PUBLISHER: Meticulous Research | PRODUCT CODE: 1518380
PUBLISHER: Meticulous Research | PRODUCT CODE: 1518380
Surgical Robots Market Size, Share, Forecast, & Trends Analysis by Product & Service (Surgical Instruments & Accessories, Robotic Systems, Services), Application (Obstetrics & Gynecological, Cardiovascular & Thoracic), End User-Global Forecast to 2030
The global surgical robots' market is projected to reach $25.47 billion by 2030 at a CAGR of 15.4% from 2023 to 2030.
Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report comprises the analysis of key industry drivers, restraints, challenges, and opportunities. The growth of this market is due to advantages of robot-assisted surgery, rising number of surgical procedures, increasing research funding for medical robotics, rising cancer prevalence, and improving reimbursement scenario. However, the high cost of surgical robots & robotic surgery, and resistance from skilled surgeons practicing traditional methods, restrains the growth of this market.
Furthermore, increasing penetration of surgical robots in Ambulatory Surgery Centers (ASCs), the increasing preference for minimally invasive surgeries and rapid growth in emerging markets are anticipated to create growth opportunities for market players. However, a shortage of skilled professionals remains a significant challenge affecting market growth.
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over four years (2020-2023). The key players operating in the global surgical robots market are Intuitive Surgical, Inc. (U.S.), Stryker Corporation (U.S.), Medtronic plc (U.S.), Smith & Nephew plc (U.K.), Zimmer Biomet Holdings, Inc. (U.S.), Johnson & Johnson Services, Inc. (U.S.), Asensus Surgical, Inc. (U.S.), THINK Surgical, Inc. (U.S.), Renishaw plc (U.K.), Siemens Healthineers AG (Germany), and CMR Surgical (U.K.).
Among all the products and services studied in this report, in 2023, the surgical instruments & accessories segment is expected to account for the largest share of the surgical robots market. The large market share of this segment is mainly attributed to the launch of advanced instruments & accessories, an increase in surgical procedures, and the growing application of robotic surgical systems.
Among all the applications, in 2023, the orthopedic surgery segment is expected to account for the largest share of the global surgical robots market. The large market share of this segment is mainly attributed to the increasing need for robotic assistance for complex joint replacement surgical procedures. Orthopedic surgeries are done with the assistance of robots for several benefits, such as smaller and less invasive scars, precise implantation, and reduced operation time compared to traditional surgical processes. Moreover, robotically replaced joints have a longer lifespan and lower failure rate. Furthermore, the increase in musculoskeletal diseases such as osteoporosis, osteopenia, osteoarthritis, and traumatic fractures also support the adoption of surgical robots. According to the World Health Organization (WHO) 2022 report, musculoskeletal conditions affect approximately 1.71 billion people in the world. This number is expected to increase during the forecast period from 2023 to 2030, and is likely to support this segment's growth.
Among all the end users studied in this report, in 2023, the hospitals segment is expected to account for the largest share of the surgical robots market. The large market share of this segment is driven by the increasing number of surgical procedures, growing adoption of advanced surgical systems by surgeons, rising preference for robot-assisted orthopedic surgeries, and increasing funding for advanced surgical systems.
An in-depth analysis of the geographical scenario of the global surgical robot's market provides detailed qualitative and quantitative insights into the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa), along with the coverage of major countries in each region. In 2023, North America is expected to account for the largest share of the surgical robot's market. In 2023, the U.S. is expected to account for the largest share of the surgical robot's market in North America. The large share of this regional market is attributed to the growing use of surgical robots for general surgeries in the U.S., high healthcare expenditure, and the presence of major market players in the region.
Surgical robots Market Assessment-by Product & Service
Surgical robots Market Assessment-by Application
Note: Other application includes head & neck and ophthalmology.
Surgical robots Market Assessment-by End User
Surgical robots Market Assessment-by Geography