase in prevalence of chronic diseases worldwide. Such a high burden of chronic diseases leads to an increased number of surgical procedures, driving the market growth. According to the World Health Organization (WHO), noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Rising number of surgical procedures to propel market growth

Another factor which is driving the growth of the global robotic-assisted surgery systems market is the rising number of surgical procedures around the world. For instance, with the rise in burden of chronic diseases, the number of surgical procedures is also increasing, as chronic diseases leads to an increased number of surgical procedures. According to the National Institute of Health (NIH), globally, a staggering 310 million major surgeries are performed each year; around 40 to 50 million in the United States and around 20 million in Europe. This in turn is expected to increase adoption of robotic-assisted surgery systems across the world.

Global Robotic-assisted Surgery Systems Market Opportunities:

Growing preference for minimally invasive surgeries worldwide is expected to provide significant growth opportunities for players in the robotic-assisted surgery systems market. For instance, the preference for robotic-assisted surgical systems is increasing due to associated advantages, such as facilitation of precise, tremor-free surgery and benefits of minimally invasive methods. In June 2020, Titan Medical announced the development and license agreements with Medtronic for the development of robotic-assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. This in turn is driving the market growth.

Rise in adoption of surgical robots worldwide is expected to offer lucrative growth opportunities for players in the global robotic-assisted surgery systems market. For instance, many hospitals and other institutions across the globe are actively adopting robotic-assisted surgical systems (surgical robots) to enhance their surgical procedures in terms of patient outcomes. For instance, in 2020, Apollo Hospital Networks planned to install about 80 robotic-assisted surgery setups across India to perform general, oncology, urology, and bariatric surgeries. Moreover, they launched Robotic Joint Replacement Program to perform knee replacement surgeries.

Global Robotic-assisted Surgery Systems Market Restraints:

High cost of robotic devices to hinder market growth

One of the key factors expected to hamper growth of the global robotic-assisted surgery systems market is the high cost of robotic devices. For instance, the cost of robotic systems is a significant barrier for the studied market. Therefore, many healthcare facilities worldwide cannot afford these systems for the benefit of patients due to their high cost. Moreover, the annual maintenance costs and the disposable supply cost of these systems are also high, putting them out of reach for many institutions and healthcare systems.

Stringent rules and regulations to hamper market growth

Another factor which is hampering growth of the global robotic-assisted surgery systems market is the stringent regulatory processes. Robotic-assisted surgery is an important treatment option that is safe/effective when used appropriately & with proper training. Over the years, robotic surgeries have resulted in more deaths, injuries, and malfunctions owing to a lack of regulations as surgeons using robotic-assisted surgery systems require different skills than regular surgeons, such as the ability to control the robot’s manipulators.