Global Robotic Surgery Services Market Analysis

Global Robotic Surgery Service Market Executive Summary

The Global robotic surgery service market size was valued at $4.29 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 19.3% from 2022 to 2030 and will reach $17.63 Bn in 2030. The advantages of robotic surgery and technological developments in surgical robots are the main drivers of the surgical robot market's expansion.

Based on North America, Europe, Asia Pacific, and LAMEA, the global market for surgical robots is being assessed. North America dominated the surgical robots market globally in 2021 and will continue to lead the industry going forward, expanding at a consistent CAGR. The developed healthcare infrastructure and the growing use of surgical robotic systems in a variety of healthcare settings are credited with this. The main drivers of the regional market include the existence of foreign companies, ongoing robotics innovations, and the demand for minimally invasive surgeries (MIS) to shorten the post-operative period.

An overnight hospital stay is not necessary for outpatient surgery, sometimes referred to as ambulatory surgery, day surgery, day case surgery, or same-day surgery. Patients may enter and exit the facility on the same day when referred to as "outpatients." Outpatient surgery has several advantages over inpatient surgery, including more convenience and lower expenses. Ambulatory surgery centers (ASCs) are independent medical clinics with a focus on non-hospital admission surgical, diagnostic, and preventive procedures.

Governments, third-party payers, and patients all benefit greatly from the cost-effectiveness of ASCs. Due to the fact that ASCs charge much lower rates than hospitals do for identical treatments, Medicare and its beneficiaries save money every year. When receiving care at an ASC, patients also pay much less in co-payments. Due to these financial advantages, hospital in-patient visits have dropped while the number of surgical procedures performed in ASCs and outpatient settings has rapidly increased.

Market Dynamics

Market Growth Drivers

Laparoscopic or minimally invasive surgery (MIS) is becoming more and more popular due to its advantages for both patients and surgeons, including improved screening, increased precision, shorter hospital stays, decreased pain and discomfort, decreased risk of infection, and decreased blood flow and transfusion. Additionally, the key driver of the growth of the surgical robot market is the rise in gynecological, neurological, and urological illnesses. Moreover, the introduction of new and sophisticated robots will meet the growing needs of end users.

The expanding requirement for automation in the healthcare sector and the changing trend toward sophisticated robotic surgery are the main drivers driving the market size for surgical robots. The market for medical robots will be hampered by the high cost of robotic surgical procedures and robotic equipment. Additionally, the market expansion for surgical robots will be hampered by the rise in the number of fatalities and injuries brought on by robotic surgery. Additionally, underdeveloped nations like Brazil, India, China, and other emerging countries will open up the significant market potential for robotic surgery.

Market Restraints

Minimally invasive procedures cost less money than robotically assisted procedures. The American Congress of Obstetricians and Gynecologists advises against using robotic hysterectomy except in rare and complicated clinical situations. According to the association, the yearly cost of hysterectomy surgeries in the US would increase by an estimated USD 960 Mn if robotic surgery were to be used for all hysterectomies. Mantra, a robotic surgical system from SS Innovations (India), costs about 45 Mn, while the Da Vinci system, one of the most popular robotic systems, costs between $1.5 Mn and $2.5 Mn Thus, it is anticipated that the increasing expense of procedures brought on by the usage of robotic devices will limit the market

Competitive Landscape

Key Players

The prominent players in the surgical robot market are Intuitive Surgical (US):

• Stryker Corporation (US)
• Medtronic Plc (Ireland), Smith & Nephew (UK)
• Zimmer Biomet (US)
• Asensus Surgical (US)
• Siemens Healthineers (Germany)
• CMR Surgical (UK)
• Johnson & Johnson (US)
• Renishaw Plc. (UK)

Notable Deals

In 2020, Intuitive Surgical Inc., the manufacturer of the da Vinci surgical system, acquired Medrobotics Corporation, a medical device company specializing in flexible robotic systems.

In 2019, Johnson & Johnson acquired Auris Health, a company that develops robotic technologies for use in minimally invasive procedures.

Healthcare Policies and Regulatory Landscape

Policy Changes and Reimbursement Scenario

In Global, the regulation of medical devices, including robotic surgical systems, is governed by Health Global under the Medical Devices Regulations. Health Global is responsible for evaluating and approving medical devices for use in Global. The approval process includes a review of the device's safety, efficacy, and quality.

As for reimbursement, it varies by province. Each province has its own public health insurance plan and sets its own policies for covering the cost of medical procedures, including those performed with robotic surgical systems. Generally, the cost of a surgical procedure, including the use of a robotic surgical system, is covered by the public health insurance plan if the procedure is considered medically necessary. However, there may be some restrictions or limitations on coverage. Patients may also be responsible for paying a portion of the cost of the procedure, such as a co-payment or deductible.

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

1. 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
2. Centers for Medicare and Medicaid Services (CMS): The CMS is responsible for setting and administering the reimbursement policies for surgical procedures, including those performed using surgical robots
3. 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.

In Canada, the regulation of medical devices, including robotic surgical systems, is governed by Health Canada under the Medical Devices Regulations. Health Canada is responsible for evaluating and approving medical devices for use in Canada. The approval process includes a review of the device's safety, efficacy, and quality.

As for reimbursement, it varies by province. Each province has its own public health insurance plan and sets its own policies for covering the cost of medical procedures, including those performed with robotic surgical systems. Generally, the cost of a surgical procedure, including the use of a robotic surgical system, is covered by the public health insurance plan if the procedure is considered medically necessary. However, there may be some restrictions or limitations on coverage. Patients may also be responsible for paying a portion of the cost of the procedure, such as a co-payment or deductible.