Surgical Robot Market in Global Healthcare Market:
A Surgical Robot is an automated computerized system that allows the surgeon to identify and operate surgical procedures and conduct complicated tasks. Robotic surgery is a minimally invasive procedure that does not involve major skin cuts that are often required in conventional surgery. It gives a 3-dimensional, magnified, high-definition image that helps the surgeon to observe the complex human body. Compared to a human hand, medical robots have unique tools that are simpler, versatile, and mobile, and the surgeon uses the console to operate them. The surgeon can conduct the procedures correctly, safely, and is in command as the robot replicates the hand motions of the surgeon, eliminating the factor of handshaking. The applications of this product have been increasing widely within the Global Market. The growth dynamics of this sector can be studied using Global Market Database. The cloud based market research tool provides a market database that is in line with the shift in market trends.
Historic Trends foe the Robotic Surgery Market within Global Healthcare Market:
James McEwen created a robot named Arthrobot in 1985, that supported orthopedic surgery for the first time in Vancouver. PUMA 560, a surgical robot type arm that was initially used in non-laparoscopic brain surgery, was the first robot used for surgical procedures. According to market database, in 1988, a robot called PROBOT, which is a robotic guidance device, performed a prostate transurethral resection. ROBODOC also performed in late 1992 as a robot-assistant in orthopedic surgery for complete hip replacement. In 1990, the Food and Drug Administration approved the first endoscopic surgical technique system created by Computer Motion, for the AESOP system. In 2000 as per market database, the da Vinci surgical robot system was the first robotic surgery system approved by the FDA for laparoscopic surgery.
Market research tools state that the use of the robotic system in surgery has increased substantially in the global market over the past decade. Although, the surgical robots that are now used are not fully autonomous; doctors are required to control the procedure. Robots mimic the hand action of the surgeon and the artificial intelligence present in the robots normalizes the abrupt twitch or tremor in the hand of the surgeon as the surgical robots are moving. The inception of ICT based technologies like Artificial Intelligence has accelerated the market penetration for surgical robots within the global healthcare market.
Artificial intelligence in the global healthcare market can be used to remotely diagnose a patient’s medical imaging or X-ray data without the help of a surgeon or physician. Market database suggests that it collects the image from CT, X-ray, MRI, or ultrasound and guides the identification of any anomalies that might be missed by the surgeon or radiologist, such as tiny tumors or symptoms of any disease. Moreover, the global healthcare market is considered as one of the key segments that account for a maximum portion of the GDP.
Evolving market trends for the Global Healthcare Market:
When the machine learning algorithm that is programmed into a surgical robot is extensively trained, a robot is expected to be fully automated. Sufficient data needed to train the model should be available so that the robots can perform the surgery without any obligation. Artificial Intelligence is being used in some medical robots, for example, in India, a tech company named Sigtuple developed software called Shonit, which involves a smart microscope or a microscope that is mounted to a robotic base linked to a mobile camera. This software is a telepathology system based on AI, which transmits image-rich pathology at a distance. The smart microscope is automated it takes the image and is sent to the cloud. Market database suggests that these images are then labeled by machine vision according to their blood count and any abnormality present in the blood. The pathologists located in a distance receive these images and diagnose based on these pre-labeled high-resolution images.
The growth dynamics for the Global Healthcare Market can be studied using Global Market Database. The market research tool boosts the growth in market size for technologies like Surgical Robots. The technology promotes efficiency within the operational theratre.
According to market database, when a hospital evaluates if the organization should invest in the procurement of a robot, it looks at the high upfront expense and additional operating expenses that are not immediately passed on to patients when paying for robotic operational processes. When the hospital is constrained by the number of in-patient procedures that can be undertaken due to a shortage of beds, it is assumed that investing in surgical robots would yield significant financial returns due to the shortened hospital stay period needed relative to open surgeries for patients undertaking robotic surgical procedures.
The overall competitive mapping for the application sectors of this technology can be studied using Global Market Database (GMD). The cloud-based market research platform studies global markets and the shift in line with respect to changing market trends. Global Market Database provides free market research data across 600+ markets and 12 different industries for the first five Global Market Database logins. The ease of accessibility and the versatility of the tool makes it a dynamic platform for the analysis of global markets.
According to market research tools compared to open surgeries, if a doctor were to use the medical robot in 280 cases a year, patient hospital stay time would be shortened by one day. And therefore, the hospital will be able to gain 280 days of bed space. The statistics for the Global Healthcare Market can be obtained via Global Market Database. The market research tool analyses the recent market trends to derive market information.
These beds for additional operations will be filled by the hospital. If one day of hospital stay is included in a traditional in-patient operation, the hospital will conduct 280 additional surgeries per year. The gross benefit of the hospital would exceed USD 1.1 million annually if a robotic surgery generated a profit margin of USD 4,000 for the hospital. If a robot’s initial cost is USD 1.5 million and the recurring variable cost of servicing and repair and disposable equipment is USD 0.4 million a year the robot can pay for itself within two years, with a return on investment of 48%.
Robotic surgery has made life easier for both patients and surgeons. For a long period of time, the patient would not need to live in the hospital. In contrast to the incisions done in a conventional procedure, a minor cut or incisions are made on the patient’s body and are healed quicker. When they are cured, patients can resume their day-to-day life. The time of the surgeon is saved when they precisely know the region of infection in the body and where the incision must be made with the aid of technological advancements in robotic surgery.
Market research tools like Global Market Database state that in recent years, there has been a rise in chronic diseases. This growth in chronic diseases has contributed to an increase in the number of robotic surgery based operations. Market research tools like global market database can be used to study the forecast pertaining to factors like the significant increase in the elderly population. Therefore, the risk of illnesses increases with a rising number of the elderly population. Cardiac surgery, hip reconstruction, replacement of the knee, cataract surgery are primarily done in the elderly community, and thus the demand for robotic surgery is expected to increase.