Following the successful outcome of AI-assisted surgery in 2017, the global microsurgery robot market according to experts is set for some remarkable investment & expansion trends in the forthcoming years. Last year, plastic surgeons at Maastricht UMC+ made it to the headlines for using a robotic device to surgically treat lymphedema. Developed by Eindhoven company Microsure, the robotic device is the world’s foremost super-microsurgical intervention with designed robot hands.
If reports are to be believed, the news of this extraordinary surgery was announced in Barcelona at the 26th event of World Congress of Lymphology. For the record, Lymphedema is a serious chronic condition in which the excessive building of fluids in the body causes swelling. The disorder commonly occurs as a side effect of breast cancer treatment and its surgery requires extreme precision which can only be carried out by a few surgeons by hand. However, according to reliable reports, the microsurgery robotic device assisted the surgeons in suturing vessels between 0.3-0.8 millimeter, enabling absolute precision and making complex operations easier to perform. Given their exceptional support in achieving high precision and speed, microsurgery robot industry is treading along a lucrative growth graph over the past few years.
Microsurgery Robot Market size was valued at USD 0.7 billion in 2017 and is expected to witness more than 13.9% CAGR from 2018 to 2024.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Auris Health, Inc.
2. Intuitive Surgical
3. Mazor Robotics
4. Medrobotics Corporation
6. Smith & Nephew
8. Titan Medical, Inc.
9. TransEnterix Surgical, Inc.
- Zimmer Biomet
A significant factor that has propelled the market growth is the sheer disruption of machine learning and artificial intelligence in the entire healthcare fraternity. Estimates in fact claim that the healthcare AI industry is set to cross valuation of over USD 10 billion by 2024, with an estimated CAGR of 40% over 2018-2024. All thanks to the rapid adoption of artificial intelligence in robot-assisted technologies, medical imaging, and drug discovery.
There is no doubt that embracing robotic technology in the realms of microsurgery will provide significant benefits for clinicians, patients, and hospitals. Urology surgery segment in this regard is drawing profitable growth avenues for the global microsurgery robot industry. Accounting for over USD 140.9 million in 2017, the segment contributed to quite some revenue share and is projected to continue its appreciable growth trajectory. If estimates are to be believed, urology accounts for 2% of the average case volume in surgery centers. It has been reported that average surgery center performs roughly 4,869 cases annually among which around 97 urology cases are registered annually.
Microsurgical robots are being extensively used in treating congenital abnormalities of reproductive organs significantly reducing blood loss and recovery time. These benefits have significantly accelerated the microsurgery robot market demand in treating disorders relating to urology as well as oncology. Statistics provided by the British Association of Urological Surgeons (BAUS) provides substantiation to the aforementioned fact – the BAUS claims that more than 77% of the patients suffering from prostate cancer underwent prostatectomies treatment in which over half the procedures were performed with robot assessment technology.
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The widespread usage of microsurgery robots has further drawn the attention of prominent industry players to bring innovation and technological advancements to strengthen their stance in the expanding microsurgery robot market. Recently, for instance, the Harvard University researchers published their findings on developing a small eight-legged robot. Inspired by a spider, this medical robot is the size of a U.S. one-penny coin and is expected to deliver an entirely new approach in microsurgery robot and endoscopy. Quite overtly, such key breakthroughs in improving surgical care and robotic technology for better precision, speed, and minimum invasion will be driving the future industry trends. A presumption validating the same is of a report compiled by Global Market Insights, Inc., that claims the global microsurgery robot market to surpass USD 1.7 billion by 2024, with a double-digit CAGR of 13.9% over 2018-2024.