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Global Surgical Robotics Market Report 2021: Market Generated $5.46 Billion in 2020 and is Estimated to Reach $16.77 Billion by 2031

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Dublin, May 06, 2021 (GLOBE NEWSWIRE) — The “Global Surgical Robotics Market 2021-2031: Focus on Vendor Analysis, Key Enabling Technologies, Emerging Platforms in Pipeline, 26 Company Profiles, and 45 Countries Data & Cross Segmentation” report has been added to ResearchAndMarkets.com’s offering.

The global surgical robotics market is anticipated to grow with a robust CAGR of 10.2% during the forecast period, 2021-2031. The market for surgical robotics generated $5.46 billion in 2020, in terms of value and is estimated to reach $16.77 billion by 2031.

The global surgical robotics market is anticipated to witness tremendous growth over the forecast period primarily due to the increasing prevalence rate of chronic disorders, elevating global population coupled with the geriatric population, improving reimbursement policies, and public initiatives and funding to develop technologically advanced products. The market for surgical robotics (product type) is divided into three segments, namely, surgical systems, instruments & accessories, and services.

Surgical robotic systems primarily include surgical systems (capital equipment), instruments & accessories, and services (maintenance and up-gradation). In the past decade, the definition of these advanced technologies has expanded, involving the use of these systems for multiple surgical procedures ranging from general surgeries to orthopedic surgeries.

The ongoing trend of rising demand for surgical robotic systems is anticipated to continue in the future with the implementation of technological innovations and advancements in minimally invasive surgical procedures.

The healthcare landscape is changing immensely to keep up or to improve high-quality care by bringing down the expenses (cost). The variables, for example, the rising geriatric population on a worldwide level as well as different care standards between developed and developing economies, are posing a challenge to reconcile these issues. The minimally invasive surgery within the healthcare sector holds gigantic potential as it is considered as the best treatment alternative for open surgery.

These machines are extraordinarily structured to reach in areas where a normal specialist can’t access without making a large incision. As the innovation advances prompting exponential development in robotic-assisted surgical procedures, medical centers will deliver high-quality care options by offering efficient and precise surgical procedures, with less patient discomfort. From patient perspective, quicker recuperation time, reduced risk of infection, shorter hospital length of stay, and small incisions or scars are the significant advancement in surgical robotics.

The global surgical robotics market saw rapid development since the first product introduced in the market. The growth is expected to be mainly attributed to primary drivers in this market, comprising elevating geriatric population, rising healthcare spending, increasing cases of chronic disorders, and expanding support from governments, among others.

The market is expected to grow at a significant growth rate due to the opportunities, such as a massive scope for phenomenal profits through venturous investments, integrative industry-academia collaboration, and novel surgical applications, which lie within its domain. Notwithstanding, there a noteworthy number of restraints, including a shortage of skilled professionals, and the high cost of surgical robotic systems and its associated surgical procedures.

According to a Senior Analyst, “The overall surgical robotics market has witnessed an increased influx of surgical robotics start-ups, nearly 65+ companies engaged in this market. The emerging players are trying to identify niche surgical applications for indication of use, moving their technological direction away from “me too” surgical platforms. The market in anticipated to grow double-digit rate during the forecast period, with the anticipated regulatory clearances of surgical robotics platforms in the future. Also, manufacturers are focused on developing advanced technological platforms such as long distance teleoperated systems, miniaturized systems, and autonomous systems to gain traction in the market.”

Competitive Landscape

The total market was valued at $5,460.5 million in 2020 with Intuitive Surgical, Inc. dominating the global surgical robotics market by holding 79.82% of the market share in 2020. This market dominance was attributed to the company’s presence within the market and huge market penetration in different regions. Currently, the company offers its fourth generational surgical robotic platforms, first commercialized in 2014 (da Vinci Xi Surgical System). Stryker Corporation was responsible for 9.09% of the global market share in 2020, second only to Intuitive Surgical, Inc. The publisher anticipates that Intuitive Surgical will hold nearly 52.06% of the total market by the end of 2031.

In the past four years, i.e., (January 2017 to March 2021), the market has witnessed approximately 85 regulatory and legal developments, 56 funding activities, 51 partnerships, alliances, and business expansions, 15 mergers and acquisitions, and nine product offerings and upgradations.

Currently, most market players are involved in conducting regulatory and legal activities in the market, as is evident from the shares of funding activities and new offerings. There is a potential for mergers and acquisitions activities in the future as more and more start-ups enter the market targeting specific surgical applications and key players of the conventional surgical robotics market look to consolidate.

Surgical robotics market has a promising outlook, and successful start-ups may enter into merger agreements with the well-established players in the market. Strategic agreements such as partnerships, alliances, and business expansion hold the largest share, followed by mergers acquisitions, and product launches activities.

The comprehensive study of global surgical robotics market covers the following:

  • Market numbers on the segments that are influencing the market
  • More than 80 products present in the market
  • Over 70 companies were evaluated
  • Detailed market share analysis of each product type
  • Detailed analysis of the market potential on regional and cross segmentation in country-level analysis
  • Detailed assessment of vendors, unit sold, and installed base of surgical system

Industry Analysis

Regulatory Scenario

U.S.

  • De-Novo Pathway

European Union (EU)

  • Impact of the EU’s Medical Device Regulations (MDR)
  • Expansion of Product Scope
  • Reclassification of Medical Devices as per Associated Risk, Contact Duration, and Invasiveness
  • More Supportive Clinical Investigations for Class III and Implantable Medical Devices
  • Dedicated Personal for MDR Compliance
  • More Emphasis on Post-Market Surveillance
  • Requirement of Common Specifications
  • Implementation of a Unique Device Identification (UDI) Mechanism

China

Japan

Benefits and Risks Associated with Robotically Assisted Surgical Devices (RASD)

  • Case Study: Intuitive Surgical, Inc.

Key Enabling Technologies

  • Robotics Simulators: Empowering Precision Care
  • Rising Cases of Surgical Errors
  • Surgical Stimulators: An Alternative to Minimize Surgical Errors

Long Distance Teleoperated Surgical Systems

Autonomous Surgical Robotics Systems: A Technological Paradigm in Surgical Robotics

Haptics Enabling Force Feedback: An Awaited Advancement in the Field of Surgical Robotics

Case Studies on Novel Surgical Robotic Concepts

Insights on Emerging Platforms in Pipeline

Patient Compliances and End User Perception

Return on Investment Analysis: A Value-Based Business Model

Distribution and Marketing Strategies (for Start-Up Companies)

  • Distribution Strategies
  • Case Study: Intuitive Surgical, Inc. (Europe)
  • Marketing Strategies
  • Case Study: Intuitive Surgical, Inc. (Europe)

Patent Landscape

Minimally Invasive Surgeries: Opportunity Assessment

Market Dynamics

Market Drivers

  • Rising Incidence of Chronic Disorders Inciting the Use of Robotics-Assisted Surgical Procedures
  • Elevating Geriatric Population Changing the Adoption Patten for Minimally Invasive Surgical Procedures
  • Rising Demand for Minimally Invasive Surgical Procedures Signifying the Need for Robotics-Assisted Surgeries
  • Technological Advancements in the Field of Medical Surgeries

Market Restraints

  • High Cost of Surgical Robotic Systems and their Associated Procedures
  • Shortage of Skilled Professionals
  • Restrictive Reimbursement Landscape

Market Opportunities

  • Development of Low-Cost Surgical Robotic Systems
  • Implementation of Artificial Intelligence (AI) in Surgical Robots
  • Development of Surgical Simulators for the Training of Professionals

Market Trends

  • Operating Lease Programs Implemented by the Surgical Robotic Manufacturers

Company Profiles

  • Asensus Surgical, Inc.
  • Avatera Medical GmbH
  • CMR Surgical Limited
  • Corin Group
  • Curexo, Inc.
  • Globus Medical, Inc.
  • Intuitive Surgical, Inc.
  • Johnson & Johnson
  • Medicaroid Corporation
  • Medrobotics Corporation
  • Medtronic plc
  • Meerecompany Inc.
  • Monteris Medical Corporation
  • Neocis, Inc.
  • PROCEPT BioRobotics Corporation
  • Renishaw plc
  • Siemens Healthineers AG
  • Smith & Nephew plc
  • Stereotaxis, Inc.
  • Stryker Corporation
  • THINK Surgical, Inc.
  • Titan Medical, Inc.
  • Venus Concept, Inc.
  • Vicarious Surgical, Inc.
  • Virtual Incision Corporation
  • Zimmer Biomet Holdings, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/awdul8


GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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Computime announces the launch of one of the first true Matter thermostats

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HONG KONG, May 27, 2024 /PRNewswire/ — Computime Group, a leading innovator in manufacturing, branded products and technology solutions, is proud to announce the upcoming launch of one of the first true Matter thermostats. This milestone highlights our commitment to pioneering smart home technology and providing our OEM and ODM customers with state-of-the-art solutions. 

Matter is set to revolutionize the Internet of Things (IoT) landscape as the next-generation standard for connected devices. Developed by the Connectivity Standards Alliance, Matter offers an open, universal protocol that is not bound to any single ecosystem, providing consumers with unparalleled freedom and flexibility. It ensures privacy-sensitive, secure, and reliable local controls without the need for cloud dependency, addressing the growing demand for enhanced privacy and security in smart home devices. 
The key principles driving Matter’s development include simplicity, reliability, interoperability, and security. By ensuring that all Matter-certified devices work seamlessly together, Matter eliminates the complexities often associated with smart home technology. This leads to greater compatibility, easier setup, and more robust user experiences across various device types, including thermostats.
Computime’s Matter thermostat represents a significant advancement in smart home technology, providing our customers with cutting-edge solutions and a short lead time to market, to meet the growing demand for interconnected and efficient home environments. We invite our customers to explore the capabilities of our new thermostat solutions. Computime’s extensive expertise in developing and manufacturing smart home devices ensures that our customers receive high-quality, reliable products with a short lead-time that stand out in the competitive market.
CONTACT: Computime Group, [email protected]

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GVG featured on the 2024 Africa RegTech Horizon-100 list

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MADRID, May 27, 2024 /PRNewswire/ — Global Voice Group (GVG) now features as one of the top 100 Africa-focused innovative RegTech organizations that are set to power Africa to a $1 billion market size by 2025. 

This acknowledgment bears witness to GVG’s compliance monitoring capabilities within the Mobile Money (MM) ecosystem. GVG developed the Mobile Money Monitoring (M3) solution, an intelligent data platform that supports East African regulatory authorities in monitoring the fast-expanding MM market. Through M3, the authorities can ensure the security and integrity of the related financial transactions, as well as transparency and compliance, for enhanced revenue assurance. M3 currently monitors approximately 25% of the financial flows passing through MM platforms in East Africa, verifying over 90 billion USD worth of transactions annually.
Moreover, the platform is also in use in Central and West Africa, in the Republic of Congo and in Ghana. In Congo, M3 has brought the local telecommunications regulator, the ARPCE, 100% visibility and control over all utility payments made via Mobile Money to the government. In Ghana, it has contributed to an average annual growth of 20% in revenue since its deployment. Overall, M3 has captured, verified and analyzed 1 trillion USD in MM transaction value since 2014.
After demonstrating the relevance, effectiveness, and innovation of the M3 solution to the jury, composed of recognized leaders of the Regtech industry, GVG was shortlisted and, following the voting phase, earned a place on the prestigious list. The M3 platform uses machine learning to ensure effective oversight of the MM market, ensure regulatory compliance and detect suspicious transactions. Since its first implementation in 2013, GVG’s M3 solution has provided the relevant regulatory authorities with reliable MM ecosystem metrics to support data-driven decision-making, promote compliance within the market, and reduce fraud and revenue leakage.
Responding to the announcement, James Claude, GVG’s CEO, declared: “It is with a great sense of achievement that I see GVG featuring among the 100 top RegTech providers in Africa. On behalf of the whole company, I sincerely thank Africa RegTech Horizon, as well as our voters, for supporting us in what we do best: providing governments and regulatory authorities with the market insights they need to address the challenges related to the fast-expanding financial ecosystem.”
The Africa RegTech Horizon-100 list is a directory of African RegTech companies and solution providers compiled to showcase the products and services of the latter, as well as assist financial institutions, regulators, and governments in identifying high-performing and trustworthy RegTech providers.
About GVG
Founded in 1998 and present in 11 countries, Global Voice Group is a global provider of ICT and RegTech solutions for governments and regulatory bodies. GVG assists governments and authorities, through Big Data analytics, in their digital transformation and the effective promotion of compliant and truly inclusive digital ecosystems. The company monitors, collects and analyses data from crucial economic sectors and turns it into actionable information. We promote data-driven decision-making.
Discover GVG’s website: www.globalvoicegroup.com
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Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT

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HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.

Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
Photo – https://mma.prnewswire.com/media/2421983/image.jpg
Photo – https://mma.prnewswire.com/media/2421640/Live4Well.jpg
Logo – https://mma.prnewswire.com/media/2421641/4725441/Live4Well.jpg
 
 

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