JERSEY CITY, N.J., May 23, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Robotic Surgery Consumables Market [https://www.insightaceanalytic.com/report/robotic-surgery-consumables-market/2487]- (By Product Type (Access and Facilitation Equipment, End Effectors, Closure and Others), By Application (General Surgery, Gynecology Surgical Procedure, Urology Surgical Procedure, Orthopedic Surgical Procedure, Cardiology Surgical Procedure, Head and Neck Surgical Procedure and Others), By End-user (Hospitals, Ambulatory Surgical Centers (ASCs), Others)), By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
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According to the latest research by InsightAce Analytic, the Global Robotic Surgery Consumables Market is valued at US$ 5.0 Bn in 2023, and it is expected to reach US$ 12.3 Bn by 2031, with a CAGR of 12.06% during the forecast period of 2024-2031.
The global robotic surgery consumables market has witnessed remarkable growth driven by advancements in minimally invasive surgical techniques and the increasing adoption of robotic-assisted surgeries. These consumables encompass various instruments and accessories utilized in robotic surgical procedures, including surgical staplers, scalpels, sutures, and electrosurgical tools.
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The market faced intense competition among key players such as Intuitive Surgical, Medtronic, and Stryker Corporation, leading to extensive R&D activities aimed at product innovation and portfolio expansion. Incorporating robotic surgery consumables into the healthcare sector has brought about transformative changes, yielding numerous advantages. These consumables have notably heightened surgical precision and broadened the range of procedures achievable with greater accuracy and efficiency.
Furthermore, the growing prevalence of bone degenerative diseases and the rising number of hip & knee replacement surgeries due to increasing cases of arthritis & osteoporosis are anticipated to drive growth. However, challenges such as high initial setup costs, reimbursement issues, and concerns regarding the efficacy and safety of robotic-assisted procedures posed constraints to market growth.
List of Prominent Players in the Robotic Surgery Consumables Market:
-- 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.
-- Stereotaxis, Inc.
-- Stryker Corporation (Mako Surgical Corporation)
-- THINK Surgical, Inc.
-- CMR Surgical Ltd.
-- Meerecompany, Inc.
-- Virtual Incision Corporation
-- Asensus Surgical US, Inc. (Transenterix, Inc.)
Robotic Surgery Consumables Market Report Scope:
Report Attribute Specifications Market Size Value In 2023 USD 5.0 Bn Revenue Forecast In 2031 USD 12.3 Bn Growth Rate CAGR CAGR of 12.06% from 2024 to 2031 Quantitative Units Representation of revenue in US$ Million and CAGR from 2024 to 2031 Historic Year 2019 to 2023 Forecast Year 2024-2031 Report Coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends Segments Covered By Product Type, By Application, By End-user, and By Region Regional Scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa Country Scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
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Market Dynamics:
Drivers-
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 senior population benefits the most from the robotic-assisted approach. Additionally, the growing acceptance of robotic surgery among patients and healthcare professionals boosts market demand. Furthermore, technological innovations and increasing investments in healthcare infrastructure, particularly in emerging economies, contribute to market growth by expanding access to robotic surgical procedures.
Challenges:
The adoption of robotic-assisted surgical platforms faces a major hurdle due to their high costs. Additional expenses, including consumables and surgical instruments, contribute to the overall expense. Reimbursement issues and the need for standardized reimbursement policies for robotic-assisted procedures in some countries hinder market expansion by discouraging healthcare providers from adopting these technologies.
Moreover, the complexity of training required for surgeons to operate robotic systems effectively presents a challenge, slowing down the adoption rate of robotic surgery. Additionally, the limited availability of skilled personnel proficient in robotic surgery techniques constrains market growth.
Regional Trends:
The North American region has high market attractiveness for robotic surgery systems 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: favorable reimbursement policies and a robust regulatory framework support market growth. Furthermore, strong awareness among healthcare professionals and patients about the benefits of robotic surgery further solidifies North America's position as a key market for robotic surgery consumables.
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Recent Developments:
-- In March 2024, The U.S. Food and Drug Administration (FDA) has granted
510(k) certification to da Vinci 5, the next-generation multiport
robotic system developed by Intuitive. These developments will
persistently optimize the operational room's workflow and have the
potential to conserve significant time while upholding patient safety.
This may allow a hospital to utilize its human and financial resources
more effectively.
-- In August 2023, Stryker launched a direct patient marketing campaign
aimed at enhancing patient engagement and education. The campaign is
designed to reach patients directly & provide information about
Stryker's innovative medical solutions, focusing on joint replacement
procedures.
-- In January 2022, Smith & Nephew acquired Engage Surgical, which is
involved in manufacturing cementless knee systems in the U.S. This
acquisition improved its position in meniscal tear solutions and other
knee arthroscopy devices.
-- In January 2021, DePuy Synthes (Johnson & Johnson) received FDA approval
for its VELYS robotic system, improving its offerings with the ATTUNE
TOTAL knee system.
Segmentation of Robotic Surgery Consumables Market-
Global Robotic Surgery Consumables Market- By Product Type
-- Access and Facilitation Equipment
-- Trocars
-- Needle Holders
-- Others
-- End Effectors
-- Graspers and Forceps
-- Dissectors
-- Stapling Instrumentation
-- Scissors
-- Drilling and Cutting Equipment
-- Others
-- Closure
-- Other Consumables
Global Robotic Surgery Consumables Market- By Application
-- General Surgery
-- Gynecology Surgical Procedure
-- Urology Surgical Procedure
-- Orthopedic Surgical Procedure
-- Cardiology Surgical Procedure
-- Head and Neck Surgical Procedure
-- Other Surgical Procedure
Global Robotic Surgery Consumables Market- By End-User
-- Hospitals
-- Ambulatory Surgical Centers (ASCs)
-- Others
Global Robotic Surgery Consumables Market- By Region
North America-
-- The US
-- Canada
-- Mexico
Europe-
-- Germany
-- The UK
-- France
-- Italy
-- Spain
-- Rest of Europe
Asia-Pacific-
-- China
-- Japan
-- India
-- South Korea
-- Southeast Asia
-- Rest of Asia Pacific
Latin America-
-- Brazil
-- Argentina
-- Rest of Latin America
Middle East & Africa-
-- GCC Countries
-- South Africa
-- Rest of Middle East and Africa
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Why should buy this report:
-- To receive a comprehensive analysis of the prospects for global Robotic
Surgery Consumables market
-- To receive industry overview and future trends of global Robotic Surgery
Consumables market
-- To analyze the Robotic Surgery Consumables market drivers and challenges
-- To get information on the Robotic Surgery Consumables market size value
(US$ Mn) forecast till 2031
-- Major Investments, Mergers & Acquisition in global Robotic Surgery
Consumables industry
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