The use of robotics in surgery is seeing double-digit growth and this trend is expected to continue for years to come. We look at some of the forces that are behind the anticipated exponential growth in the microsurgery robot market.
Growing Awareness of the Benefits of Robotic Microsurgery
Microsurgery by the use of robots confers a lot of benefits over the traditional surgical modalities. These benefits include shorter hospital stays (since patients heal faster when compared to the longer durations required for traditional incisions to heal), a drastic drop in the incidence of post-surgical complications (partly because the microsurgery procedure is more precise and tissue damage is minimal), as well as the reduced time spent under anesthesia since microsurgery takes a shorter time to be completed.
As all these benefits become well-understood both within the medical community and by patients, demand for microsurgery robots is growing.
Lifestyle Changes in China and India
As more people become affluent in China and India, the medical community is seeing a surge in the cases of chronic diseases in those countries. The improvements in the average incomes of these populations mean that a lot more people will be able to afford robotic microsurgery procedures.
Additionally, India has for long been known as a major medical tourism destination. As its position as a leader in medical tourism gets consolidated in the coming years (as the world opens up once again after the COVID-19 pandemic eases up), the demand for microsurgery robots in the sub-continent will rise in tandem with the thousands or millions of patients who flock there.
Rising Costs of Specialized Medical Services
One of the key reasons why medical tourism has risen around the world is that the cost of specialized medical care is prohibitive in some countries. For example, patients have admitted that undergoing heart bypass surgery in the U.S. is so costly that many would prefer to fly to India, undergo the procedure and come back with money to spare.
Part of the reason for this high cost is due to the high wages earned by the dedicated professionals who spend long years undergoing additional training. As the cost of living continues to rise, the fees of these specialists are expected to rise even further. A possible remedy to keep healthcare costs within reach for as many members of society as possible is to use robots wherever possible. The growth in the demand for microsurgery robots is therefore a partial solution to, in the long run, bringing treatment costs down, while also making them more widely available. Entities like Predictive Oncology (NASDAQ: POAI) also appear determined to do what they can to discover biotech solutions that drive costs down while delivering better patient outcomes.
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