PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464638
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464638
Surgical Robots Market size was valued at USD 8,920.12 Million in 2023, expanding at a CAGR of 16.92% from 2024 to 2032.
Surgical robots represent advanced robotic systems crafted to aid surgeons in conducting minimally invasive surgical procedures with precision, control, and agility. These systems comprise robotic arms fitted with surgical tools and high-definition cameras, overseen by surgeons via a console or computer interface. The advantages of surgical robots are manifold, encompassing enhanced visualization, heightened accuracy, minimized tissue damage, and swifter patient recovery times. Their applications span various surgical specialties, including urology, gynecology, orthopedics, and general surgery, encompassing procedures like prostatectomies, hysterectomies, joint replacements, and abdominal surgeries. By facilitating intricate procedures with increased ease and efficiency, surgical robots ultimately elevate patient outcomes and healthcare quality.
Surgical Robots Market- Market Dynamics
Increasing prevalence of knee and hip replacement surgeries to propel market demand
The increasing prevalence of knee and hip replacement surgeries stands out as a primary catalyst projected to propel the integration of surgical robots within the healthcare sector. Various joint-related disorders, such as arthritis in its diverse forms, degenerative bone diseases, and osteoporosis, contribute to this surge in demand. Consequently, a growing number of patients necessitate knee and hip replacement procedures. According to data from the Australian Institute of Health and Welfare (AIHW), the rate of total knee replacements for osteoarthritis surged by approximately 38% from 2005-2006 to 2017-2018. Moreover, projections from the International Congress for Joint Reconstruction indicate a significant increase in the total number of primary hip and knee replacement surgeries, estimated to reach 635,000 (a 171.0% increase) and 1.28 million (a 189.0% increase) respectively by 2030, and 1.23 million (a 330.0% growth) and 2.60 million (a 382.0% growth) by 2060. Factors such as a global shortage of physicians and surgeons, coupled with the growing adoption of automated surgical instruments, constitute major drivers of market growth. Furthermore, the escalating prevalence of degenerative bone diseases and the rising occurrence of hip and knee replacements due to increasing instances of arthritis and osteoporosis are expected to further fuel this growth. For instance, the Agency for Healthcare Research and Quality report highlights that over 450,000 hip replacement surgeries are performed annually in the U.S.
Surgical Robots Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.92% over the forecast period (2024-2032)
Based on Component segmentation, services was predicted to show maximum market share in the year 2023
Based on End Use segmentation, inpatient facilities was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Surgical Robots Market is segmented on the basis of Component, Application, End User, and Region.
The market is divided into three categories based on Component: Services, Systems and Accessories. The services segment emerged as the leader in the global surgical robotics market share in 2023 and is projected to maintain its dominance throughout the forecast period. This dominance is attributed to the escalating number of surgical robotics procedures performed, given their ability to offer precision, accuracy, and improved patient outcomes, alongside the increasing adoption of surgical robotics technology. However, the systems segment is anticipated to register the highest Compound Annual Growth Rate (CAGR) during the forecast period, driven by advancements in technology and the growing demand for advanced robotic surgical systems.
The market is divided into two categories based on End Use: Inpatient and Outpatient. In 2023, the inpatient facilities segment commanded the largest revenue share. Hospitals, as predominant players in this segment, possess both the financial means and patient volume necessary to justify investments in costly surgical robotic systems. Moreover, they boast the requisite infrastructure and skilled personnel to operate and maintain such advanced technologies. The trust and credibility associated with hospitals significantly attract both patients and surgeons toward robotic-assisted surgeries, cementing the dominance of inpatient facilities in the market.
Surgical Robots Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the surgical robots market, companies implement strategic initiatives to propel innovation, market expansion, and customer acceptance. Strategic partnerships emerge as pivotal drivers, with manufacturers of surgical robots collaborating with healthcare institutions, academic medical centers, and research entities to pioneer and validate new surgical methodologies, techniques, and applications for robotic surgery. These collaborations foster clinical research, training endeavors, and knowledge exchange initiatives that bolster the evolution of robotic surgery and broaden its clinical scope. Additionally, engagements with regulatory bodies and professional associations facilitate adherence to regulatory norms, standards, and best practices, ensuring the safety, efficacy, and caliber of surgical robot systems. Moreover, partnerships with distributors, service providers, and healthcare networks empower companies to extend their market outreach, furnish comprehensive support services, and cultivate a robust presence in key geographical markets. Furthermore, strategic alliances with technology firms and startups facilitate access to complementary technologies like artificial intelligence, augmented reality, and haptic feedback, which enrich surgical robot capabilities and propel innovation in robotic-assisted surgery.
In January 2021, DePuy Synthes (a division of Johnson & Johnson) secured FDA approval for its VELYS robotic system, enhancing its offerings with the ATTUNE TOTAL knee system. DePuy Synthes' foray into the field of robotic surgery signifies an enduring and promising trend in the adoption of robotics for joint replacement surgeries.
GLOBAL SURGICAL ROBOTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Intuitive Surgical
Medrobotics Corporation
Medtronic
Renishaw plc
Smith and Nephew
Stryker Corporation
THINK Surgical, Inc.
Transenterix (Asensus Surgical, Inc.)
Zimmer Biomet
Others