Da Vinci surgical systems are advanced surgical platforms used for minimally invasive surgeries. They provide doctors with improved vision, precision, and control during complex procedures. Their precise movements and 3D views allow for less invasive procedures compared to open surgeries resulting in faster recovery times for patients.
The global Da Vinci Systems Market is estimated to be valued at US$ 1.76 Bn or Mn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends fuelling the growth of the da Vinci surgical systems market is the rising preference for minimally invasive surgeries (MIS) over traditional open surgeries. Advantages associated with MIS such as smaller incisions, less pain, lower risks of infections, shorter hospital stays, and faster recovery times are driving greater adoption of robotic systems. Furthermore, increasing awareness among patients about robotic surgical platforms and rising healthcare expenditures in emerging economies are also contributing to the growth of the da Vinci surgical systems market.
SWOT Analysis
Strength: Da Vinci Systems offer minimally invasive surgery through advanced robotic technologies with benefits like lesser pain, fewer complications, shorter recovery time and hospital stay for patients.
Weakness: High costs associated with Da Vinci Systems limit their adoption. The system requires dedicated operating rooms and regular maintenance and replacement of instruments adds to operational expenses.
Opportunity: Growing geriatric population and rising incidence of chronic diseases increase the demand for effective surgical treatments. Advancements in robotic technologies are expected to make such solutions more affordable and accessible over time.
Threats: Alternative less expensive MIS procedures can hamper the growth. Strict regulatory approvals and reimbursement policies pose challenges.
Key Takeaways
The global Da Vinci Systems market growth is expected to witness high, exhibiting a CAGR of 17% over the forecast period, due to increasing preference for minimally invasive surgeries.
Regional analysis: North America dominated the market and is expected to continue its dominance owing to the growing uptake of robotic surgeries in the US. However, Asia Pacific is anticipated to be the fastest growing region due to rising healthcare expenditure and increasing awareness.
Key players operating in the Da Vinci Systems market are Intuitive Surgical, Johnson & Johnson, Medtronic, Stryker, Smith & Nephew. Intuitive Surgical holds the majority market share due to its early mover advantage and technological superiority over traditional laparoscopy. However, increased competition is forcing players to focus on upgrading technologies and lowering costs to expand their target areas.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.