The global robotic surgery market is expected to grow at a compound annual growth rate (CAGR) of 7.7% to reach $7.4 billion by 2028, according to GlobalData, a leading data and analytics company.
According to the research, South and Central America will be one of the fastest growing regions at a CAGR of 8.1% between 2018 and 2028, with North America and Europe following closely behind at 7.8% and 7.6%, respectively.
The company’s report: ‘Robotic Surgery – General Surgery Market Analysis and Forecast Model’ states that while minimally invasive surgical procedures will be the main market driver, increased R&D from major manufacturers will propel the market resulting in significant growth in the near future.
Atif Nawaz, medical devices analyst at GlobalData, said: “While Intuitive Surgical has remained at the forefront with its da Vinci system, global medtech leaders such as Medtronic are entering the space and will bolster the market with portfolio proliferation.”
The major revenue contribution comes from robotic surgical system disposables with a 70-30 split between the disposables and systems. The installed base of the surgical systems is increasing at a CAGR of 9.6%.
Nawaz continued: “With the advent of technology, each industry scales and reaps the benefits; medical devices are no different and robotic surgery has come a long way.
“Robotic surgical systems are designed to solve the limitations currently present in minimally invasive surgeries (MIS), as well as improve outcomes in open surgical procedures. These systems are used in a variety of surgical procedures, including cardiovascular, general surgery, orthopedic, neurosurgery, obstetrics, gynecology and urology.”