Surgical Robots Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, UK, Germany, China, Japan - Size and Forecast 2023-2027

Published: Oct 2023 Pages: 158 SKU: IRTNTR75638

Surgical Robots Market Size 2023-2027 

The Global Surgical Robots Market size is forecast to increase by USD 7.90 billion between 2022 and 2027 at a CAGR of 20.67%.

The Surgical Robots Market is growing rapidly due to the high prevalence of diseases like bone degenerative disorders such as osteoarthritis, which leads to increased need for knee and hip replacement surgeries. To improve patient outcomes and streamline operations, ambulatory surgical centers (ASCs) have started using automated tools and surgical robot systems. These machines allow accurate surgical interventions with minimal risk of infection and shorter healing time. Doctors now use them more often while dealing with complicated processes related to joints. Regulatory frameworks environment and reimbursement policies are also important factors that shape this industry ensuring safety in technology used for surgery. Many stakeholders including The Regents of the University of California, Agency for Healthcare Research and Quality (AHRQ), Australian Institute of Health and Welfare (AIHW) contribute towards development within US market for Surgical Robots. Surgical robots are advanced medical devices that assist surgeons in performing various surgical procedures with enhanced precision, control, and flexibility. These machines are used in various surgical specialties, including urology, gynecology, general surgery, cardiovascular surgery, and orthopedics.

Study Period 2023-2027
Base Year For Estimation

2022
CAGR 20.67%
Forecast period

2023-2027
Fastest Growing Region

North America at 38%
Largest Segment

Application

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What will be the size of the market during the forecast period?

Market Segment

By General and Laparoscopy Surgery Segment

The market share growth by the general and laparoscopy surgery segment will be significant during the forecast period. One of the main reasons that have significantly influenced the general and laparoscopy surgery segment is the advancement in technology. There has been an increasing demand and popularity across healthcare industries due to their various benefits.

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The general and laparoscopy surgery segment was valued at USD 963.73 million in 2017 and continued to grow until 2021. The advent of these robots has revolutionized the surgery field of minimally invasive surgery by providing surgeons with enhanced precision and visualization during procedures. One of the main features of a surgical robot is that it assists in performing complex laparoscopic procedures by providing a magnified 3D view and enhanced instrument maneuverability. Some of the key benefits of this device include reduced pain, minimal scarring, shorter hospital stays, and quicker return to normal activities. Additionally,  robots can also be integrated with additional technologies like augmented reality, allowing surgeons to visualize patient-specific anatomical information during the procedure. Hence, such factors are expected to drive the growth of this segment which in turn will drive the growth of the global surgical robot market growth during the forecast period.

Market Dynamic and Customer Landscape

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The high adoption rate due to convenience is a key driver for the growth of the market. Hospitals are increasingly adopting these devices because they offer improved surgical precision. These robots provide surgeons with greater control and dexterity, enabling more precise movements during procedures.

The medical industry benefits significantly from such machines, leading to better surgical outcomes, reduced complications, and improved patient safety. They are designed to reduce strain on surgeons by providing better instrument control and eliminating hand tremors, resulting in reduced blood loss, less pain, shorter hospital stays, and faster patient recovery times. As a result, these factors are expected to fuel the growth of the global market during the forecast period.

Key Market Trends

The growing demand for surgical robotics technology in developing countries is a primary trend in the market. As healthcare systems in these nations strive to enhance patient outcomes and improve the quality of healthcare services, they are seen as promising tools to achieve these objectives. Countries like India and Brazil often face a shortage of highly skilled surgeons, particularly in specialized areas.

These robots can help tackle this issue by providing a platform for training and skill development. With simulation capabilities, surgeons can practice complex procedures in a controlled environment, enhancing their proficiency before performing surgeries on real patients. Moreover, some developing countries are actively promoting medical tourism to boost their economies. Investing in surgical robotics can attract patients seeking advanced healthcare services, offering a competitive advantage and potentially boosting the growth of the global market during the forecast period.

Major Market Challenge

The cost and affordability pose a significant challenge to the growth of the global surgical robot market. Despite the increasing popularity of these robots in the healthcare sector, their high expenses can be a major hindrance to market expansion. Several factors contribute to the high cost of these robotic devices. Firstly, there is a substantial initial investment required to acquire the technology. Additionally, ongoing expenses for training, maintenance, and instrument sterilization add to the overall cost. Regular maintenance and servicing, including periodic inspections, software updates, and equipment calibration, are necessary to ensure optimal performance and longevity of the robots.

As a result of these factors, the global surgical robot market growth is expected to face obstacles during the forecast period. The high cost and associated affordability issues may negatively impact the adoption in the healthcare industry.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Asensus Surgical US Inc: The company offers surgical robots such as performance-guided surgery which is next-level technology that revolutionizes what's possible.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

  • 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.
  • Virtual Incision

 

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Which are the Key Regions for the Market ?

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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. There is an increasing adoption across the healthcare sector in North America due to their several benefits such as enhanced precision, improved dexterity, smaller incisions, reduced blood loss, and faster patient recovery times. For instance, According to the Centers for Disease Control and Prevention (CDC) statistics, as of 2020, about 133 million individuals in the US had one or more chronic disease conditions, of which around 80% of individuals had CVDs and chronic respiratory diseases. Hence, such factors are expected to drive the growth of this segment which in turn will drive the growth of the global surgical robot market growth during the forecast period.

Market Overview

The Surgical Robots market analysis, monitored by organizations like the Agency for Healthcare Research and Quality and the Australian Institute of Health and Welfare (AIHW), addresses challenges such as arthritis & osteoporosis affecting joints. With a focus on financial resources and the rising demand for hip & knee replacement surgeries, entities like the Hip and Knee Society and the International Congress for Joint Reconstruction are pivotal. In the inpatient facilities segment, concerns regarding pain & blood loss prompt advancements in primary hip replacement procedures. Addressing the shortage of physicians and surgeons, innovations from institutions like The Regents of the University of California aim to improve outcomes while managing treatment costs in the U.S. market, catering to various types of arthritis.

The market is experiencing significant growth, driven by advancements in automated instruments and surgical robotic systems. Ambulatory surgical centers (ASCs) and outpatient segments are increasingly adopting these products for procedures like knee and hip replacement surgeries. These robots offer precise interventions for bone degenerative diseases such as osteoarthritis and osteoporosis, improving postoperative functional outcomes and reducing pain and blood loss. Conventional knee replacement procedures are being revolutionized by innovations like the Mako total knee replacement system, enhancing patient recovery periods and reducing the risk of infection and scars.

Despite the growing demand, challenges such as the shortage of physicians and skilled personnel persist. However, regulatory frameworks and reimbursement policies are evolving to support the integration of these robots into healthcare infrastructure. The trust and credibility associated with these advanced technologies are increasing patient volumes and treatment cost efficiency. With a focus on improving patient outcomes and addressing major disorders like arthritis, the market continues to expand, offering promising solutions for the future of surgical interventions.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023-2027, as well as historical data from 2017 - 2021 for the following segments.

  • Application Outlook 
    • General and laparoscopy surgery
    • Gynaecological surgery
    • Orthopaedic surgery
    • Neurosurgery
    • Urology and others
  • End-user Outlook 
    • Hospitals
    • Ambulatory service centres
  • Geography Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia
      • China
      • India
    • ROW
      • Argentina
      • Australia
      • Rest of ROW

Market Scope

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 7.90 billion

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

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
  • Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
  • Growth of the market industry across North America, Europe, Asia, and Rest of World (ROW)
  • Thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global surgical robots market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on global surgical robots market 2017 - 2021 ($ million)
    • 4.2 Application Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)
    • 4.3 End-user Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 General and laparoscopy surgery - Market size and forecast 2022-2027
      • Exhibit 34: Chart on General and laparoscopy surgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on General and laparoscopy surgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on General and laparoscopy surgery - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on General and laparoscopy surgery - Year-over-year growth 2022-2027 (%)
    • 6.4 Gynecological surgery - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Gynecological surgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Gynecological surgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Gynecological surgery - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Gynecological surgery - Year-over-year growth 2022-2027 (%)
    • 6.5 Orthopedic surgery - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Orthopedic surgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 43: Data Table on Orthopedic surgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 44: Chart on Orthopedic surgery - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Orthopedic surgery - Year-over-year growth 2022-2027 (%)
    • 6.6 Neurosurgery - Market size and forecast 2022-2027
      • Exhibit 46: Chart on Neurosurgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 47: Data Table on Neurosurgery - Market size and forecast 2022-2027 ($ million)
      • Exhibit 48: Chart on Neurosurgery - Year-over-year growth 2022-2027 (%)
      • Exhibit 49: Data Table on Neurosurgery - Year-over-year growth 2022-2027 (%)
    • 6.7 Urology and others - Market size and forecast 2022-2027
      • Exhibit 50: Chart on Urology and others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 51: Data Table on Urology and others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Chart on Urology and others - Year-over-year growth 2022-2027 (%)
      • Exhibit 53: Data Table on Urology and others - Year-over-year growth 2022-2027 (%)
    • 6.8 Market opportunity by Application
      • Exhibit 54: Market opportunity by Application ($ million)
      • Exhibit 55: Data Table on Market opportunity by Application ($ million)

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 56: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 57: Data Table on End-user - Market share 2022-2027 (%)
    • 7.2 Comparison by End-user
      • Exhibit 58: Chart on Comparison by End-user
      • Exhibit 59: Data Table on Comparison by End-user
    • 7.3 Hospitals - Market size and forecast 2022-2027
      • Exhibit 60: Chart on Hospitals - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Data Table on Hospitals - Market size and forecast 2022-2027 ($ million)
      • Exhibit 62: Chart on Hospitals - Year-over-year growth 2022-2027 (%)
      • Exhibit 63: Data Table on Hospitals - Year-over-year growth 2022-2027 (%)
    • 7.4 Ambulatory service centers - Market size and forecast 2022-2027
      • Exhibit 64: Chart on Ambulatory service centers - Market size and forecast 2022-2027 ($ million)
      • Exhibit 65: Data Table on Ambulatory service centers - Market size and forecast 2022-2027 ($ million)
      • Exhibit 66: Chart on Ambulatory service centers - Year-over-year growth 2022-2027 (%)
      • Exhibit 67: Data Table on Ambulatory service centers - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by End-user
      • Exhibit 68: Market opportunity by End-user ($ million)
      • Exhibit 69: Data Table on Market opportunity by End-user ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 71: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 72: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 73: Chart on Geographic comparison
      • Exhibit 74: Data Table on Geographic comparison
    • 9.3 North America - Market size and forecast 2022-2027
      • Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 Asia - Market size and forecast 2022-2027
      • Exhibit 83: Chart on Asia - Market size and forecast 2022-2027 ($ million)
      • Exhibit 84: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
      • Exhibit 85: Chart on Asia - Year-over-year growth 2022-2027 (%)
      • Exhibit 86: Data Table on Asia - Year-over-year growth 2022-2027 (%)
    • 9.6 Rest of World (ROW) - Market size and forecast 2022-2027
      • Exhibit 87: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
      • Exhibit 88: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
      • Exhibit 89: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
      • Exhibit 90: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
    • 9.7 US - Market size and forecast 2022-2027
      • Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.8 UK - Market size and forecast 2022-2027
      • Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.9 Germany - Market size and forecast 2022-2027
      • Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.10 China - Market size and forecast 2022-2027
      • Exhibit 103: Chart on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 104: Data Table on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 105: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 106: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.11 Japan - Market size and forecast 2022-2027
      • Exhibit 107: Chart on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 108: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 109: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 110: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.12 Market opportunity by geography
      • Exhibit 111: Market opportunity by geography ($ million)
      • Exhibit 112: Data Tables on Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 113: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 115: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 116: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 117: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 118: Matrix on vendor position and classification
            • 12.3 Accuray Inc.
              • Exhibit 119: Accuray Inc. - Overview
              • Exhibit 120: Accuray Inc. - Product / Service
              • Exhibit 121: Accuray Inc. - Key news
              • Exhibit 122: Accuray Inc. - Key offerings
            • 12.4 Asensus Surgical US Inc.
              • Exhibit 123: Asensus Surgical US Inc. - Overview
              • Exhibit 124: Asensus Surgical US Inc. - Product / Service
              • Exhibit 125: Asensus Surgical US Inc. - Key offerings
            • 12.5 CMR Surgical Ltd.
              • Exhibit 126: CMR Surgical Ltd. - Overview
              • Exhibit 127: CMR Surgical Ltd. - Product / Service
              • Exhibit 128: CMR Surgical Ltd. - Key offerings
            • 12.6 Intuitive Surgical Inc.
              • Exhibit 129: Intuitive Surgical Inc. - Overview
              • Exhibit 130: Intuitive Surgical Inc. - Product / Service
              • Exhibit 131: Intuitive Surgical Inc. - Key offerings
            • 12.7 Johnson and Johnson Services Inc.
              • Exhibit 132: Johnson and Johnson Services Inc. - Overview
              • Exhibit 133: Johnson and Johnson Services Inc. - Business segments
              • Exhibit 134: Johnson and Johnson Services Inc. - Key news
              • Exhibit 135: Johnson and Johnson Services Inc. - Key offerings
              • Exhibit 136: Johnson and Johnson Services Inc. - Segment focus
            • 12.8 Medtronic Plc
              • Exhibit 137: Medtronic Plc - Overview
              • Exhibit 138: Medtronic Plc - Business segments
              • Exhibit 139: Medtronic Plc - Key news
              • Exhibit 140: Medtronic Plc - Key offerings
              • Exhibit 141: Medtronic Plc - Segment focus
            • 12.9 Neocis Inc.
              • Exhibit 142: Neocis Inc. - Overview
              • Exhibit 143: Neocis Inc. - Product / Service
              • Exhibit 144: Neocis Inc. - Key offerings
            • 12.10 Novus International Inc.
              • Exhibit 145: Novus International Inc. - Overview
              • Exhibit 146: Novus International Inc. - Product / Service
              • Exhibit 147: Novus International Inc. - Key offerings
            • 12.11 Renishaw Plc
              • Exhibit 148: Renishaw Plc - Overview
              • Exhibit 149: Renishaw Plc - Business segments
              • Exhibit 150: Renishaw Plc - Key offerings
              • Exhibit 151: Renishaw Plc - Segment focus
            • 12.12 Siemens AG
              • Exhibit 152: Siemens AG - Overview
              • Exhibit 153: Siemens AG - Business segments
              • Exhibit 154: Siemens AG - Key news
              • Exhibit 155: Siemens AG - Key offerings
              • Exhibit 156: Siemens AG - Segment focus
            • 12.13 Smith and Nephew plc
              • Exhibit 157: Smith and Nephew plc - Overview
              • Exhibit 158: Smith and Nephew plc - Business segments
              • Exhibit 159: Smith and Nephew plc - Key news
              • Exhibit 160: Smith and Nephew plc - Key offerings
              • Exhibit 161: Smith and Nephew plc - Segment focus
            • 12.14 Stryker Corp.
              • Exhibit 162: Stryker Corp. - Overview
              • Exhibit 163: Stryker Corp. - Business segments
              • Exhibit 164: Stryker Corp. - Key news
              • Exhibit 165: Stryker Corp. - Key offerings
              • Exhibit 166: Stryker Corp. - Segment focus
            • 12.15 Titan Medical Inc.
              • Exhibit 167: Titan Medical Inc. - Overview
              • Exhibit 168: Titan Medical Inc. - Product / Service
              • Exhibit 169: Titan Medical Inc. - Key offerings
            • 12.16 United Orthopedic Corp.
              • Exhibit 170: United Orthopedic Corp. - Overview
              • Exhibit 171: United Orthopedic Corp. - Product / Service
              • Exhibit 172: United Orthopedic Corp. - Key offerings
            • 12.17 Zimmer Biomet Holdings Inc.
              • Exhibit 173: Zimmer Biomet Holdings Inc. - Overview
              • Exhibit 174: Zimmer Biomet Holdings Inc. - Business segments
              • Exhibit 175: Zimmer Biomet Holdings Inc. - Key news
              • Exhibit 176: Zimmer Biomet Holdings Inc. - Key offerings
              • Exhibit 177: Zimmer Biomet Holdings Inc. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 178: Inclusions checklist
                • Exhibit 179: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 180: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 181: Research methodology
                • Exhibit 182: Validation techniques employed for market sizing
                • Exhibit 183: Information sources
              • 13.5 List of abbreviations
                • Exhibit 184: List of abbreviations
              • growth due to the increasing number of tests for infectious and chronic diseases: The incidence of infectious and chronic diseases has increased over the past decade. The outbreak of the COVID-19 pandemic in 2020 has increased the demand for laboratory testing for COVID-19 across the world. An increase in demand for laboratory testing for infectious diseases, such as COVID-19 and chronic diseases, will be a driver for the life sciences tools and services industry in the future. The growth of the tools and services industry will continue to be strong in emerging markets such as China and India. Developed economies such as Japan and the EU will exhibit moderate growth rates.
                • product development to decrease prices: As the pricing pressure increases, life sciences tools manufacturers will have to rethink product development processes. A value first product design philosophy can help control costs and deliver what customers value the most.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  INFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases

                  DATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts

                  REPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape

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                  Key Questions Answered

                  • What are the key global market and the regional market share?
                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?

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