NEW YORK, March 8, 2024 /PRNewswire/ — The surgical robot market is to grow by USD 7,892.61 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 20.67% during the forecast period, according to Technavio. The surgical robot market is fragmented, and the companies are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Accuray Inc., Asensus Surgical US Inc., CMR Surgical Ltd., Intuitive Surgical Inc., Medtronic Plc, Microbot Medical Inc., Momentis Innovative Surgery Ltd., Neocis Inc., Novus International Inc., OMNI Orthopaedics Inc., Renishaw Plc, Siemens AG, Smith and Nephew plc, Stryker Corp., Titan Medical Inc., United Orthopedic Corp., Zimmer Biomet Holdings Inc., Johnson and Johnson Services Inc., and Virtual Incision are some of the major market participants.
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| Report Coverage | Details |
| Page number | 158 |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2027 |
| Growth momentum & CAGR | Accelerate at a CAGR of 20.67% |
| Market growth 2023-2027 | USD 7,892.61 million |
| Market structure | Fragmented |
| YoY growth 2022-2023(%) | 19.05 |
| Regional analysis | North America, Europe, Asia, and Rest of World (ROW) |
| Performing market contribution | North America at 38% |
| Key countries | US, UK, Germany, China, and Japan |
The surgical robot market is fragmented, and the degree of fragmentation will accelerate. The high adoption due to convenience will offer immense growth opportunities. However, the Cost and affordability associated with surgical robots will hamper the market growth.
The high adoption due to convenience is a key factor driving market growth.
The surgeon is provided with greater control and dexterity, allowing for more precise movements during surgery which is one of the key features of surgical robots. Furthermore, better surgical outcomes, reduced complications, and greater patient safety are some of the key benefits of surgical robots in the medical industry. Hence such factors are expected to drive market growth during the forecast period.
The high demand from developing countries is one of the major trends in the market.
Cost and affordability associated with surgical robots are one of the significant challenges restricting market growth.
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Segment Analysis
- Application
- General And Laparoscopy Surgery
- Gynecological Surgery
- Orthopedic Surgery
- Neurosurgery
- Urology And Others
- End-user
- Hospitals
- Ambulatory Service Centers
- Geography
- North America
- Europe
- Asia
- Rest Of World (ROW)
- The market share growth by the general and laparoscopy surgery segment will be significant during the forecast period. The key factor for the growth of the segment is the advancement in technology. Surgical robots are growing in demand and popularity across the medical field due to their many benefits, including pain relief, minimal scarring, shorter hospital stays, and faster return to normal activity. In addition, robots can also be integrated with additional technologies such as augmented reality, allowing surgeons to visualize patient-specific anatomical information during surgery. Hence, these factors are expected to drive segment growth during the forecast period.
- North America is estimated to contribute 38% to the growth of the global market during the forecast period. This growth is due to the increasing adoption of surgical robots across the healthcare sector in the region due to their several benefits such as enhanced precision, improved dexterity, smaller incisions, reduced blood loss, and faster patient recovery times. For example, according to CDC statistics about 133 million individuals in the US had one or more chronic disease conditions. Hence, these factors are expected to drive market growth in the region during the forecast period.
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report
Analyst Review
The surgical robots market is witnessing unprecedented growth, driven by advancements in technology and the rising demand for minimally invasive surgeries (MIS). Robotic-assisted surgery has emerged as a game-changer, offering numerous advantages over traditional procedures. Market trends indicate a significant penetration of surgical robots in ASCs (Ambulatory Surgery Centers), highlighting the shift towards outpatient and same-day surgeries. This trend is fueled by factors such as cost-effectiveness and quicker recovery periods, which are facilitated by robotic minimally invasive surgery techniques.
Robotic systems, such as the renowned Da Vinci system and innovations like Mantra by SS Innovations in India, are enhancing surgical precision and patient outcomes. These systems boast HD cameras providing unparalleled clarity, while their dexterity mimics the human hand with remarkable accuracy, enabling surgeons to navigate hard-to-access areas with ease.
One of the key advantages of robotic-assisted surgery is the reduction in incisions and cuts, leading to minimal scarring, pain, and enhanced safety for patients. Moreover, the cost savings associated with shorter hospital stays and fewer complications are driving the adoption of these systems, despite the initial high cost of robotic systems.
The medical community, including esteemed organizations like the American Congress of Obstetricians and Gynecologists, recognizes the potential of robotic hysterectomy and other robotic-assisted procedures in improving patient outcomes and reducing surgical errors, a leading cause of injury and death in healthcare systems.
Instruments and accessories tailored for orthopaedic surgery, neurosurgery, urological surgery, general surgery, and gynaecological surgery are expanding the reach of robotic technology across various specialties. This diversification reflects the growing demand for surgical robots across hospitals, clinics, and ambulatory surgery centers worldwide.
In conclusion, the surgical robots market is poised for exponential growth, driven by technological advancements, changing buying behavior, and the pursuit of improved patient outcomes. As these systems continue to evolve, they promise to redefine the landscape of modern healthcare, making surgeries safer, more efficient, and more accessible than ever before.
Market Overview
The Surgical Robots Market continues to surge due to advancements in robotic-assisted surgery technology. Industry trend analysis reveals a steady increase in adoption driven by the advantages of robotic-assisted surgery. With a focus on minimally invasive surgeries (MIS), robotic minimally invasive surgery offers unparalleled precision. Reduced incisions and cuts minimize scarring and post-operative pain, enhancing patient satisfaction. Moreover, the emphasis on safety is paramount, as robotic systems offer enhanced control and accuracy. The market’s growth underscores the demand for innovative solutions that prioritize patient outcomes and surgeon efficiency, making Surgical Robots a cornerstone of modern healthcare.
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Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
