Microsurgery robot market set to reach $2 billion by 2026
The microsurgery robot market is projected to attain “remarkable revenue growth” in view of rapid technological advancements in the field of medical science, according to a recent study by market research firm Global Market Insights.
The analyst forecasts that the microsurgery robot market will reach $2 billion by 2026.
Growing inclination towards creating innovative microsurgery devices that are capable of undertaking complex surgeries could massively enhance the product demand in the future.
Surging demand for minimally invasive surgeries owing to its notable benefits like quick recovery time could positively impact business outlook.
Increasing number of research projects being conducted worldwide are expected to raise the demand for microsurgery robots.
The research institutes segment recorded over 14.4 percent compound annual growth rate in the analysis timeframe. The need to enhance accuracy of surgery and decrease the cost of surgical robots is likely to increase the number of R&D activities. Support by government organizations and funding in research activities is some other segment growth drivers.
Microsurgery robots are widely used in oncological, cardiovascular, and neurological surgeries. Advanced surgical robots find application in hospitals and ambulatory surgery centers, which is expected to raise the number of robotic-assisted surgical procedures.
Considering rising application, microsurgery robot manufacturers are working on novel, advanced technologies and products.
Endorsing a huge application base, the global microsurgery robot market is expected to generate massive remuneration from the oncology surgery segment in the upcoming years.
In fact, it was reported that the sector acquired a fair share of 20 percent in 2019 and is looking forward to garnering significant gains, mainly due to the product’s massive use in cancer treatment.
That said, it would be safe to declare that rising cases of cancer would offer a positive boost to the demand for microsurgery robots.
It has been observed that Asia Pacific holds a huge patient pool when it comes to the prevalence of chronic ailments and diseases.
In this case, it would be overt to state that the region would emerge as a strong growth ground for overall microsurgery robot market over the span of six years.
This growth predominantly comes from the surging demand for microsurgery robots and the advantages offered by these including reduced risks of infection, less pain, reduction in hospital stays, and others.
Apparently, this elevating demand has propelled several market players to step up and undertake initiatives to make such robots available in the region. For example, Corindus Vascular Robotics had in mid-2018 announced receiving approval from PMDA for the commercialization of Corpath GRX system in Japan.
As mentioned, companies operating in the microsurgery robot market space are leaving no stone unturned to provide ample benefits of these products to their huge consumer base.
Companies like Auris Health, Intuitive Surgical, Zimmer Biomet, and Medtronic amongst others engaging in diverse industry tactics to strengthen their product portfolio to gain a competitive edge in the overall business space.