Global Robotic Surgery Consumables Market to Reach USD 9.53 Billion by 2030
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ccording 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 USD 2.8 billion in 2019 and is projected to witness a CAGR of 11.37pc 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.
Research Highlights
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.
✔️ Global Robotic Surgery Consumables Market to Reach USD 9.53 Billion by 2030
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