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Global Microsurgery Robot Market Forecast 2018-2024| $1.7 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-10 

The Microsurgery robot Market to exceed USD 1.7 billion by 2024; according to a new research report by Global Market Insights. Technological advancements in microsurgery robot allowing effective treatment of various chronic disorders is forecasted to boost market growth during the foreseeable future. Advances such as miniaturization of robotic arms aid to reduce complications and undesirable effects post-surgery will foster business growth. For instance, in October 2017, surgeons from Maastricht University in Netherlands carried out microsurgery for suturing blood vessels of 0.3 mm for treatment of lymphedema. Such advancements will propel microsurgery robot industry growth during the projected timeframe.
 
Increasing number of government and private funding aimed at development of advanced robotic in surgical procedures will potentially spur Microsurgery Robot Market growth. As a result, there are numerous surgeries performed in hospitals, clinics and ambulatory surgical centers with robotic assistance. For instance, American Society for Cataract and Refractive Surgery provide research funding for development of surgical robot that can be used for colorectal surgery. High demand for microsurgical robot in healthcare facilities coupled with various funding for advancement of microsurgery robot are set to offer lucrative growth over the forecast timeframe.
 
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Urology surgery segment held largest revenue, contributing to USD 140.9 million in 2017. Segmental growth is attributable to rise in number of prostatectomies worldwide, owing to rising incidence of prostate cancer. According to British Association of Urological Surgeons (BAUS), in 2014, 77% of patients suffering from prostate cancer underwent prostatectomies as primary treatment. Of these prostatectomies, around 50% procedures were performed with robotic assistance. Increasing incidences of prostate cancer and high adoption of microsurgical robots in oncology application will favor segmental growth in Microsurgery Robot Market over forecast timeframe.
 
Hospitals segment was the largest segment in 2017 with revenue size of USD 346.4 million. Increasing number of surgical procedures owing to rise in number of chronic conditions will lead to segmental growth. Various reimbursement policies in developed economies for treatment purposes and growing healthcare expenditure in developing economies will favor segmental growth during the forecast period.

Hospitals and clinics segment held largest revenue share of 50.7% in 2017. The segmental growth is attributable to growing burden of chronic diseases on healthcare industry. Multi-speciality hospitals offer advanced therapeutic solutions to patients, thereby improving patient outcomes. Affordability of hospitals to buy technologically advanced robotic systems and increasing adoption of minimally invasive surgical procedures will increase demand for microsurgery robot in forthcoming period.
 
Ambulatory surgical centers segment will grow with a remarkable rate of 14.5% during the forecast timeframe. High growth rate is credited to cost-effective treatment options provided by ambulatory surgical centers. Reduction in length of stay in ambulatory surgical centers is major factor propelling segmental growth. As there is high adoption rate of surgical robots in ambulatory surgical centers for providing minimal invasive surgery, segmental growth will be tremendous in the future.

U.S. dominated North America microsurgery robot market in 2017 with revenue size of USD 355.1 million, owing to escalated demand of minimally invasive robot-assisted surgical procedures. Huge demand is attributable to advantages associated with microsurgical robot. Robot-assisted surgical procedures offer advantages such as reduction in hospital stay, less pain and low chances of infection. Moreover, high disposable income, better patient affordability and favorable reimbursement policies will further lead to business growth in the future.
 
China microsurgery robot market will grow at 16.6% owing to emerging cases of chronic diseases coupled with high demand for minimally invasive surgical procedures. According to World Health Organization (WHO), in 2015, more than 110 million adults in China suffered from chronic diseases such as cardiovascular diseases, diabetes, cancer. High pervasiveness of chronic diseases is credited to behavioral risk factors like smoking tobacco, drinking alcohol, unhealthy and poor diet. Growing incidence of chronic diseases will escalate demand for microsurgical robot, thereby propelling industry growth.

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Some of the prominent players involved in microsurgery robot market are Auris Health, Intuitive Surgical, Mazor Robotics, Medrobotics, Medtronic, Smith & Nephew, Stryker, Titan medical, Transenterix and Zimmer Biomet. These firms are adopting strategies initiatives like mergers and acquisitions, geographical expansion and new product launch to reap benefits in microsurgery robot market. For instance, in May 2018, Intuitive Surgical announced its independent operations in India. This will expand the company’s geographic outreach and attract large customer base in emerging markets for long-term growth in future.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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