Surgical Robots Market

Intuitive Surgical (US), Stryker (US) and Mazor Robotics (US) are leading players in Surgical Robots Market

The global surgical robots market is projected to reach USD 6.5 billion by 2023 from USD 3.9 billion in 2018, at a CAGR of 10.4%. Growth in the surgical robots market can be attributed to factors such as technological advancements, increased funding from the government for surgical robots’ research and development, growing application areas to varied surgical specialties, and rise in the adoption of surgical robots by hospitals and ambulatory surgical centers. Also, growth opportunities in emerging markets and the rising preferences of patients for minimally invasive surgeries may act as an important boosting factor for the exponential growth of surgical robots market. On the other hand, high instrument costs and shortage of trained professionals are the key factors that are expected to restrain market growth to a certain extent during the forecast year.

The major players in the surgical robots market include Intuitive Surgical (US), Stryker (US), Mazor Robotics (US), Smith & Nephew (UK) and TransEnterix (US). Analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product approvals, strategic acquisitions, and expansions along with partnerships & agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the surgical robots market.

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In 2017, Intuitive Surgical was the largest player in the surgical robots market. This can be attributed to their largest market share (~80%) and a strong brand portfolio. With over 4000 da Vinci surgical systems installed across the globe currently, the company has a strong market presence in the surgical robots market. Some major product launches like the single port platform and several FDA approvals have played a major role in strengthening the sales for the company in 2017. The initiation of direct operations from emerging countries like India has also been a major breakthrough for the company. Continuous focus over research & development and technological advancement of the current robotic systems have helped the company to maintain a strong leadership position in the market.

In 2017, Stryker Corporation was the second largest player in the surgical robots market. The strategic acquisition of MAKO Surgical Corporation (US) in 2013 enabled the company to enter the surgical robots market. This enabled the company to strengthen their surgical robots portfolio by the introduction of MAKO Total Hip and MAKO Partial Knee. In August 2015, Stryker received FDA clearance for its MAKO Total Knee application which has played a major role in the company’s promising growth.

In 2017, Mazor Robotics (US) was the third largest player in the surgical robots market. The signing of a  two-stage agreement with Medtronic (Ireland) in 2016 has contributed in strengthening the sales of the company. There has also been a significant increase in the installed base of their systems worldwide, with over 180 systems installed across the globe and over 120 systems installed in the US, as of 2017. There have been more than 16,000 spinal surgeries performed by surgeons across the globe using Mazor’s Renaissance System. In 2016, the launch of Mazor X System in Boston (US) has furthermore strengthened Mazor Robotics’ surgical robots portfolio.

Related Reports:

Surgical Robots Market by Component (Surgical Robotic Systems, Accessories), Application (Gynecological Surgery, Orthopedic Surgery, Neurosurgery, General Surgery), End User (Hospitals, Ambulatory Surgical Centers) - Global Forecasts to 2023

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Report Code
MD 6781
Published ON
Dec, 2018
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