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 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. Moreover, the global market for healthcare is considered as one of the key segments that account for a maximum portion of the GDP. Global Market Database is a world’s first dynamic B2B Market Research Platform which provides free market research tools.
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. Global Market Database is an effective market research tool that gives its users market wise quantitative inputs.
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 robotics 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 tools across 600+ markets and 12 different industries for the first five GMD logins. The ease of accessibility and the versatility of the tool makes it a dynamic platform for the analysis of global markets. You can use market research tool at GMD for further assessment of the business planning.
The gross benefit of the hospital would exceed USD 1.1 million annually if each of these robotic surgeries 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.