Market Overview:
The field of “surgical robotics” is concerned with creating, manufacturing, and marketing robotic systems intended for use in a range of surgical operations. These robotic technologies let surgeons operate more precisely, nimbly, and controllably during minimally invasive procedures. The primary drivers driving the market expansion are the global decline in the number of doctors and surgeons doing surgery as well as the growing prevalence of automated surgical equipment.
Furthermore, the growing expenditures made by both domestic and foreign companies in showcasing cutting-edge surgical robot technology had a favorable effect on market expansion. Further driving the market’s expansion is the growing prevalence of degenerative bone diseases and knee and hip replacement procedures brought on by an increase in osteoporosis and arthritic instances.
Market Size and Growth Analysis:
The Global Surgical Robotics Market reached USD 7.5 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 19.9 billion by 2030. The global surgical robotics market is expected to exhibit a CAGR of 13.4% during the forecast period (2023-2030). Surgical robots are utilized in a variety of surgical procedures, including urology, gynaecology, cardiothoracic surgery, and general surgery.
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Market Key Drivers:
Technological Advancement and the Rising Geriatric Population.
The surgical robotics market is expected to grow due to increased focus on robotics education for physicians, advancements in technology, and an ageing population that will increase demand for and approval of minimally invasive or laparoscopic operations. Because of the prevalence of technology like artificial intelligence and cloud computing, which will help to improve performance and reduce the burden for humans, these robotics innovations will be innovative.
Thus, the benefits of surgery are known to specific individuals. This operation is their choice, given the expected growth of the surgical robots industry. It offers excellent accuracy, better screening, less blood flow, less pain and suffering, a shorter hospital stay, and a lower risk of infection.
Market Opportunities: Demand for Advanced Technological Surgeries of Robotic and Automation
The demand for sophisticated robotics and automation procedures in the healthcare sector is growing. Therefore, it is projected that the surgical robots market will expand over the projected time frame. Novel, complex robots will start to emerge as a result of current research and development, helping to satisfy the demands of ever-increasing end users. Growing numbers of injuries and incidents that result in accidents will support the surgical robots market’s growth.
It will also help explain why robots will be more common in the future. The ubiquity of robotic surgery will increase with the inclusion of 3D HD image sensors or cameras, computing technology in the robots, or remote navigation systems. Additionally, developing countries including China, India, and Brazil will provide expansion opportunities for the surgical robotics market. The major global players will use a variety of industrial tactics, which will contribute to the market’s expansion.
Market Segmentation Analysis:
The global surgical robotics market is segmented by product type into robotic surgery systems, instruments, and accessories, and robotic surgery services; by indication into general surgery, orthopedic, neurosurgery, cardiovascular, gynecology, radiology, and others; by end-user into hospitals, ambulatory surgical centers and others.
End-User Analysis: The hospital Segment is Estimated to be the Most Lucrative Segment
Based on end-users, the market is segmented into ambulatory surgical centres and hospitals. Among these end-users, the hospital sector is expected to be the most profitable in the worldwide surgical robotics market, with a revenue share of 73% and a high CAGR throughout the forecast period. Having surgical robots in hospitals will help with efficient patient care.
The demand for surgical reports in various medical settings will increase in the future years, presenting a potential market development opportunity. Several patients will collide, and expanding surgical procedures in hospitals will drive market expansion. Furthermore, greater hospital infrastructure across the qualified healthcare folks available in this structure would help in changing the picture in several growing economies.
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Geographical Analysis:
The global Surgical Robotics market is analyzed across North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
North America is estimated to be the Most Lucrative Market
North America’s sales share of the market was around 51% in 2022. As a result, the limited number of surgeons and healthcare professionals in the United States will boost the regional market for surgical robots. The rising number of healthcare facilities in the United States, as well as the use of automated surgical tools in the healthcare sector, will boost the market in this area.
Furthermore, the increased incidence of chronic illnesses such as cardiovascular disease, diabetes, and cancer in the United States is hastening the adoption of automated surgical equipment, which is boosting the market region.
Key Developments
- In May 2023, Robocath designs, a company that develops and commercializes smart robotic solutions to treat cardiovascular diseases launched its R-One+, a revolutionary robotic platform for coronary angioplasties, will be unveiled at the EuroPCR 2023 conference in Paris. According to the robotics company located in Rouen, France, the device would not only prevent radiation-induced damage but also make treatments safer and easier.
- In February 2023, Asensus Surgical announced that it engaged into a multi-year collaboration with Google Cloud. Google Cloud’s secure cloud data architecture and machine learning are being integrated into the Asensus surgical robot platform as part of the cooperation. Through its Intelligent Surgical Unit (ISU), it extends the possibilities of Asensus’ performance-guided surgical platform.
Competitive Landscape:
The major global players in the surgical robotics market include Auris Surgical Robotics, Asensus Surgical, Intuitive Surgical, Stryker Corporation/MAKO, Siemens AG, Medtronic, Mazor Robotics, THINK Surgical, Medrobotics Corporation, and Johnson & Johnson.
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