July 22, 2024
Da Vinci Systems Market

Opportunities in Robot-assisted surgery is anticipated to openup the new avenue for Da Vinci Systems Market

Market Overview:

Da Vinci systems are advanced robotic surgical platforms used in minimally invasive surgery (MIS). These systems provide 3D visualization, wristed instruments, scaled motion, and robotic assistance to surgeons performing complex procedures. Some of the key procedures performed using da vinci systems include cardiac surgery, gynecologic surgery, urologic surgery and general surgery. With improved clinical outcomes, faster recovery times and less post-operative pain compared to traditional open surgeries, da vinci systems have emerged as the new standard for minimally invasive surgery.

Market Dynamics:

Growth in geriatric population undergoing age-related surgeries as well as rising adoption of MIS is fueling the demand for da vinci robotic surgical platforms. According to the World Health Organization (WHO), the number of global citizens aged 65 and older is projected to reach nearly 1.5 billion in 2050 from 703 million in 2019. Geriatric population is more likely to suffer from chronic diseases such as cancer and cardiovascular conditions requiring surgical intervention. Moreover, MIS techniques such as laparoscopy and arthroscopy provide several advantages over open surgeries including smaller incisions, shorter hospital stay, quicker recovery and reduced post-operative complications, further propelling the demand for robotic surgical platforms like da vinci. However, high costs of da vinci surgical systems pose a challenge to widespread adoption. Ongoing technological advancements to develop low-cost robotic platforms could boost market opportunity over the forecast period.

Segment Analysis

The Da Vinci Systems market is primarily segmented into technology, components, and applications. Based on technology, the cartesian robotic surgical systems segment dominates the global Da Vinci Systems market owing to its higher accuracy, flexibility, and cost-effectiveness. Cartesian robotic systems aid in precise movements, enhanced ergonomics, and better control over surgical tools.

PEST Analysis

Political: The governments of various countries have implemented various regulations regarding the usage of robotic surgical systems. This promotes the adoption of da Vinci systems.
Economic: The high installation and maintenance costs of da Vinci systems pose significant challenges for healthcare providers. However, the growing healthcare expenditure creates opportunities.
Social: There is a rise in preference for minimally invasive surgeries owing to lesser pain, shorter recovery periods, and fewer scars. This drives the uptake of da Vinci systems.
Technological: Advancements such as robotic tele-presence capabilities and augmented reality visualization expand the applications of da Vinci systems.

Key Takeaways

The global Da Vinci Systems Market Demand size is expected to reach nearly US$ 5 Bn by 2030, expanding at a CAGR of 17% over the forecast period. This can be attributed to the increasing number of surgeries employing robotic technology.
Regional analysis: North America dominates the Da Vinci Systems market, assisted by high healthcare expenditures and rapid technological adoption. Asia Pacific exhibits the fastest growth, driven by rising medical tourism, healthcare infrastructure development, and increasing disposable income.

Key players: Intuitive Surgical dominates with its da Vinci surgical system. Johnson & Johnson has a significant market share with its Verb Surgical subsidiary. Medtronic and Stryker are expanding their robotic portfolio through acquisitions. Recently, Medtronic acquired Sweden-based Titan Medical to enhance its robotic capabilities. Smith & Nephew launched the Cori surgical system to compete in soft tissue surgeries.
Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

   2. We have leveraged AI tools to mine information and compile it