Global Robotic Surgery Consumables Industry Outlook to 2030 - Demand for MIS Procedures on the Rise, Growing Preference for More Dexterity in Robotic-Assisted Surgeries

News provided by

Mar 16, 2020, 16:00 ET

DUBLIN, March 16, 2020 /PRNewswire/ -- The "Global Robotic Surgery Consumables Market: Focus on Product Type, Application, End Use, 43 Countries' Data, Patent Scenario, and Competitive Landscape - Analysis and Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.

The global market for robotic surgery consumables is estimated at $2.8 billion in 2019 and is projected to witness a CAGR of 11.37% during the forecast period from 2020 to 2030.

The introduction of new technologies, practices, and methodologies has a significant impact on the global robotics surgery consumables market. Constant competition among market players ensures that leading players in the market are innovative in terms of usability of the instruments as well as their designs.

Several factors, such as the growing demand for MIS procedures, increasing preference for instruments with more dexterity, increasing healthcare spending by countries, and technological advancements in the field of surgical robotics are expected to play a key role in the growth of the market during the forecast period.

The preference for MIS procedures is expected to increase during the next ten years, with robotic-assisted surgeries quickly gaining market share. Practices involving MIS procedures encompass a wide range of fields, including radiology, radio-intervention, cardiology (and interventionalist cardiology), and arthroscopy, among others. The degree of freedom associated with the robotic surgical consumables and instruments is higher as compared to that of conventional surgical instruments. Furthermore, the growing demand for MIS is likely to propel the growth of the robotic surgery consumables market by offering more connected interface, motion scaling, and tremor filtration.

Also, robotic surgery consumables typically are variants of the surgical instruments used in MIS laparoscopic procedures, the only difference being in the design of the robotic instruments. The instruments used in robotic surgeries tend to be wristed as opposed to the straight instruments used in conventional MIS procedures. The wristed design adds dexterity and control.

The high cost of surgical robotic systems is one of the key factors restraining the growth of the robotic surgery consumables market. The adoption of robotic surgery systems incurs high installation and maintenance costs. Additionally, there are several direct and indirect costs associated with robotic-assisted surgeries, which are essential to the operation of the system, including the cost of consumables.

The key players contributing to the global robotic surgery consumables market are Intuitive Surgical, Inc., Stryker Corporation, Smith & Nephew plc, Medtronic plc, Stereotaxis Inc., Restoration Robotics, Auris Medical, Inc. (J&J), Medrobotics Corporation, THINK Surgical, TransEnterix, Inc., Zimmer Biomet, Monteris Medical, and Renishaw plc, among others.

Expert Quote

One of the biggest challenges for market players is reducing the dimensions of the instruments and making them smaller. Making instruments smaller is more complex since the whole design, right from the ports and the supporting instruments, need to change. This is something that the industry is trending toward, and it will be exciting to see the new mechanisms to maneuver such small instruments with complex designs - Max Balter (Sr. R&D Engineer, Medtronic plc)

Overview of the Market

Robotic surgeries have been in the healthcare landscape as early as 2000. Over the last two decades, the healthcare industry has witnessed an increasing preference for robotic-assisted surgeries, leading tan increase in the consumption of robotic surgery consumables. Although robotic-assisted surgeries account for less than 1% of the total number of MIS procedures performed across the world, the share is expected to up to 6% and above by the end of the forecast period.

The growing preference for robotic-assisted surgeries is expected to be driven by increasing healthcare expenditure and disposable income, making robotic-assisted surgeries affordable in developing countries. The key factor which holds back several end-uses from adoption robotic surgical systems is the high cost associated with the installation and maintenance of robotic surgery systems. It may be counter-intuitive to consider robotic surgery systems as expensive since they are priced over $2 million in some cases. However, a major chunk of the revenue is generated through recurring sales of robotic surgery consumables in the form of kits.

Robotic surgery consumables are available both in single-use and reusable variants in the market. While manufacturers recommend the single-use consumables be disposed of after every surgery, reusable consumables are usually replaced after a certain number of procedures, i.e., seven on an average.

Competition in the market is high and is expected to increase during 2020-2030. Initially, Intuitive Surgical, Inc. was the only player with the FDA-approved robotic surgery platform - the da Vinci system. The patents initially filed by Intuitive Surgical, Inc. acted as barriers to entry for new market entrants, enabling Intuitive Surgical, Inc. to maintain the leading position in the market. However, owing to the expiration of initial patents and proper identification of target segments by new market entrants led tan increase in the level of market competition. Most new players are targeting those segments in which Intuitive Surgical, Inc. has a relatively weak presence, such as in orthopedics.

The expiration of patents, however, is unlikely to pose a serious threat to Intuitive Surgical, Inc. in the future, as the market witnesses a high rate of patent filing activities, in which Intuitive Surgical, Inc. is one of the players at the forefront. Stryker Corporation is another leading market player with a significant market share. One of the key trends likely to be observed in the future is the miniaturization of the robotic surgery consumables, especially end effectors.

Key Topics Covered

Executive Summary

1 Product Definition

2 Scope of Research
2.1 Key Questions Answered in the Report
2.2 Research Scope

3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Data Sources Categorization
3.4 Companies Profiled in the Report
3.5 Brief Overview of the Market Estimation Process
3.6 Data Validation
3.7 Assumptions and Limitations

4 Industry Analysis
4.1 Industry Structure
4.1.1 Surgical Robotic Systems Vendors
4.1.2 Contract Manufacturers
4.1.3 Distributors
4.2 Industry Supply Chain Analysis
4.3 Regulatory Framework and Government Initiatives
4.3.1 Regulations in North America
4.3.2 Regulations in the European Union (EU)
4.3.3 Regulations in Other Countries
4.3.4 Consortiums and Regulatory Bodies
4.4 Patent Analysis
4.4.1 Awaited Technology Developments
4.4.1.1 The Advent of Miniature Robotic Surgery Consumables
4.4.1.2 Advancement in Haptic Feedback
4.4.1.3 The Age of AI-Integrated Robotics Surgery
4.4.2 Patent Filing Trend
4.4.3 Patent Expiration Impact Analysis
4.5 Industry Opportunity Analysis

5 Competition Landscape
5.1 Market Share Analysis
5.2 Key Strategies and Developments
5.2.1 Funding Activities
5.2.2 M&A Activities
5.2.3 Partnerships, Alliances and Business Expansion
5.2.4 Regulatory and Legal
5.3 Product Mapping Analysis
5.4 Business Model Analysis
5.5 Competitive Benchmarking

6 Global Robotic Surgery Consumables Market Scenario
6.1 Assumptions and Limitations
6.2 Key Findings and Opportunity Assessment
6.3 Global Robotic Surgery Consumables Market Size and Forecast
6.4 Market Dynamics
6.4.1 Impact Analysis
6.4.2 Market Drivers
6.4.2.1 The Demand for MIS Procedures is on the Rise
6.4.2.2 Growing Preference for More Dexterity in Robotic-Assisted Surgeries
6.4.2.3 Increased Healthcare Spending - Upward Trend in Adoption of Robotic Platforms
6.4.2.4 Technological Advancement in the Field of Medical Surgeries
6.4.3 Market Restraints
6.4.3.1 High Cost of Surgical Robotics Systems and Associated Procedures
6.4.3.2 Shortage of Skilled Professionals
6.4.3.3 Skepticism due to Device Failure Restraining Adoption
6.4.3.4 Restrictive Reimbursement Landscape
6.4.4 Market Opportunities
6.4.4.1 Development of Low-Cost Robotic Surgery Platforms
6.4.4.2 Development of Miniature Robotic Surgery Instruments for Surgical Procedures
6.5 Market Estimation Method
6.6 Key Vendors

7 Global Robotic Surgery Consumables Market (by Product Type), 2018-2030
7.1 Key Findings and Opportunity Assessment
7.2 Access and Facilitation Equipment
7.2.1 Trocars
7.2.2 Needle Holders
7.2.3 Other Equipment
7.3 End Effectors
7.3.1 Graspers and Forceps
7.3.2 Dissectors
7.3.3 Stapling Instrumentation
7.3.4 Scissors
7.3.5 Drilling and Cutting Equipment
7.3.6 Others
7.4 Closure
7.5 Other Consumables

8 Global Robotic Surgery Consumables Market (by Application), 2018-2030
8.1 Key Findings and Opportunity Assessment
8.2 General Surgery
8.3 Gynecology Surgical Procedure
8.4 Urology Surgical Procedure
8.5 Orthopedic Surgical Procedure
8.6 Cardiology Surgical Procedure
8.7 Head and Neck Surgical Procedure
8.8 Other Surgical Procedures

9 Global Robotic Surgery Consumables Market (by End-use), 2018-2030
9.1 Key Findings and Opportunity Assessment
9.2 Hospitals
9.3 Ambulatory Surgical Centers (ASCs)
9.4 Others

10 Global Robotic Surgery Consumables Market (by Region)
10.1 Overview
10.2 North America Robotic Surgery Consumables Market
10.3 Europe Robotic Surgery Consumables Market
10.4 Asia-Pacific Robotic Surgery Consumables Market
10.5 Latin America Robotic Surgery Consumables Market
10.6 Rest-of-the-World Robotic Surgery Consumables Market

11 Company Profiles
11.1 Overview
11.2 Auris Health Inc. (Johnson & Johnson)
11.2.1 Company Overview
11.2.2 Company Description
11.2.3 SWOT Analysis
11.3 Corindus Vascular Robotics Inc.
11.4 Intuitive Surgical Inc.
11.5 Medrobotics Corporation
11.6 Medtech S.A. (Zimmer Biomet Holdings Inc.)
11.7 Mazor Robotics Ltd. (Medtronic PLC)
11.8 Renishaw PLC
11.9 Restoration Robotics Inc.
11.10 Smith & Nephew PLC
11.11 Stereotaxis Inc.
11.12 Mako Surgical Corp. (Stryker Corporation)
11.13 THINK Surgical Inc.
11.14 TransEnterix Inc.

For more information about this report visit https://www.researchandmarkets.com/r/jrydvq

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets