Market research can drive product development and market penetration
Since its first use in 1997, robotic-assisted surgeries have become more common for minimally invasive surgeries, and the trend is continuing to take hold for more complex procedures.
For example, newer iterations of surgical robots also provide more precision, flexibility and control to take advantage of the “extreme mapping” of CT scans and MRIs to pinpoint spots to remove for procedures in lungs, esophagus and chest walls.
The rise of robotic surgical uses in complex procedures is also causing more widespread adoption. According to Reuters, in 2021, one in three U.S. surgeries will be performed by robotic systems, often with surgeons using computer consoles to guide the mechanical arms.
In addition, hospital systems are gaining more credibility and enhanced reputations for being on the cutting-edge of robotic surgery. Singing River Health System, Saint Joseph East and Capital Health were all recently named Centers of Excellence in Robotic Surgery (COERS) for being highly innovative and providing the safest, highest quality of care and robotic surgical capabilities.
Opportunities for Robotic Systems Manufacturers
For surgical robotic systems manufacturers, there are a wide-range of both applications and opportunities – from companion robots for elderly care, to transporting medical supplies, to prescription drug dispensing and clinical management.
Overall, the marketplace for this sector is also poised to grow from $4.65 billion in 2020 to $19.03 billion in 2027, with much of this growth being driven by the healthcare arena returning to pre-pandemic levels.
Today’s robotic surgery systems are also leveraging Artificial Intelligence (AI) and Machine Learning to help determine patterns within surgical procedures to improve a surgical robots’ control accuracy and precision.
In this emerging arena, robotic systems manufacturers are presented with a major opportunity to establish marketplace dominance through the development, marketing and sales around their cutting-edge solutions.
However, with massive investments in both R&D and marketing, robotic systems manufacturers need to be armed with the right marketing intelligence to ensure long-term success in a highly competitive arena.
Value of Market Research for Robotic Systems Manufacturers
The right market research can serve as the foundation for all efforts. For example, Market/Category Exploration can explore marketplace dynamics to help guide a successful strategy development that maximizes reach, meets needs and ultimately has a positive impact on profits.
For innovation and product development, the right research solutions can help to discover new opportunities to identify unmet market needs, as well as enhance all product optimizations.
Finally, when rolling out new solutions to the marketplace, Business Impact Tracking can help to measure advertising ROI, as well as track overall brand loyalty, and assess the strength of a brand.
As the robotic surgery category continues to rapidly expand, the opportunities for manufacturers will be tremendous. However, in such a cost-heavy and competitive arena, the right insights will ultimately drive differentiation and long-term success.
For robotic systems manufacturers looking to expand product development and market penetration, MSI offers comprehensive market research solutions that drive true business outcomes. Please contact us here to learn more.