US Robotic Surgery Services Market Analysis

US Robotic Surgery Services Market Analysis


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US's Robotic Surgery Service market size was valued at $1.80 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 17.3% % from 2022-30 and will reach $6.4Bn in 2030. The robotic surgery service market will grow due to robotic surgery technology having made complex surgical procedures more accessible, especially in rural areas where access to specialized surgeons may be limited. The market is segmented by product and service type, application type, and end user. Some of the major players are Intuitive Surgical (USA), Stryker Corporation (USA), Mazor Robotics (USA), Medtronic (USA), and others.

ID: IN10USHS017 CATEGORY: Healthcare Services GEOGRAPHY: US AUTHOR: Chandani Patel

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US Robotic Surgery Service Market Executive Summary

US's Robotic Surgery Service market size was valued at $1.80 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 17.3% % from 2022-30 and will reach $6.4Bn in 2030. The federal government of the US spends a significant amount of money each year to finance various programs and initiatives. The total amount of government spending can vary from year to year depending on various factors, such as economic conditions and political priorities.

Surgical robots are indispensable to hospitals and clinical surgical centers as it help surgeons or healthcare professionals to perform complex surgeries with more precision as compared with traditional technologies and techniques.

In 2021, the federal budget was approximately $4.5 trillion. The largest areas of spending include entitlement programs such as Social Security and Medicare, defense, and interest on the national debt. Other areas of government spending include education, transportation, and research and development.

Some of the most advanced and widely used surgical robots in the US include the da Vinci Surgical System, the Mako Robotic Arm System, and the ROSA Brain Platform. These systems have been designed to enhance the precision and control of the surgeon during complex procedures, leading to improved patient outcomes. Robotic surgery services are likely technology will continue to evolve and improve in the coming years. Nevertheless, the US remains a leader in the field and continues to push the boundaries of what is possible with robot-assisted surgery. Hence, the US robotic surgery service market demand will rise in the coming years.

US Robotic Surgery Service Market

 

Market Dynamics

Market Growth Drivers

Robotic surgery has been shown to result in improved surgical outcomes compared to traditional surgical methods, with less blood loss, fewer complications, and faster recovery times. Additionally, precision and accuracy: Robotic surgery offers greater precision and accuracy compared to traditional surgical methods, allowing for minimally invasive procedures and reducing the risk of complications.

Moreover, robotic surgery technology has made complex surgical procedures more accessible, especially in rural areas where access to specialized surgeons may be limited. While the initial investment in robotic surgery technology can be high, many hospitals and healthcare facilities have found that the technology can ultimately result in cost savings over time due to improved patient outcomes and reduced complications.

Market Restraints

The cost of purchasing and maintaining surgical robots can be high, which may be a barrier for some healthcare facilities, especially smaller ones. Moreover, limited training and expertise: There is a shortage of trained and experienced surgeons who are skilled in using robotic surgery technology, which may limit the availability of the technology in some areas.

Furthermore, there can be challenges in obtaining reimbursement for robotic surgery procedures, and there may be regulatory hurdles that need to be addressed before widespread adoption can occur. Despite the benefits of robotic surgery, some patients and the public may be skeptical or have concerns about the safety and efficacy of the technology.

Competitive Landscape

Key Players

  • Intuitive Surgical (USA)
  • Stryker Corporation (USA)
  • Mazor Robotics (USA)
  • Medtronic (USA)
  • Verb Surgical (USA)
  • TransEnterix Surgical, Inc.
  • Renishaw plc.
  • Intuitive Surgical
  • Medtronic
  • THINK Surgical, Inc.
  • Zimmer Biomet

Notable Deals

March 2019, Intuitive Surgical's acquisition of Auris Health: Intuitive Surgical announced its acquisition of Auris Health, a company that specializes in developing robotic systems for minimally invasive lung procedures. The acquisition was valued at approximately $3.4 Bn and was seen as a strategic move by Intuitive Surgical to expand its presence in the growing field of robotics-assisted surgery.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

Robotic surgeries services in the US are regulated by the following bodies:

U.S. Food and Drug Administration (FDA): The FDA is responsible for regulating medical devices, including surgical robots. The FDA reviews and approves surgical robots before they can be marketed and used in the US, and they also monitor their safety and effectiveness once they are in use.

Centers for Medicare and Medicaid Services (CMS): The CMS is responsible for setting and administering reimbursement policies for surgical procedures, including those performed using surgical robots.

Joint Commission: The Joint Commission is an independent, non-profit organization that accredits and certifies healthcare organizations in the US. They provide guidelines and standards for the use of surgical robots in the healthcare setting.

In the US, the reimbursement for surgical procedures performed using surgical robots varies depending on the procedure, the patient's insurance, and the state in which the procedure is performed. In general, surgical procedures performed using surgical robots are reimbursed at a higher rate than traditional surgical procedures, but the exact amount can vary depending on the specific procedure and the patient's insurance coverage.

Furthermore, there may be specific regulations and guidelines that vary from state to state, so it's important for healthcare providers and patients to be aware of the regulations and reimbursement policies in their specific area.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Robotic Surgery Services Market Segmentation

By Product and Services (Revenue, USD Billion):

The surgical robotics market volume data has been covered for all the major surgical robotics systems. In terms of value, the surgical systems market is anticipated to expand at a CAGR of 11.22% from 2018 to 2025.

  • Instruments and Accessories
  • Robotic Systems
  • Services

By Application (Revenue, USD Billion):

Gynecology accounted for the largest market share in 2017 and is anticipated to expand at a CAGR of 7.0% from 2018 to 2025. This is explained by the rising prevalence of gynecological complications in women worldwide and the ongoing development of robotic technologies.

  • General Surgery
  • Gynecological Surgery
  • Urological Surgery
  • Neurosurgery
  • Orthopedic Surgery
  • Other Applications

By End User (Revenue, USD Billion):

The hospitals' segment had the largest market value in 2017 and experienced a CAGR of 13.20% from 2018 to 2025. However, during the projected period of 2018–2025, the ambulatory surgical center's income is predicted to rise at the highest CAGR of 18.20%.

  • Hospitals
  • Ambulatory Surgery Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 20 February 2024
Updated by: Riya Doshi

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