by Da Vinci Systems are advanced robotic surgical systems used to perform minimally invasive surgery. They provide surgeons with more control, flexibility and virtually magnified high-definition 3D vision to operate with greater precision and efficiency compared to traditional open surgery. Some key benefits of using Da Vinci Systems include reduced blood loss, fewer complications, shorter hospital stays, less pain and smaller incisions for patients. The systems are particularly useful for complex procedures in areas like urology, gynecology and general surgery.
The global 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% 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 in the Da Vinci Systems market is the increasing adoption rate driven by the growing preference for minimally invasive surgeries among patients and surgeons. Minimally invasive techniques offer various advantages like lesser pain, faster recovery times and fewer complications. Furthermore, technological advancements are allowing the systems to be used for an expanding range of surgical procedures. This is expected to further augment the market growth over the forecast period. Additionally, the ability of Da Vinci Systems to improve surgical accuracy and offer better ergonomics for surgeons is fueling their adoption in hospitals worldwide.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Da Vinci Systems market is low due to high technical barrier and capital investment required to manufacture robotic surgical systems.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to presence of large buyer base such as hospitals and ambulatory surgical centers.
Bargaining power of suppliers: The bargaining power of suppliers is low as the robotic surgical systems require high-end components from diverse suppliers globally.
Threat of new substitutes: The threat of new substitutes is moderate as conventional minimally invasive surgery provides alternative treatment options to patients.
Competitive rivalry: Intense competitive rivalry exists between major players to gain higher market share through product innovation and geographic expansion.
Key Takeaways
The global Da Vinci Systems market is expected to witness high growth, exhibiting CAGR of 17.% over the forecast period, due to increasing adoption of minimally invasive surgery. North America dominates the global market owing to rising healthcare expenditure and growing preference for robotic-assisted surgeries in the region. The Asia Pacific market is anticipated to grow at a significant rate during the forecast period due to presence of untapped opportunities in emerging countries and increasing medical tourism.
Key players operating in the Da Vinci Systems market are Intuitive Surgical, Johnson & Johnson, Medtronic, Stryker, and Smith & Nephew. Intuitive Surgical dominates more than 80% of market share with its widely used Da Vinci surgical system. The company is constantly innovating its technology through new product launches to strengthen its market position. There is increasing competition among players to develop advanced robotic surgical systems with enhanced capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
