Market Overview
Digital surgery is the convergence of surgical technology, real-time data, and intelligence, i.e., the next frontier of surgery.
According to the MarkNtel Advisors’ research report, "Global Digital Surgery Technologies Market Analysis, 2021," the market is likely to grow at a CAGR of around 22% during (2021-26). The use of digital technology for surgery helps in reducing patients’ recovery time and provides better access to deep & angles space within the body. It brings unprecedented changes to the traditional surgery method.
Digital technology-based surgeries offer more personalized surgical care. Thus, the Digital Surgery Technology Market will grow significantly in the forthcoming period. Most market players and health systems are putting massive amounts to accelerate the digitization of surgery, thereby dramatically enhancing patient outcomes while reducing cost and inefficiencies.
Impact of COVID-19
The lockdown imposed by the government in the wake of the COVID-19 pandemic has negatively affected the Global Digital Surgery Technologies market due to the cancellation and postponement of surgeries, which had to happen during this time.
Further, sales of surgical tools were affected, resulting in massive disruption of supply chains due to the imposition of lockdown. Many industry leaders witnessed a decline in their revenues due to the reduced volume of elective digital surgeries.
Market Segmentation
Cardiovascular Accounted for the Largest Market Share
Based on the surgery area, the market segments into Neurological, Cardiovascular, Orthopedics, Urology, Gynecological, and Ophthalmological. Among these segments, Cardiovascular Disease acquired the largest share in the Global Digital Surgery Technologies Market in 2019. The demand for cardiovascular surgeries with the help of digitally assisted technologies offers high accuracy and precision. The use of digital technologies reduces the risk of harm to the interventionist. Thus, the segment contributes to the overall growth of the market, reveals MarkNtel Advisors in their research report, "Global Digital Surgery Technologies Market Analysis, 2021."
Hospital and Ambulatory Surgical Centers Dominates the Market
Within the End-User segment, the market bifurcated into Insurance Companies, Medical Device Vendors, Hospitals and Ambulatory Surgical Centers, and Education and Research Institutes. In 2019, Hospitals and Ambulatory Surgical Centers attained the highest share in the Global Digital Surgery Technologies Market due to the rising patient footfall in hospitals and higher adoption of surgeries based on digitally assisted technologies owing to significant trust associated with hospitals. Further, the surge in the number of digital surgeries in hospitals boosts the market growth globally.
Regional Landscape
North America held for the Largest Market Share
Geographically, North America dominated the largest share in the Global Digital Surgery Technologies Market in 2019. The dominance is due to the higher occurrence rate of chronic diseases among the people of North America. Additionally, the mounting adoption of advanced technologies and supportive reimbursement policies for digital surgical procedures propel the market growth in the region.
Market Driver
Rising Prevalence of Chronic Diseases Boost the Market Growth
The surging prevalence of chronic diseases, including cardiovascular diseases, cancer, and orthopedic disorders, results in an increased number of patients undergoing surgical procedures globally. Further, the rising geriatric population bolsters the chance of chronic diseases, and the rapid adoption of a sedentary lifestyle by them are the primary factors driving the market growth.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the global Digital Surgery Technologies market are 3Dintegrated ApS, Augmedics Ltd., Brainlab AG, Caresyntax Inc, Centerline Biomedical, DASH Analytics, EchoPixel Inc., FundamentalVR, Medtronic plc, Mimic Technologies, Inc., Novadaq Technologies Inc., Osso VR Inc., Surgical Science Sweden AB, VirtaMed AG.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Digital Surgery Technologies Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Digital Surgery Technologies Market?
4. Who are the key competitors, their key strengths and weaknesses, and how do they perform in the Global Digital Surgery Technologies Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Digital Surgery Technologies Market study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on Global Digital Surgery Technologies Market
2) Market Size & Analysis
a) By Revenue
3) Market Share & Analysis
a) By Technology
i) AI and Big Data
ii) IoT and Robotics
iii) Augmented Reality and Virtual Reality
iv) Others
b) By Disease Indication
i) Neurological
ii) Cardiovascular
iii) Orthopedics
iv) Urology
v) Gynecological
vi) Ophthalmological
vii) Others
c) By Organization Size
i) Small and Medium Enterprises
ii) Large Enterprises
d) By End User
i) Insurance Companies
ii) Medical Device Vendors
iii) Hospitals and Ambulatory Surgical Centers
iv) Education and Research Institutes
v) Others
e) By Region
i) North America
ii) South America
iii) Europe
iv) Middle East & Africa
v) Asia-Pacific
f) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Matrix
4) Global Digital Surgery Technologies Market Hotspots & Opportunities
5) Global Digital Surgery Technologies Market Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Global Competition Outlook
a) Competition Matrix
b) Company Profile