The market size of the Global Genitourinary Robotic Surgery Market is predicted to show an 12.3% CAGR during the projected period.
Robotic surgery is commonly used in entire and partial kidney removal, kidney transplant, Mitral Valve repair, liver transplant, Pyeloplasty, Pyloroplasty, Radical Prostatectomy, Radical Cystectomy, and Tubal Ligation, among other procedures. The use of surgical robots in the field of urology has enabled doctors to get around problems with minimally invasive and cancer-related surgeries. The market will expand quickly due to the rising prevalence of kidney cancer and kidney stone, increasing use of contemporary robotic operating systems in developed markets, and rising patient admission for prostate removal, bladder reconstruction, and cancer of the prostate and cancer of bladder. These factors are also contributing to raising awareness of the benefits of urology robotic surgery among doctors, surgeons, and patients, as well as the availability of robotic surgery devices. The rising healthcare costs in emerging nations' increased desire for more minor invasive procedures combined with an increase in the number of senior patients and greater public awareness of remote surgery will all boost market expansion.
The market for robotic genitourinary surgery will be hampered by the high cost of robotic surgical procedures and robotic equipment. Additionally, the market expansion for robotic genitourinary surgery will be hampered by the rise in the number of fatalities and injuries brought on by robotic surgery. Mechanical failure is one of the key risk factors. Even though faults are extremely unlikely, they never should be ignored. In some cases, it might cause lesions, sores, or rips to the surrounding organs, in addition to probable nerve damage. Robotic surgery has numerous limitations, much like the lack of experience.
The Genitourinary Robotic Surgery Market is segmented on the basis of Component, Product Type, Application. and End-User. Based on the Component, the market is segmented as Robotic Surgery Machines, Tracking/ Navigation systems, Stimulators & Planners, and Others. Based on Product Type, the market is segmented as Robotic Surgery Instruments, Accessories, and services. Based on Application, the market is segmented as Robotic Prostatectomy, Robotic Cystectomy, Robotic Pyeloplasty, Robotic Nephrectomy, and Others. Based on End-User, the market is segmented as Hospitals, Urology Clinics, and Research & Education Centers.
Based on Components, the Tracking/ Navigation System segment is accounted as a major contributor to the Genitourinary Robotic Surgery Market.
The Tracking/ Navigation System section will increase at the highest rate during the forecast period. The major portion of robotic surgery equipment is due to the rising global demand for minimally invasive urological operations. A computer workstation and instrument location tracking devices are included in the surgical navigation kit. The segment for Tracking/ Navigation systems is expanding due to medical improvements being made to treat those suffering from various operating ailments; to make surgeries less intrusive, surgical robots and their navigation are assisting in this growth. This has propelled medical spending in a single direction to strengthen and expand the same segment, which is likely to aid in the expansion of the industry globally. These competent robots successfully carry out difficult and complicated surgical procedures, which supports the segment expansion.
Based on Application, the Robotic Cystectomy segment is accounted as a major contributor to the Genitourinary Robotic Surgery Market.
During the forecast period, the robotic cystectomy segment will account for the majority of the market. One of the most significant and important factors that will probably contribute to the growth of cystectomy is the rising number of patients with bladder cancer. Other important factors include the rising levels of disposable income worldwide, the prevalence of favourable reimbursement policies, the rising levels of investment in the expansion of the healthcare industry, and the rising prevalence of cysts. In the above-mentioned predicted timeframe, the market for cystectomy procedures would increase due to an increasing number of research and development activities, combined with rising technological advancement and new product improvements.
The North America Genitourinary Robotic Surgery Market holds a significant revenue share in the region.
During the forecast period, North America (the United States, Canada, and Mexico) will hold a significant share of the market. The domination of the area is due to the more significant frequency of chronic diseases, the rapid uptake of cutting-edge technology, and the existence of advantageous reimbursement laws for robotic surgical operations in the United States and Canada. Government and private sector investments in healthcare infrastructure are expected to increase, which would help the North American market expand favourably. Additionally, the demand for robotic surgeries will rise during the forecast period because of favourable reimbursement circumstances. The need for surgical robots in the region is expected to develop over the next several years as more people become aware of robotic surgery and its advantages.
Some of the major key players in the Genitourinary Robotic Surgery Market are AVRA Medical Robotics, Inc., Medtronic, Simbionix USA Corporation, Renishaw plc, THINK Surgical, Inc, TransEnterix Surgical, Inc., Titan Medical Inc., Stryker, Intuitive Surgical, Medrobotics Corporation, Blue Belt Technologies Ltd., MAKO Surgical Corp., Mazor Robotics Ltd., Stanmore Implants Worldwide, Ltd., Hansen Medical, Inc., and SafeStitch Medical Inc.