PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514924
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514924
Surgical Robotics Market size was valued at USD 8,987.67 million in 2023, expanding at a CAGR of 12.9% from 2024 to 2032.
Surgical robots, computer-controlled systems aiding surgeons in minimally invasive procedures, are revolutionizing operating rooms. The advanced tools are driven by factors like their ability to enhance precision, improve ergonomics for surgeons, and potentially reduce complications. Growing demand for minimally invasive surgeries, a shortage of skilled surgeons in some regions, and continuous advancements in robotic technologies further propel market growth. However, high initial costs, stringent regulatory hurdles, and integration challenges may act as restraints. Exciting opportunities lie in the development of more affordable and versatile robots, along with the expansion of applications into new surgical specialties.
Surgical Robotics Market- Market Dynamics
O The Minimally Invasive Revolution Increased Demand for Surgical Robots
The growing popularity of minimally invasive surgeries, driven by faster patient recovery and lower infection risks, is fueling the demand for surgical robots. A 2023 study published in the Journal of the American College of Surgeons found that minimally invasive procedures account for over 70% of all general surgeries performed in the US. This shift is driving demand for surgical robots, which offer enhanced precision and improved ergonomics for surgeons during these complex procedures. For instance, a recent press release highlighted the successful use of a robotic surgery system for a delicate heart bypass operation, allowing for faster recovery for the patient. As minimally invasive techniques continue to gain traction, surgical robots are poised to play a more prominent role in the operating room.
Surgical Robotics Market- Key Insights
v As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.9% over the forecast period (2024-2032)
v Based on Component segmentation, systems were predicted to show maximum market share in the year 2023
v Based on Procedure Type segmentation, general surgery was the leading type in 2023
v Based on Robot Type segmentation, CMR-Guided Surgical Robots was the leading type in 2023
v Based on region, North America was the leading revenue generator in 2023
The Global Surgical Robotics Market is segmented based on Component, Procedure Type, Robot Type, Application, and Region.
The market is divided into three categories based on Component: Systems, Accessories, and Services. Surgical systems, the core robotic arms, and technology, are expected to hold the largest market share due to their high initial cost and represent the pinnacle of this technology. However, accessories and services are projected for significant growth. These consumables and maintenance plans are crucial for ongoing functionality and ensure optimal utilization of the robotic systems.
The market is divided into four categories based on Procedure Type: General Surgery, Urology, Gynecology, and Orthopedics. General surgery is anticipated to capture the largest market share initially due to its broad range of minimally invasive procedures where robotic assistance offers significant benefits. However, orthopedic surgery is expected to witness the fastest growth. The aging population and growing demand for joint replacement surgeries are creating a perfect storm for the adoption of surgical robots in this specialty.
Surgical Robotics Market- Geographical Insights
North America currently dominates due to established healthcare infrastructure, a high concentration of skilled surgeons, and early adoption of advanced technologies. However, the Asia Pacific region is expected to witness the fastest growth propelled by a rapidly expanding healthcare sector, rising disposable income, and government initiatives promoting surgical robotics adoption. Europe presents a mature market with a focus on high-quality and reliable robotic systems. Emerging markets in Latin America and the Middle East & Africa offer promising potential due to a growing need for improved surgical capabilities and increasing investments in healthcare infrastructure. Manufacturers who can tailor their offerings to regional regulations, affordability needs, and technological preferences will be well-positioned to capitalize on this global market expansion.
The surgical robotics market is a competitive landscape with established players like Intuitive Surgical (da Vinci) and Medtronic (Hugo) holding a significant share due to their experience, brand recognition, and extensive installed base. However, challenger companies are emerging, offering innovative robotic systems with features like improved dexterity, smaller footprints, and potentially lower costs. Additionally, collaborations between traditional robot manufacturers and technology giants are fostering advancements in areas like artificial intelligence and machine learning for enhanced surgical guidance and automation. This dynamic market necessitates continuous innovation, strategic partnerships, and a focus on expanding into new surgical specialties and addressing affordability concerns. Mergers and acquisitions are also a potential factor, with established players seeking to bolster their portfolios or expand their geographical reach.
v In February 2022, BGS Beta-Gamma-Service GmbH & Co. KG expanded its laboratory in Wiehl to meet the growing demand for sterilization services in biotechnology, medicine, and diagnostics, focusing on radiation cross-linking for various sectors.
v In January 2023, Sterigenics expanded its electron beam facility in Columbia City, Indiana, providing critical E-beam sterilization services for medical devices and drug products, ensuring their safety and quality.
GLOBAL SURGICAL ROBOTICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
O Auris Health, Inc.
O CMR Surgical Ltd.
O Globus Medical, Inc.
O Intuitive Surgical, Inc.
O IS Robotics
O Johnson & Johnson
O Mazor Robotics Ltd.
O Medrobotics Corporation
O Medtronic plc
O Robot-Assisted Surgery Systems Inc.
O Siemens Healthineers AG
O Stryker Corporation
O Titan Medical Inc.
O TransEnterix Inc.
O Varian Medical Systems, Inc.
O Verb Surgical Inc.
O Others