The past few decades have witnessed a slow yet significant transformation in the healthcare robotics market. The beginning of the transformation can be traced back to the 19th century. Technological advancements in surgical systems and instruments have led to major breakthroughs and disruptive phases in the healthcare landscape across the world. The inventions of the digital camera further aided in the visualization of internal tracts. Thus, the preference for minimally invasive surgeries (MISs) continued to grow over the decades, which led to the emergence of robotic-assisted surgeries. The idea of robotic-assisted MIS procedures has been conceptualized and is being driven by the increasing need for using multiple tools through multiple access ports to support MISS.
However, during these unprecedented times of COVID-19, there is a relatively slower adoption of minimally invasive surgery, especially gastrointestinal procedures in 2020, because MIS products are not the priority for hospitals now. However, solutions used in operational work that help hospitals optimize their resources could see a rise in adoption once the crisis subsides.
The global minimally invasive gastrointestinal surgical systems market is currently witnessing a significant change in the market landscape. There is rising investment in the development of healthcare infrastructure, increasing evidence for efficient and promising results in surgery assistance. Thus, this is leading to potential growth opportunities for the minimally invasive gastrointestinal surgical systems market. Moreover, there is an extensive entry of emerging players developing MIS surgical systems. All these predominant factors have led to a significant rise in sales of minimally invasive gastrointestinal surgical systems across the globe.
The global minimally invasive gastrointestinal surgical systems market was valued at $5,021.8 million in 2020 and is anticipated to reach $10,441.0 million by 2031, growing at a CAGR of 6.8% during the forecast period 2021-2031. The increasing complexities in clinical decision-making, rising radiologist workload, and huge R&D investments are the major factors fueling the market growth. In addition to these factors, there are significant challenges and restraints, which are restricting the market growth. These challenges include the shortage of skilled professionals, high cost of minimally invasive GI surgical procedures, and restrictive reimbursement framework. Hence, it is anticipated that these trends will have a significant impact on the minimally invasive gastrointestinal surgical systems market in the during the forecast period, and the market will grow multifold.
Market Dynamics
The global minimally invasive GI surgical systems market is undergoing a transformation with regard to the advancements that have already taken place and are currently invading the market space. With the emergence of advanced technologies in the field of gastrointestinal surgery, such as capsule endoscopy, endoscopic ultrasound, and surgical robotics technologies, there is immense potential for these emerging markets to propel the growth of the minimally invasive GI surgical systems market. This chapter reviews the significant drivers, restraints, and opportunities that are considerably impacting the dynamicity of the global minimally invasive GI surgical systems market.
Increasing Healthcare Spending
The adoption of minimally invasive surgeries is associated not only with fewer chances of post-operative complications, readmission rates, and enhanced patient outcomes but also with the reduction of global healthcare costs. Traditional surgical approaches rely on heavy investment in healthcare budgets due to high procedural costs. However, minimally invasive surgeries relieve the pressure of costs.
Development of Long-Distance Teleoperated Surgical Robotic Systems
Due to the COVID-19 pandemic, doctors and surgeons have adopted telemedicine to provide care treatments while keeping themselves and patients safe. Similarly, telerobotic robotics surgical systems offer similar benefits; the lead surgeon works from an isolated station away from the patient. Thus, the patients can receive specialist care without traveling long distances.
The deployment of telerobotic surgical services is expected to be a potential solution for both intra- and inter-country surgical care inequalities. The following figure describes the key points that can be bridged with the potential of telesurgery.
Competitive Landscape
The global minimally invasive gastrointestinal surgical systems market consists of numerous large-scale as well as small-scale manufacturers and vendors. Presently, with the increasing adoption of technologies in healthcare, the manufacturers in the market have an ample number of opportunities to expand their offerings and to establish a strong foothold in the market.
From January 2015 to January 2021, the market witnessed approximately 25 regulatory and legal developments, 11 new offerings, 44 partnerships, alliances, and business expansions, four funding activities, and seven mergers and acquisitions activities. Joint ventures, collaborations, and partnerships were among the most frequently followed strategies incorporated by numerous players to establish a strong foothold in the market.
Most of the manufacturers in the market are incorporating collaborations and partnerships with not only other companies but also the university and research institutions as the key strategies to develop novel minimally invasive gastrointestinal surgical systems and attain a strong financial position in the market.
The leading imaging modality providers in the global minimally invasive gastrointestinal surgical systems market include Ambu A/S, B. Braun Melsungen AG, Boston Scientific Corporation, Conmed Corporation, Cook Medical Inc., Intuitive Surgical, Inc., Olympus Corporation, Medtronic plc, Karl Storz SE & Co. KG, Stryker Corporation, Schölly Fiberoptic GmbH, Xenocor Inc., Fujifilm Holdings Corporation, Pentax Medical (Hoya Corporation), Richard Wolf GmbH, and TransEnterix, Inc., among others.
Key Questions Answered in this Report:
• What is the current market size and future potential of these products?
• What is the current market share and growth share of the different products in the market?
• What are the guidelines implemented by different government bodies to regulate the approval of minimally invasive gastrointestinal surgical systems?
• What are the major market drivers, restraints, and opportunities in the global minimally invasive gastrointestinal surgical systems market?
• What is the impact of the COVID-19 pandemic on the market?
• Which technology is being researched and worked upon to improve the gastrointestinal surgical systems?
• Who are the leading players dominating the global minimally invasive gastrointestinal surgical systems market?
• What are the key development and strategies incorporated by the players of global minimally invasive gastrointestinal surgical systems market, to sustain the competition and retain their supremacy?
• Which countries contribute to the major share of current demand and which countries hold significant scope for expansion for business activities, by players of the global minimally invasive gastrointestinal surgical systems market?
• How advanced technologies such as surgical robotics is gaining traction in terms of market share in in gastrointestinal space?
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The report constitutes an in-depth study of the global minimally invasive gastrointestinal surgical systems market, including a thorough analysis of the types of offerings. The study also presents a detailed analysis of market dynamics and estimation of the market size over the forecast period 2021-2031
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To evaluate the implications of COVID-19 on MIS ecosystem, join BIS Research and other industry experts from Fujifilm Medical, TransEnterix Surgical Inc., and Caresyntax Inc., in an exclusive webinar on 16th July 2020.
Register in the link below: Enroll now for another exciting webinar with BIS Research on gauging the impacts of COVID-19 on the MIS industry, featuring industry leaders from Fujifilm Medical, TransEnterix Surgical Inc., and Caresyntax Inc. Early-bird registrants would get a free copy of our exclusive industry snapshots!
In collaboration with experts from Fujifilm Medical, TransEnterix Inc., and Caresyntax, Inc., BIS Research is conducting a virtual knowledge session to gauge the impacts of COVID-19 on the MIS industry on 16th July 2020.
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