The adoption of robotics in surgical intervention has provided enormous impetus to the Indian healthcare sector. Healthcare facilities in Indian cities like Delhi, Gurgaon, Mumbai, Pune, Chennai, Hyderabad, Kochi, and Kolkata are offering robot-assisted surgical services. The India surgical robotics market was valued at INR 7.02 Bn in 2017 and is anticipated to reach INR 26.01 Bn in 2024, expanding at a CAGR of 19.80% during the 2019-2024 period. The Indian healthcare industry started embracing surgical robotics during the mid-2000s. Increase in the number of surgical robots from six in 2009 to around 100 in 2019 has helped to shape up the domestic market for surgical robotics.
Market segmentation based on application:
Based on application, the surgical robotics market is segmented into six segments, namely general surgery, gynecology, urology, orthopedic, cardiac, and others. The general surgery segment dominated the market with a ~31% share in 2018. This segment includes various abdominal surgeries, pediatric surgeries, and surgical oncology. Augmented use of high-precision robotic surgeries in complex procedures, such as surgical oncology, bariatric surgery, and pediatric surgeries has fuelled the growth of the general surgery segment. Gynecology was the second-leading application segment of the market in 2018, followed by the urology and orthopedic segments.
Orthopaedic is estimated to be the fastest-growing application segment, expanding at a CAGR of 25.82% during 2019 to 2024 period. Rising use of surgical robotics has improved the precision and consistency of joint and hip replacement surgeries. Furthermore, the cardiac segment is expected to witness promising growth, owing to increased use of robotic assistance in bypass, cardiac valve surgery, cardiac implants, atrial fibrillation surgery, and cardiac tumor surgeries.
The Surgical Robotics Market in India Market report consists details regarding market segments such as types of products, technology usage, different dynamics of the products and services offered, various application areas, geographical regions, and more. The segmentation delivers specific pieces of information which makes it relevant and useful for variety of readers. This report shed brighter light on few more important aspects with keen interest and wholistic approach.
Top Key players of Surgical Robotics Market in India Market Covered In The Report:
• ASIMOV Robotics Pvt. Ltd.
• Accuray Medical Equipment (India) Pvt. Ltd.
• CMR Surgical India Pvt. Ltd.
• India Medtronic Pvt. Ltd. (Mazor Robotics)
• Intuitive Surgical India Pvt. Ltd.
• Johnson & Johnson Pvt. Ltd.
• Smith & Nephew Healthcare Pvt. Ltd.
• Stryker India Pvt. Ltd.
• Titan Medical Inc.
• Zimmer India Pvt. Ltd.
India has experienced an increased incidence of complex chronic conditions like orthopedic disorders, cardiovascular problems, neurological disorders, and cancer that need high precision surgical intervention. As of 2018, around 1.90 Mn knee and hip replacement procedures have been performed in the country. Growing demand for minimally invasive robotic orthopedic surgeries has driven the surgical robotics market owing to reduced pain and quick recovery time, along with a high success rate.
The significant growth in Indian medical tourism has played an instrumental role in driving the surgical robotics market. The influx of medical tourists in the country grew at an annual rate of around 16% in 2018. India appeared to be a significant destination for robotic surgeries among international patients owing to low cost and low waiting time as compared to countries like the U.S., the U.K., Singapore, and Thailand.
India has embraced surgical robotics at a much slower pace than other developed countries; the prohibitive cost of installation and recurring services were the primary deterrents of the market penetration. The high costs of purchase, disposable supply, and annual maintenance of surgical robots act as significant financial constraints for the adoption. Furthermore, the robot-assisted surgeries are not covered by the Indian medical insurance providers, which leads to mounting economic burden on patients. However, positive clinical outcomes, and the advancement of technologies such as 3D visualization, single-port systems, fully-wristed instruments, haptic feedback, and artificial intelligence are projected to create lucrative market opportunities.
The surgical robotics market in India initially experienced a monopoly with only the presence of the Da Vinci robotic system, provided by Intuitive Surgical. Slowly other global players like CMR Surgical (Versius), Stryker (Mako), Medtronic (Renaissance), Accuray (CyberKnife), and Smith & Nephew (NAVIO PFS) have entered the surgical robotics domain. Leading healthcare companies (such as Medtronic, Zimmer, and Johnson & Johnson) have been focusing on acquiring small robotic companies (such as Mazor Robotics, Medtech, and Verb Surgical) to foray in surgical robotics. Also, the expiry of Intuitive Surgical’s patent in 2022 is expected to fuel competitiveness among the existing market players.
Factors such as industry value chain, key consumption trends, recent patterns of customer behaviors, overall spending capacity analysis, market expansion rate, etc. The report also incorporates premium quality data figures associated with financial figures of the industry including market size (in USD), expected market size growth (in percentage), sales data, revenue figures and more. This might enable readers to reach quicker decisions with data and insights at hand.
Moving ahead, the Surgical Robotics Market in India Market report entails overview of the major companies considered to be the significant market contributors. This includes details regarding factors such as market share, financial overview, product portfolio, deals, mergers, acquisitions, recent news feed and more. This may assist companies, professionals and teams to develop strategies which may prove itself beneficial for growth. The Surgical Robotics Market in India Market is considered to be competitive industry and this report attempts to include entire competition dashboard with ultimate quality data numbers and informative insights.
In addition, in order to cover worldwide Surgical Robotics Market in India Market, the report enlists variety of data and information regarding key regions. This includes North America, Few nations from South America, Middle East, African Countries, Asia-Pacific Region, European Nations and Rest of the world. This section of the report may prove itself useful for those who are willing to develop strong understanding regarding presence of Surgical Robotics Market in India Market across the planet in different regions.
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While concluding, the Surgical Robotics Market in India Market report shares significant details related with dynamics of the industry such as growth driving factors, market opportunities, perceived threats, market forecast data, factors expected to hinder growth rates in future, etc. Also, it shares report conclusion, report findings and suggestions at the end.
•What is the objective of the report?
-To deliver comprehensive analysis of the industry through study of important aspects such as market size, current situations, and companies impacting growth.
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-To offer historic data figures for strategists and key decision makers.
•Which are the key components covered in the Surgical Robotics Market in India Market report?
-Market Size Study, Market Expansion Projections
-Market Diversity Analysis
-Key Dynamics of the Industry
-Growth Hacking aspects of the market
-Geographical Spread of the industry
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-To attain every piece of information through the extracts, tables, figures and infographics.
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Note: In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.