FREMONT, California, Feb. 20, 2020 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Robotic Surgery Consumables Market – Analysis and Forecast, 2020-2030", the 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 market is expected to reach $9.53 billion by 2030 and the growth in the market is aided by the growing demand for dexterity in surgical instruments.
Browse 59 market Data Tables and 197 Figures spread through 308 Pages and in-depth TOC on "Global Robotic Surgery Consumables Market"
The global healthcare robotics market is currently in a transformational phase. Minimal invasive surgery (MIS) has been around for decades. The growing need for more accurate surgical outcomes led to the development of robotic MIS procedures. In terms of the number of procedures across the world, robotic surgeries accounted for less than 1% in 2018. However, the share is expected to grow substantially during 2020-2030. The robotic surgery consumables market is largely patent-driven; wherein, they are manufactured by the vendors of the robotic surgery systems.
Thus, in most cases, the OEM for the robotic surgery consumables and the robotic surgery system, are the same. The manufacturing of robotic surgery consumables is a highly regulated process and requires strict quality control measures. This is one of the factors due to which there are only a few contract manufacturers of the robotic surgery consumables. There are imitation instruments available in the market. However, to counter the challenge, companies such as Intuitive Surgical, Inc. manufacture their instruments and accessories with pre-programmed IDs, which aids in differentiation between OEM-manufactured instruments and imitation instruments.
Also, since the earliest patents were filed before the year 2000, some of the earliest patents started to expire post-2015. The expiration of patents is expected to play a role in the reduction of barriers to entry for new market players. However, given the fact that the manufacturing of robotic surgical consumables is highly regularized, it is unlikely that the leading players in the market will outsource the task of manufacturing to third-party manufacturers.
BIS Research Report: https://bisresearch.com/industry-report/robotic-surgery-consumables-market.html
According to ManuKoushik Chanda, Lead Analyst at BIS Research, "General surgery is expected to remain the leading contributor to the market growth for the robotic surgery consumables during the next ten years. The application contributed to 27.57% of the market revenue in 2018. It is also likely to be the fastest-growing application segment in the next ten years, far outpacing other applications such as gynecology and cardiology surgical procedures."
- The leading contributors to the global robotic surgery consumables market predominantly prefer to have tie-ups with leading hospitals to expand their businesses. The key business model involves the initial installation of the robotic surgery system along with the instruments, followed by subsequent sales of the instruments in the form of kits. This is a lucrative business model as it leads to a steady stream of revenue.
- The market for robotic surgery consumables specific to end effectors is anticipated to register a significant CAGR during the forecast period from 2020-2030. The growth is attributed to design-level innovations stemming from the need to provide more accurate surgical outcomes. Furthermore, one of the awaited future developments is expected to be the miniaturization of the robotic surgery consumables.
- Robotic surgery consumables are predominantly installed in leading hospitals. The hospitals segment is expected to account for an average of over 82.00% during the forecast period. However, in terms of growth, ambulatory surgical centers (ASCs) are expected to outpace the hospitals segment.
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This market intelligence report provides a multidimensional view of the global robotic surgery consumables market in terms of market size and growth potential. This research report aims at answering various aspects of the robotic surgery consumables market with the help of the key factors driving the market, threats that can inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities such as M&A activities, regulatory and legal activities, partnerships, alliances and business expansion activities. The research report provides a comprehensive analysis of sales value, and manufacturers and trend analysis by segment and demand analysis by region.
This report is a meticulous compilation of research on more than ten players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of the leading companies, market participants, and vendors. The report also profiles 13 companies, including several key players, i.e., Intuitive Surgical, Inc., Stryker Corporation, Smith & Nephew plc, Medtronic plc, Medrobotics Corporation, and Zimmer Biomet Holdings, Inc., among others.
Key Questions Answered in the Report:
- How is the global robotic surgery consumables expected to evolve during the forecast period, 2020 - 2030?
- Are the current business models in the robotic surgery consumables landscape expected to persist in the future?
- What are the major market drivers, trends, challenges, and opportunities in the global robotic surgery consumables market?
- How do robotic minimally invasive surgery (MIS) procedures compare against conventional (MIS) procedures?
- How is the expiration of patents expected to impact the dynamics of the market?
- What are the key strategies incorporated by the leading players in the robotic surgery consumables market to sustain the competition?
- How is each segment of the market projected to grow during the forecast period, on the basis of
- product type, including access and facilitation equipment, end effectors, closure, and other consumables
- application, including general surgery, gynecology surgical procedure, urology surgical procedure, orthopedic surgical procedure, cardiology surgical procedure, head and neck surgical procedure, and other surgical procedures.
- end-user industry, including hospitals, ambulatory surgical centers (ASCS), and others
- region, North America, Europe, Asia-Pacific, Latin America, Rest-of-the-World (ROW)
- What is the likelihood of contract manufacturers entering the market in the future?
- What are the awaited technologies in the robotic surgery consumables landscape?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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