Global Surgical Robots Market Overview
The key driver impacting the surgical robots market is the rising adoption of surgical robots for surgeries across the globe by hospitals & ambulatory surgery centers is estimated to boost market demand in the forecast period. For instance, According to the Mhealth organization, the study of Michigan 73 hospitals presents that three-quarters of hospitals included in the survey provided robot-assisted surgery in 2018, and surgeon’s percentage of operating at those hospitals who did some of their operations with a robotic system help increase by 10% to more than 30%. The general surgery operations percentage at those hospitals that involved robots was increased eightfold from 1.8% of all such operations to 15.%. Moreover, the technological advancement in the fields of data recorders, data analytic systems, 3D-imaging, high definition microscopic cameras, motion sensors is also estimated to be a significant determinant that adds growth to the market.
According to Value Market Research, the global surgical robots market was valued at around USD 3.1 billion in 2019 and is estimated to grow at a CAGR of about 20% during the forecast period 2021-2026.
The growing demand for robotic surgery systems owing to the advantages associated with robotic-assisted surgery is expected to enhance market demand in the forecast period. For instance, as per the annals of laparoscopic and endoscopic surgery, In 2017, a leading manufacturer Intuitive noted a 32% year-over-year growth in the use of its robotic surgery systems among general surgeons. in 2017, intuitive estimated that approximately 875,000 da vinci procedures were performed, raised from 523,000 in 2013. The robotic surgery industry generates almost $3 billion in revenues per year, and it is expected to grow by nearly 15% per year until 2022. however, the high cost of robotic systems may hamper the global surgical robots industry in the long run. also, the various risk associated with a surgical robot, such as infection risk, cardiopulmonary risks of anesthesia, and mechanical failure at the time of surgeries, are negatively impacting the market. the current industry trend of expanding collaboration of robotic companies on technology platforms with third-party dealers to build up new surgical applications is expected to provide beneficial market opportunities for the key market players in the coming years. Also, the rising development of flexible and cost-effective surgical robots by manufacturers is positively impacting the market.
The surgical robots market is vast, with a large number of local and global players. The key leaders follow numerous strategies to enhance their market position, such as acquisitions, extending product portfolio, expansions, mergers, and product innovations to strengthen their market share at the global scale. For example, In December 2016, Zimmer Biomet acquired MedTech and entered into the surgical robots market. MedTech manufactures the ROSA robotic device utilized for the spine and neurological procedures. The important players included in the report are Intuitive Surgical, Medtronic, Stryker Corporation, Smith & Nephew, Transenterix, Inc., Zimmer Biomet, Renishaw, Corindus Vascular Robotics, Think SurgicalOthers, Auris Health, Inc.
In this research report, the surgical Robots market is segmented by applications and region.
Analysis by Applications:
By applications, the report is categorized into orthopedics, neurology, urology, gynecology, others. The orthopedic segment is accounted for the largest share in 2019. It is due to the increased usage of surgical robots in the total hip replacement, hip arthroscopy, knee replacement, and shoulder arthroscopy, placement of pedicle screws, trauma, and general orthopedics. Moreover, the numerous benefits associated with surgical robots such as better accuracy and precision to surgeons, thus eliminating human error, contribute to the growth of the orthopedics segment in the forecast period.
Analysis by Region:
In the regional outlook of the global surgical robots market, the North America region dominates with a maximum market share of 40% in 2019. It is due to the increased adoption of technologically advanced robotic systems coupled with the growing number of hospitals that are opting for robot-assisted surgeries in the U.S region. Moreover, the high healthcare expenditure by the U.S. government and growing robotic investments in the region contribute to the surgical robots market growth across North America.
Market Segmentation covered in the Report:
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.