Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Robotic Surgery Consumables Market - A Global and Regional Analysis: Focus on Application, End-User, Product, Region, and Competitive Landscape - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global robotic surgery consumables market was valued at $4.87 billion in 2023 and is expected to reach $15.61 billion by 2033, growing at a CAGR of 12.34% during the forecast period 2023-2033. The market is a dynamic and rapidly evolving sector. It has been witnessing double-digit growth, driven by continuous technological advancements in the fields of virtual reality, augmented reality, and surgical robots. Huge R&D investments by large healthcare players into innovating modern-day surgeries with increased adoption of robotic platforms are further contributing to the market growth.
Market Lifecycle Stage
The robotic surgery consumables market has been experiencing rapid growth and is expected to reach $15.61 billion by 2033. This phase reflects a mature stage in its lifecycle, driven by technological advancements, increased adoption of robotic surgical systems, and growing demand for minimally invasive procedures. Intensified competition among manufacturers and supportive regulatory policies further contribute to sustained market expansion, offering significant opportunities for industry players.
Rise in Adoption of Robotic Surgeries Driven by Growing Geriatric Population
In the last few years, robotic-assisted procedures have gained popularity over their conventional counterparts. Robotic-assisted procedures are becoming more common due to their various benefits, such as decreased blood loss, length of hospital stay, post-operative pain, and fewer post-operative complications. The geriatric population is most benefited from the robotic-assisted approach. According to a study published by the National Center for Biotechnology Information (NCBI) in 2018, titled "Is Robotic-Assisted Surgery Safe in the Elderly Population? An Analysis of Gynecologic Procedures in Patients > 65 Years Old," minimally invasive procedures are advantageous for the aging population with higher physical restriction, comorbidities, and are at higher surgical risk. In addition to this, another study published by NCBI in 2021, titled "Robotic versus Laparoscopic Colorectal Surgery in Elderly Patients in Terms of Recovery Time: A Monocentric Experience," robotic colorectal surgery is associated with better recovery and shorter length of hospital stay when compared with the laparoscopic approach.
High Cost of Surgical Robotic Systems and Associated Procedures
The adoption of robotic-assisted surgical platforms faces a major hurdle in their high costs, requiring a substantial initial investment, often exceeding $2 million. Additional expenses, including consumables and surgical instruments, contribute to the overall expense. For instance, the da Vinci Xi 12 mm reusable Hasson Cone has been priced at $995 per unit, significantly higher than conventional/manual surgical instruments. This substantial cost has hindered the widespread adoption of robotic-assisted surgical platforms, particularly in developing countries.
Development of Low-Cost Robotic Surgery Platforms
The emergence of low-cost robotic surgery platforms presents a lucrative opportunity for the consumables market. These platforms expand access to advanced surgical procedures, particularly in emerging markets, driving increased demand for associated consumables. Moreover, heightened competition fosters innovation in manufacturing processes, potentially leading to more affordable consumables. Overall, this trend not only broadens the adoption of robotic surgery but also stimulates growth and innovation within the consumables market.
Market Segmentation
Segmentation 1: by Product Type
- Access and Facilitation Equipment
- End Effectors
- Closure
- Other Consumables
End Effectors to Dominate the Global Robotic Surgery Consumables Market (by Product Type)
End effectors significantly contribute to a company's intellectual property. Many market leaders manufacture their end effectors, ensuring compatibility with their developed robotic surgery systems. Imitated instruments from third-party vendors may lead to severe consequences such as patient fatalities and increased risks. To address this issue, manufacturers design their instruments with pre-programmed IDs that are recognized by the robotic system's interface when attached. Imitated products lack recognition and are consequently unusable.
Market growth is anticipated to be fueled by the rising demand for smaller sizes to accommodate more complex surgeries. Extensive research and development efforts are directed toward refining the end effectors, including their materials and biocompatibility. Moreover, the market for end effectors in robotic surgeries is fiercely competitive, with Intuitive Surgical, Inc. holding a prominent position as the leading player.
Segmentation 2: by Application
- General Surgery
- Gynecology Surgical Procedure
- Urology Surgical Procedure
- Orthopedic Surgical Procedure
- Cardiology Surgical Procedure
- Head and Neck Surgical Procedure
- Other Surgical Procedure
General Surgery to Dominate the Global Robotic Surgery Consumables Market (by Application)
In 2022, the general surgery segment held the largest share of the global robotic surgery consumables market. The global landscape of healthcare robotics has been experiencing notable technological advancements, significantly influencing the methods of disease diagnosis and treatment. The utilization of robotic assistance in general surgeries empowers surgeons to execute intricate procedures with enhanced precision and flexibility. Robotic systems provide superior control over consumables used in robotic surgery, owing to the remarkable dexterity of the instruments. Despite the shorter duration of conventional manual general surgeries compared to robotic procedures, experimental evidence suggests that robotic-assisted general surgery could result in reduced blood loss and superior short-term outcomes. Examples of robotic-assisted surgical systems employing robotic surgery consumables for general surgery include the da Vinci Xi, Senhance Robotic System, and Versius Robotic System.
Segmentation 3: by End User
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Ambulatory Surgical Centers (ASCs)
Hospital End User Segment to Dominate the Global Robotic Surgery Consumables Market (by End User)
In 2022, the hospitals end user segment held the largest share of the global robotic surgery consumables market. Hospitals stand out as the primary purchasers of robotic surgery systems, making the most significant contribution to the consumption of related consumables. The growth in the adoption of robotic surgery systems has been propelled by key factors such as the increasing prevalence of chronic disorders and a growing geriatric population, leading to a rise in the annual number of procedures. A prevailing trend in the industry involves collaborations between major manufacturers of robotic surgery systems and consumables, as well as hospitals.
Segmentation 4: by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
North America to Dominate the Global Robotic Surgery Consumables Market (by Region)
North America held the largest share of the robotic surgery consumables market in 2022, which can be attributed to the presence of leading companies in the field, such as Intuitive Surgical, Inc., Medtronic plc, and Stryker Corporation. Emerging players such as CMR Surgical (U.K.), Versius Surgical (U.K.), Transenterix, and Titan Medical are also gaining traction in the region.
Furthermore, the North America region has high market attractiveness for robotic surgery system and consumable manufacturers, which can be attributed to high patient acceptance of advanced surgical technologies as well as a substantially large and well-established healthcare industry. The U.S. is expected to be the major revenue-generating country in North America. The U.S. accounted for over 98% share of the total North America market for robotic surgery consumables in 2022.
Some of the prominent companies in this market are:
- Johnson & Johnson (Auris Health, Inc.)
- Intuitive Surgical, Inc.
- Medtronic plc (Mazor Robotics)
- Zimmer Biomet Holdings (Medtech SA)
- Renishaw plc
- Venus Concept (Restoration Robotics, Inc.)
- Smith & Nephew plc
- Stryker Corporation (Mako Surgical Corporation)
- THINK Surgical, Inc.
- CMR Surgical Ltd.
- B. Braun SE (Aesculap)
- Meerecompany, Inc.
- Virtual Incision Corporation
- Asensus Surgical US, Inc. (Transenterix, Inc.)
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable)
For more information about this report visit https://www.researchandmarkets.com/r/6jaems
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