Market Overview:
Da Vinci surgical systems are robotic platforms designed to enable complex surgery through small incisions using a minimally invasive surgical technique called laparoscopy. They provide surgeons with improved control, precision and 3D HD vision for performing many types of procedures. Some of the key types of surgeries performed using da Vinci systems include prostatectomy, hysterectomy, cholecystectomy, nephrectomy and others. The systems allow for more control and precision, less pain, fewer complications, less blood loss and scarring, faster recovery times and shorter hospital stays for patients.
Market key trends:
One of the major trends in the Da Vinci Systems Market Demand is the increasing adoption in general surgery. Traditionally, these robotic systems were mainly used for urological and gynecological procedures. However, an expanding number of general surgical procedures such as colorectal, bariatric and thoracic surgeries are now being performed using da Vinci systems in a minimally invasive manner. This is contributing to broader market growth. Another notable trend is the development of new generation of da Vinci surgical systems with advanced features and capabilities. For instance, the latest da Vinci SP surgical system features improved ergonomics, 3D visualizations, intuitive motion controls and additional multi-quadrant access for complex surgeries. Such continuous innovations are helping to enhance surgical outcomes and fuel greater demand.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high technical expertise required to manufacture surgical robots and high initial capital investments needed to compete in the market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of several products from different players in the market. However, high costs of surgical robots limit switching between products.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of several component suppliers and contractual agreements between manufacturers and suppliers.
Threat of new substitutes: Substitutes have low threat as surgical robots provide high precision and fewer complications compared to traditional open surgeries.
Competitive rivalry: The competitive rivalry is high owing to presence of large global players offering differentiated products.
Key Takeaways
The global Da Vinci Systems market is expected to witness high growth, exhibiting CAGR of 17.1% over the forecast period, due to increasing minimally invasive surgeries among geriatric population with health complications. The market size for 2023 is estimated to be US$ 1.76 Bn.
North America dominates the market and is expected to continue its dominance over the forecast period. This is attributed to presence of major players, higher adoption of advanced robotic surgery systems, and rise in cancer cases driving surgical volume in the region.
The surgical robots market in Asia Pacific is growing at fastest pace due to increasing healthcare expenditure, rising medical tourism, and growing need to treat increasing patient volume. China, India and Japan are major contributors to the large market size in the region
Key players operating in the Da Vinci Systems market are Intuitive Surgical, Johnson & Johnson, Medtronic, Stryker, and Smith & Nephew. Intuitive Surgical dominates the market with over 90% revenue share owing to its early adoption of da Vinci Surgical System in surgical specialties globally.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
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