Global Surgical Robots Market to Grow at 18.94% CAGR Between 2016 and 2024
Surgical Robots Market Technologies and Trend Research By Product Type (Instrument & Accessories, Robotic Systems and Services), By Application (Gynecologic Surgery, General Surgery, Cardiac Surgery, Urologic Surgery, Colorectal Surgery and Head and Neck Surgery), By Control Mechanism (Direct Telemanipulator and Computer Control) and By End User (Hospitals and Ambulatory Surgical Centers) - Global Forecast till 2027
Surgical robots are used for robotic-assisted surgery, a minimally invasive surgery, allowing doctors to perform many complex procedures with more flexibility, precision, and control, which is not possible with conventional techniques. A new report on the global surgical robots market, published by Market Research Future (MRFR), pegs that this market can elevate at 18.94% CAGR during the forecast period (2016-2024). Regarding valuation, the worth of this market can be USD 19,596.61 Mn by the end of the forecast period.
Major drivers of the global surgical robots market growth are technological advancements in surgical robots and the rising preference for minimally invasive surgeries. The rising adoption of advanced medical technologies and surgical robots across the globe has also sped up market growth. Other factors aiding the global surgical robots market growth include accuracy, flexibility, increasing demand for automation in the healthcare sector, increasing innovation in medical technology, rise in spending on research & development (R&D) in the medical sector, and increasing prevalence of different diseases. However, some factors that can pull down the market growth include high cost of surgical robots and risks associated with robotic surgeries.
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Market Segmentation
The global surgical robots market is segmented by application, control mechanism, end-user, and product type. MRFR’s research on the market highlights many factors of the market in-depth.
The application-based segmentation of the market can cover cardiac surgery, colorectal surgery, general surgery, gynecologic surgery, head & neck surgery, urologic surgery, and others. In the context of the control mechanism, the market has been segmented into computer control and direct telemanipulator. Based on end-user, the market has been segmented into ambulatory surgical centers and hospitals. Regarding product type, the market has been segmented into instrument & accessories, robotic systems, and services.
Regional Segmentation
A geographical outlining of the global surgical robots market covers the Americas (North America & Latin America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
The Americas is the most important regional market as North America is the most advanced region in the world due to technological advancement and better medical facilities. During the forecast period, North America can hold the largest share in the global market due to the rising financial capability of hospitals to invest in robotic systems, strategic collaborations with other companies, growing demand for minimally-invasive surgeries, and the presence of important market players. The rising patient acceptance for the use of surgical robots in medical procedures is not only leading to superior health outcomes but also increasing general awareness about computer-assisted surgeries. Along with North America, the increasing prevalence of diseases like cancer and neurological disorders are boosting the market in Europe. The maximum market revenue in North America comes from the USA and Canada.
Europe can become the second-largest regional market during the forecast period due to the increasing need for automation in the healthcare sector, technological advancements, and rising R&D investments. The growing demand for minimally invasive surgeries (or unmanned surgeries) and miniature robotics is also strongly shaping up the market. Due to the reasons that are same as the Americas, Western Europe is a bigger market compared to Eastern Europe. The most lucrative markets in this region are France, Germany, Italy, Spain, and the UK. The survey of the remaining countries in Western Europe featured in this report calculates the inclusion of market revenue, with a sizable revenue contribution from Eastern Europe.
During the forecast period, the Asia Pacific region can emerge as the fastest growing regional market due to the increasing number of hospitals, presence of a vast patient population, and rapid development in technology. The presence of rising economies like China, India, and South Korea is also enabling the Asia Pacific market to grow at 23.36% CAGR during the forecast period. Other vital markets in this region are Australia and Japan. A cognition of the remaining countries in the Asia Pacific region featured in this report adds the extra market revenue from some other countries.
The MEA market for surgical robots is expected to grow during the forecast period due to the developing healthcare infrastructure.
Key Players
Big players in the global surgical robots market are Intuitive Surgical Inc. (USA), Hansen Medical (USA), Mazor Robotics (Israel), Medrobotics Corporation (USA), Medtech SA (France), Merck Co. & Inc (USA), Renishaw PLC (UK), Smith & Nephew (UK), Stryker Corporation (USA), TransEnterix Inc. (USA), and Verb Surgical Inc. (USA).
Latest Industry News
- Medtronic is developing a soft tissue surgical robot system that is expected to arrive in the market to operate in the medical sector by 2021.
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