New Delhi, Jan 23 : With a rise in chronic diseases amid an ever-increasing elderly population, the market for surgical robotics in India is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 20 per cent, a report by global market intelligence firm BIS Research said on Tuesday.
The report, titled "Global Surgical Robotics Market-Analysis and Forecast, 2017-2025", said the Indian market is expected to grow from (Dollar) 64.9 million in 2016 to (Dollar) 349.3 million by 2025.
On the other hand, the overall global market size is expected to reach 12 per cent with a cumulative value of (Dollar) 12.6 billion by 2025.
The rising incidence rate of chronic diseases, increasing geriatric population, growing demand of minimally invasive surgeries and miniature robotics and technological advancements in the field of medical surgeries, are some of the factors that are fuelling the demand for surgical robotic systems.
"With the advent of technologically-advanced surgical robotic systems, the global market is expected to grow substantially to help healthcare professionals confront the surgeries of people with gynaecological, urological, orthopaedics, neurological, and orthopaedic disorders," Abdul Wahid, Lead Analyst at BIS Research, said in a statement.
"The market for surgical systems by value is expected to grow at the CAGR of 12.3 per cent during the forecast period, 2017-2025," Wahid added.
Furthermore, funding provided by various governmental organisations to perform research and development activities is also likely to push the growth.
While the current robotic surgery systems are gradually attaining the next generation level of medical robotics, removing human contact during the surgery may be considered as the next level, the report said.