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The Global Surgical Robots Market size is forecast to increase by USD 14.02 billion between 2023 and 2028 at a CAGR of 27.17%. The market's growth is fueled by several key factors. High adoption rates driven by convenience and usability are pivotal, as consumers increasingly seek efficient solutions. Mergers and acquisitions among industry players consolidate expertise and expand market reach, fostering innovation and competitiveness. Simultaneously, substantial investments in Research and Development (R&D) propel technological advancements and product enhancements, meeting evolving consumer demands and regulatory standards. These factors collectively drive market expansion, creating a dynamic landscape where innovation and strategic partnerships play critical roles in shaping industry dynamics. As businesses capitalize on these opportunities, they position themselves to meet current market challenges and anticipate future trends, ensuring sustained growth and market leadership in an increasingly competitive environment.
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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 research report also includes detailed analyses of the competitive landscape of the market and information about 19 market players, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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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.
The general and laparoscopy surgery segment was valued at USD 1.13 billion in 2018. 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.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period.
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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.
The market is rapidly advancing with innovations like robotic minimally invasive surgery and high-definition cameras transforming healthcare delivery. These technologies enable outpatient and ambulatory surgery centers to perform complex procedures with precision and minimal invasiveness. Medicare coverage supports broader adoption, reducing surgical errors and enhancing outcomes under the guidance of skilled physicians and surgeons. Automated instruments aid in addressing bone degenerative diseases such as arthritis and osteoporosis, particularly in hip and knee replacement surgeries. With applications expanding to orthopedic surgeries, cardiac interventions, cataract surgeries, and oncological procedures, surgical robots optimize surgical interventions across diverse specialties. They offer precise control over instruments and accessories for operations involving soft tissues and bones, catering to chronic disease management and improving recovery outcomes for adults and patients with complex medical conditions.
Further, the market integrates HD cameras for precise visualization in outpatient and ambulatory surgery centers, enhancing procedures like hip replacements and addressing conditions such as osteoarthritis and chronic diseases. It supports advanced cardiac surgery, cataract surgery, and cancer interventions, optimizing surgical precision and patient outcomes. Robotic technologies facilitate minimally invasive surgical interventions across specialties, offering enhanced capabilities for surgical intervention and treatment of complex medical conditions with improved accuracy and recovery times.
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.
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.
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.
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 market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is revolutionizing healthcare with advancements in outpatient and ambulatory surgery centers, particularly in urological, hip, and knee replacement surgeries. These centers utilize surgical robotic systems to minimize pain, blood loss, and scarring while optimizing recovery times. Healthcare facilities are increasingly adopting these technologies for oncology, general surgical procedures, and minimally invasive laparoscopic surgeries across neurology segments. Robotic systems enable precise interventions for neurological disorders and brain surgeries, targeting lesions and abnormal structures with enhanced accuracy. The market's growth is driven by the miniaturization of medical devices and systems, improving outcomes in traditional surgery techniques like hernia repair, cholecystectomy, adrenalectomy, small bowel resection, and rectal prolapse. As minimally invasive surgeries become standard, surgical robots continue to redefine surgical precision and patient care in modern healthcare practices.
In addition, the market is reshaping medical practices across outpatient and ambulatory surgery centers, specializing in urological and general surgeries, including hip and knee replacements. These robots enhance precision in primary hip and knee replacements, minimizing pain, blood loss, and scars for patients. They are increasingly integrated into inpatient and outpatient facilities, empowering healthcare providers to perform complex procedures with greater accuracy and efficiency. The market's advancements cater to diverse surgical needs, from open surgeries to minimally invasive techniques across oncology and neurology segments. Robots facilitate precise interventions for neurosurgeries targeting lesions, thereby improving the replacement rate and outcomes for patients undergoing procedures like hernia repair and cancer treatments. As technology evolves, surgical robots continue to innovate, setting new standards in surgical care and patient recovery.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27.17% |
Market Growth 2024-2028 |
USD 14.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.98 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
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., Johnson and Johnson Services 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., Virtual Incision, and Zimmer Biomet Holdings Inc. |
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 the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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