Seattle, WA -- (SBWIRE) -- 09/26/2019 -- Medical robotic systems are used in various medical application and differ depending on its usage. These include surgical robotic systems, spine robotic systems, laparoscopic robotic systems, and rehabilitation robotic system. Advancements in technology coupled with an increase in surgeon or patient acceptance of laparoscopic procedures, robotic assistance, and advanced medical imaging are driving growth of the market for medical robotic systems. Utilization of medical robotic systems improves the outcomes of surgery, reduces the hospital stay, and causes less trauma to the patient. Increasing demand for minimal invasive therapy and surgery is also expected to favor growth of the medical robotic systems market. Furthermore, in neurology the targeted cells are surrounded by delicate tissue, wherein a surgeon is unable to control the precision of the surgery, which may cause damage to healthy tissues. Thus, robotic systems are used to make precise and accurate motions based on the medical images obtained. These robotic systems are also employed in radiosurgery, where the focused beams of ionizing radiation are directed at the patient, primarily to treat tumors. Rehabilitation robotic systems are designed in a way that allows autonomy for people with disabilities. Thus, the demand for such systems is expected to increase, in turn augmenting growth of the medical robotic systems market. Several other robotic systems are under research and development, which when approved by the FDA are expected to boost growth of the market for medical robotic systems in the near future.
Few growth restraining factors of the market are high cost associated with such systems and stringent regulations for identified medical robotic systems. Besides, any harm caused to patients during robotic surgeries, further results in product recall or termination. For instance, Hansen Medical Magellan Robotic System was terminated in September 2015, based on two incidents, when an unexpected event occurred during a retraction operation of catheter.
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The global medical robotic systems market was valued at US$ 6,816.4 million in 2016 and is expected to witness a robust CAGR of 14.8 % over the forecast period (2017-2025).
Furthermore, increasing geriatric population, being more prone to higher risk injuries due to their weak skeletal system, are expected to favor growth, especially for the rehabilitation robotic systems segment in the market. According to National Institute on Aging, 524 million people were recorded to be 65 years of age and above, accounting for 8% of the world's population in 2010, which is expected to triple in number to 1.5 billion, representing 16% of the world's population by 2050.
Wide application of medical robotic systems in healthcare is expected to favor growth of the medical robotic systems market
Laparoscopy, neurology, rehabilitation, hospital, pharmacies, and orthopedics are the major application of medical robotic systems, which are expected to drive growth of the market. Rapid adoption of medical robotic systems in hospitals and growing preference for minimally invasive surgeries are also expected to fuel the market growth. For neurology application, Renaissance, Mazor Robotics, the first generation system cleared FDA approval in 2011 and received CE mark for spinal surgery and brain operations. The preciseness provided by medical robotic systems is projected to be the key factor fueling demand for robotic systems in various surgeries.
Some major players operating in the medical robotic system market are Intuitive Surgical, Transenterix, Medrobotics, Verb Surgical, Hansen Medical, MEDTECH, Titan Medical, Microbot Medical, Aethon, and Aesynt.
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Manufacturers are focusing on innovation and new launches to tap into emerging markets. For instance, Intuitive Surgical, announced on May 2017, that the company's new da Vinci X Surgical System received U.S. Food and Drug Administration (FDA) approval, aiming to provide surgeons and hospitals access to some of the most advanced robotic-assisted surgery technology at low costs. Also, Stryker launched MAKO Robotic-Arm for knee anthroplasty in March 2017. In October 2017, the Senhance system, which is a robotically assisted surgical device that can be used in laparoscopic colorectal and gynecologic surgery, manufactured by TransEnterix Surgical, Inc., received U.S. FDA approval. Efforts are in line to make medical robotic systems more cost-effective and diverse in function.
Furthermore, increasing adoption of the medical robotic systems is improving the position of manufacturers in the market. Intuitive Surgical, is consistently improving its robotic system by application of advanced technology.
Technological advancements in healthcare industry are offering wide variety of solutions to end-users for delivering better outcomes. Key players in the market are focused on collaborations to strengthen their product portfolio related to medical robotic systems. For instance, Globus Medical acquired KB Medical, a robotic company based in Switzerland, in August 2017. This acquisition bolstered the product portfolio and intellectual property of Globus Medical. Stryker Corporation in September 2013, acquired Mako Surgical Corp, and its robotic surgery platform for around US$ 1.65 billion. This acquisition helped Stryker to use the company's own implants with Mako's surgical system, thus boosting the system's adoption in the market. Zimmer Biomet also entered the surgical robotic market by purchasing around 59% of the outstanding share capital of a French company, Medtech SA, in July 2016. Medtech SA is a developer and manufacturer of ROSA robotic devices, used for neurological and spine procedures, which received FDA approval in January 2016.
Furthermore, Johnson & Johnson announced the formation of Verb Surgical Inc., in collaboration with Verily Life Sciences LLC, in March 2015. Verb Surgical aims to develop a comprehensive surgical solutions platform to improve access to minimal invasive surgery.
However, high costs associated with medical robotic systems are expected to restraint growth of the medical robotic systems market, especially in emerging economies such as India, Brazil, and Argentina.
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