CHICAGO, Dec. 14, 2022 /PRNewswire/ -- Surgical Robots Market is projected to reach USD 14.4 billion by 2026, at a CAGR of 17.6% according to a new report by MarketsandMarkets. Surgical robots enable surgeons to carry out complex surgical procedures with greater precision. They are primarily used in gynecological, urological, orthopedic, general, neurosurgeries, and other minimally invasive surgeries. Growth in this market is primarily driven by the advantages of robotic-assisted surgery, technological advancements in surgical robots, the increasing adoption of surgical robots, and the increase in funding for medical robot research. On the other hand, the high cost of robotic systems is a key factor limiting market growth in the coming years.
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Browse in-depth TOC on "Surgical Robots Market"
212 - Tables
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220 - Pages
In vitro Diagnostics Market Scope
Report Coverage | Details |
Market Size | USD 14.4 billion by 2026 |
Growth Rate | 17.6% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2021-2026 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, and End User |
Geographies Covered | Product & Service, Application, End User and Region |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging Markets |
Key Market Drivers | Technological Advancement |
Instruments and Accessories segment expected to hold the largest share of the market
Based on product & service, the surgical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment accounted for the largest share of 53.8% of the market. This segment is also expected to grow at the highest CAGR during the forecast period. The recurrent purchase of instruments & accessories instead of robotic systems, which are a one-time investment are ket factor attributed to the large share and high growth of this market.
General surgery segment commanded the largest share of the market
The surgical robots market, based on application is segmented into general surgery, urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and other applications. The general surgery segment accounted for the largest share of 29.5% of the market. This segment is also expected to register the highest growth during the forecast period. Growth in this market segment can be attributed to the increased use of surgical robots in general procedures such as bariatric surgery, Heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy.
North America is expected to dominate the surgical robots market during the forecast period
North America dominated the surgical robots market, with a share of 63.6% in 2019, while the Asia Pacific region is expected to register the highest CAGR of 18.5% during the forecast period. The availability of funding for R&D in surgical robots in this region and the increasing adoption of surgical robots for pediatric surgeries in Canada and general surgery procedures in the US are some of the factors attributed to the largest share of this region.
Surgical Robots Market Dynamics:
Drivers:
- Advantages of robotic-assisted surgery
- Technological advancements
- Improving reimbursement scenario
- Increasing adoption of surgical robots
- Increase in funding for medical robot research
Restraints:
- High cost of robotic systems
Opportunities:
- Increasing penetration of surgical robots in ASCs
- Emerging markets
Key Market Players:
Some of the prominent players operating in the Surgical robots market are Intuitive Surgical (US), Stryker Corporation (US), Medtronic (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (Transenterix) (US), Corindus Vascular Robotics (US), Renishaw (UK), Auris Health (US), Medrobotics Corporation (US), Think Surgical (US), Verb Surgical (US), OMNIlife Science (US), CMR Surgical (US), Preceyes BV (Netherlands), China National Scientific Instruments And Materials Corporation (CSIMC) (China), Microsure (Netherlands), Titan Medical (Canada), avateramedical Gmbh (Germany) and Medicaroid Corporation (Japan).
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Recent Developments:
- In January 2021, Stryker acquired OrthoSensor and its Verasense intraoperative sensor tech to enhance the ortho giant's Mako robots
- In January 2021, TransEnterix received CE Mark approval for its Intelligent Surgical Unit that adds AI-based capabilities and enables machine vision capabilities on the TransEnterix's Senhance robotic surgery system.
- January 2020, Sytrker Corporation received regulatory approval for the Mako robotic surgery system in Japan for partial knee indication
- In March 2019, Titan Medical collaborated with Teleflex Incorporated. The collaboration aimed to develop a robotic ligation technology. Under this partnership, Teleflex's market-leading polymer ligation technology will be integrated into Titan's development-stage, single-port robotic surgery system.
- In June 2019, CMR Surgical (UK) signed an agreement with LifeHealthcare [Australia and New Zealand (ANZ)] to introduce Versius across Australia and New Zealand, following the completion of regulatory processes.
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Browse Adjacent Market: Medical Devices Market Research Reports & Consulting
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