PUBLISHER: The Business Research Company | PRODUCT CODE: 1426259
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426259
A surgical robot is an automated device designed to aid surgeons in performing surgical procedures. Typically equipped with multiple arms carrying surgical instruments and a high-resolution, three-dimensional camera, it provides a detailed view of the surgical site. Surgeons use these robots to minimize blood loss, reduce hospital stays, and expedite patient recovery during operations.
The main types of surgical robot components are systems, accessories, and services. Various types of surgeries involved are gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery, and others. These are used by several end-users, including clinics, hospitals, ambulatory care centers, and others.
The surgical robots market research report is one of a series of new reports from The Business Research Company that provides surgical robots market statistics, including surgical robots industry global market size, regional shares, competitors with a surgical robots market share, detailed surgical robots market segments, market trends and opportunities, and any further data you may need to thrive in the surgical robots industry. This surgical robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The surgical robots market size has grown rapidly in recent years. It will grow from $8.14 billion in 2023 to $9.71 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed in the historic period can be attributed to several factors including the rising prevalence of chronic diseases, a growing aging population, the demand for high precision and accuracy in surgical procedures, increased healthcare expenditures, and a notable increase in robotic-assisted procedures within healthcare.
The surgical robots market size is expected to see rapidly grown in the next few years. It will grow to $20.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. Anticipated growth in the forecast period is expected to result from the broadening of indications for robotic surgery, greater adoption in emerging markets, a growing demand for remote surgery solutions, trends towards customization and personalization in healthcare, and adherence to evolving regulatory approvals and standards. Key trends projected for this period encompass the integration of AI for enhanced surgical precision, the emergence of miniaturized surgical robots, advancements in telesurgery and remote surgical capabilities, increased utilization of robotics in non-invasive procedures, and the integration of haptic feedback technology to enhance tactile sensation during surgery.
The surgical robot market is poised for growth driven by the increasing elderly and surgical patient populations. This demographic shift and the rising number of surgeries have significantly influenced the utilization and advancement of surgical robots. Surgery robots excel in conducting minimally invasive procedures, reducing patient trauma, shortening recovery periods, and lowering complication rates. These benefits are particularly crucial for the elderly, aiming to reduce mortality and morbidity rates. Projections from the World Health Organization suggest that by 2030, the global population aged 60 and above will reach 1.4 billion. Moreover, the American Joint Replacement Registry's 2022 Annual Report unveiled a surge in hip and knee arthroplasty cases in the US, reaching approximately 2.8 million in 2022, marking a 14% increase from 2021. This surge in elderly and surgical patient populations directly propels the surgical robot market.
The burgeoning telemedicine services are poised to further accelerate the growth of the surgical robot market. Telemedicine services, encompassing remote healthcare provisions through telecommunications technology, have a pivotal role in expanding the surgical robot market. They enable remote consultations and surgeries, empowering surgeons to utilize robotic systems for telesurgery and extending specialized care globally. Statistics from the Centers for Disease Control and Prevention highlighted that 37.0% of adults had availed telemedicine services within the previous 12 months of 2021. Notably, there's a correlation between age and telemedicine usage, with a higher percentage among older adults, ranging from 29.4% in the 18-29 age group to 43.3% in those aged 65 and above. This increasing utilization of telemedicine drives the adoption and growth of surgical robots by enabling remote surgeries and consultations.
Innovative technological advancements remain a pivotal trend shaping the surgical robot market. Key companies focus on developing groundbreaking technologies to enhance patient outcomes and solidify their market presence. For instance, Smith+Nephew launched the CORI handheld robotics system in November 2021, a comprehensive robotic-assisted surgical system for knee arthroplasties. This system integrates a 3-D intra-operative imaging system and robotic sculpting tool, empowering surgeons in planning and executing knee surgeries with precision and efficiency. The compact and mobile design allows seamless movement across surgical units, optimizing patient flow.
Major players in the surgical robot market are investing in advanced technologies like robotic platforms to cater to larger customer bases, bolster sales, and augment revenue. An example is Robocath's launch of the R-One+ for coronary angioplasties in May 2023. This innovative robotic solution offers enhanced safety, reducing radiation-induced injuries for both medical teams and patients. The technology allows interventional cardiologists to conduct coronary angioplasties by remotely maneuvering devices through an integrated control command unit, safeguarding against radiation injuries and streamlining percutaneous coronary intervention procedures. The R-One+ facilitates precise hand gestures, creating a more comfortable and secure environment for cardiologists, ultimately benefiting patient outcomes.
In February 2023, ARCH Medical Solutions Corp., a US-based combination of engineering expertise and precision-machining technologies, acquired Bettanini's Custom Manufacturing for an undisclosed amount. This acquisition strengthens and expands the offerings and capabilities to provide industry-leading OEMs with precision manufacturing. Bettanini's Custom Manufacturing is a US-based manufacturer of precision-machined components, including surgical robots components.
Major companies operating in the surgical robots market report are Stryker Corporation, Medrobotics Corporation, Smith & Nephew PLC, TransEnterix Inc., Renishaw PLC, Intuitive Surgical Inc., Medtronic PLC, THINK Surgical Inc., Zimmer Biomet Holdings Inc., Johnson & Johnson, Titan Medical Inc., Mazor Robotics Ltd., KUKA Aktiengesellschaft, Avatera Medical GmbH, Corindus Vascular Robotics Inc., MicroSure (Pty) Ltd., Asensus Surgical Inc., Siemens Healthcare GmbH, CMR Surgical Ltd., Auris Health Inc., Verb Surgical Inc., OMNIlife Science Inc., Vicarious Surgical Inc., Microbot Medical Inc., Virtual Incision Corporation, Memic Innovative Surgery Ltd., XACT Robotics Ltd., EndoMaster Pte. Ltd., MST Medical Surgery Technologies Ltd., Medtech SA
North America was the largest region in the surgical robots market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global surgical robots market report forecast period. The regions covered in the surgical robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the surgical robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The surgical market consists of the sale of handheld robotic device, robotic arm, and modular robotic system. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Surgical Robots Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on surgical robots market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for surgical robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The surgical robots market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.