Da Vinci Systems Market is Estimated To Witness High Growth Owing To Increasing Adoption of Robotic Surgery

Purvaja Jadhao

posted on 9 months ago — updated on 1 second ago

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The Da Vinci Systems market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 17.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Da Vinci Systems Market is Estimated To Witness High Growth Owing To Increasing Adoption of Robotic Surgery

Market Overview:
Da Vinci surgical systems are advanced robotic systems used in minimally invasive surgery. They provide surgeons with improved vision, precision, and control and allow for less invasive access to surgical sites. The key components of da Vinci surgical systems include a surgeon's console, a patient-side cart with four interactive robotic arms, and a high-performance vision system. These systems are used major specialties like urologic, cardiac, gynecologic, thoracic, and general surgeries.

Market Dynamics:
Increasing adoption of robotic surgeries due to benefits like less pain, less blood loss, quicker recovery time, and fewer complications is driving the growth of da Vinci systems market. The risks of infection, hernia and adhesions are also much lower with robotic surgeries. Furthermore, continuous technological advancements like improved vision systems, wristed instruments, and da Vinci SP surgical platform with more dexterity are making robotic surgeries more accessible. However, high costs associated with da Vinci systems and lack of reimbursement policies for robotic procedures in some countries may limit their adoption. Additionally, longer training required for robotic surgeries poses challenge for widespread acceptance.

SWOT Analysis
Strength:
- Advanced 3D visualization technology and precise control enhance surgical accuracy and outcomes.
- Robotic technology reduces hand tremors and increases control and precision during complex surgeries.
- Increasing adoption by surgeons and hospitals for benefits like smaller incisions, fewer scars, less pain, and faster recovery times.

Weakness:
- High costs associated with purchase and maintenance of the robotic systems limits widespread adoption.
- Long learning curves for surgeons to get trained on new technology increases time taken for procedures.

Opportunity:
- Growing geriatric population and rising chronic diseases will drive the need for minimally invasive surgeries.
- Expanding applications in areas like urology, gynecology, thoracic, and cardiac procedures present growth opportunities.

Threats:
- Stringent regulatory approvals and safety standards increase compliance costs of new product development.
- Higher investments in R&D by competitors to develop alternative low-cost technologies.

Key Takeaways

The global Da Vinci Systems Market Demand is expected to witness high growth, exhibiting a CAGR of 17.1% over the forecast period, due to increasing prevalence of various chronic diseases. The market size is projected to reach US$ 3 billion by 2030 from US$ 1.76 billion in 2023.

North America dominates the global market currently, owing to the rapid adoption of robotic surgery systems coupled with supportive government initiatives and increasing healthcare expenditure. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period due to growing medical tourism, healthcare infrastructure development and increasing affordability.

Key players operating in the Da Vinci Systems market are Intuitive Surgical, Johnson & Johnson, Medtronic, Stryker, and Smith & Nephew. Intuitive Surgical currently dominates the market with its da Vinci surgical system approved for different surgical specialties. Other players are investing in increasing the applications of their robotic platform systems.