by The Da Vinci systems market has been growing rapidly over the past few years owing to numerous advantages associated with these systems in various surgical procedures. Da Vinci systems are robotic platforms intended to facilitate complex surgery using a minimally invasive approach. Some of the key features of these systems include superior 3D visualization, improved precision, flexibility, and scaled motion for surgeons. The systems allow surgeons to perform complex procedures through just a few small incisions as opposed to one large incision. This results in less pain, fewer complications, blood loss, and scarring for patients.
The Global Da Vinci Systems Market is estimated to be valued at US$ 2.03 Bn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
The increasing incidence of various cancer and cardiac conditions coupled with rising geriatric population are some of the key factors fueling the demand for minimally invasive procedures. Some of the leading manufacturers are focusing on geographical expansion and strengthening their distribution network across major Da Vinci Systems Market Size to tap the growth opportunities.
Key players operating in the Da Vinci systems market are Skillsoft Limited, Safety Media, GP Strategies Corp., UL EHS Sustainability, PRYOR Learning Solutions, Raytheon Company, DuPont Sustainable Solutions, 360training.com, Inc., SAP Litmos, Vector Solutions, Global Training Solutions, Inc., Cornerstone onDemand, Petroskills, Euro Petroleum Consultants Ltd .
Market Key Trends
One of the major trends in the Da Vinci systems market is the increasing adoption of robotic platforms for urologic procedures. According to the American Urological Association, nearly 83% of prostatectomies performed in the United States in 2018 used robotic assistance, reflecting a significant increase from numbers a few years ago. This shift can be attributed to numerous advantages such as more control, flexibility and 3D vision offered by these systems for surgeons performing minimally invasive urologic surgeries. Owing to the procedural benefits, the demand for Da Vinci systems from urology departments is expected to increase substantially during the forecast period.
Porter’s Analysis
Threat of new entrants: Surgical robots require significant capital investment and established distribution channels which pose barriers for new companies.
Bargaining power of buyers: Individual hospitals have low bargaining power against big medical device manufacturers given their large financial outlays on capital equipment.
Bargaining power of suppliers: Since surgical robots comprise unique technological components from different suppliers, individual suppliers wield some influence over manufacturers.
Threat of new substitutes: Though computer-assisted surgery options exist, surgical robots provide unparalleled visualization, dexterity and control making them difficult to substitute in complex, minimally invasive procedures.
Competitive rivalry: The surgical robot market remains consolidated with fierce competition between dominant players to increase adoption through innovative product upgrades and expanding clinical applications.
North America currently accounts for the largest share of the da Vinci surgical systems market in terms of value owing to higher surgical robot adoption, reimbursements and ongoing urological procedures in the United States. The rising elder population susceptible to chronic diseases and increased healthcare spending also contribute to the high penetration of surgical robots across hospitals. Asia Pacific is forecast to grow at the fastest pace during the forecast period with China and Japan emerging as lucrative markets. This can be attributed to growing medical tourism, government initiatives to modernize healthcare infrastructure and expanding pool of surgical procedures in the region.
Geographical Regions
Europe currently captures the second largest value share after North America benefitting from rising GDP expenditures on healthcare and focus on minimally invasive techniques in countries like Germany and France. Recent approvals of robotic platforms for complex general surgeries also augur well for enhanced penetration. On the other hand, Latin America the Middle East & Africa present attractive opportunities for manufacturers due to improving access to healthcare and increasing healthcare affordability in countries like Brazil, Mexico, South Africa and Saudi Arabia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
