Surgical Robots Market Overview:
The Surgical Robots Market is expected to grow to USD 23531.56 Million in 2031, an increase from 5066 million in 2021. It is expected to grow at an annual rate of 16.6 percent CAGR over the 2021-2031 forecast.
A surgical robot allows surgeons to complete more complicated tasks with more precision. The robotic surgery equipment is equipped with specialized technology that allows them to surpass the limitations of conventional minimally-invasive techniques. A surgical console, unique cameras, and surgical arms are all part of the highly-specialized technology. Surgery robots are often used by gynecologists, urologists, general surgeons, and colorectal and cardiothoracic surgeons.
Due to their effectiveness and low invasiveness, surgical robots are extremely popular in developing countries. The surgical robot has transformed thanks to technological advancements in data recorders and high-definition microscopes,3D imaging, and data analytics, These technological advancements will likely result in a wide range of applications that will drive market demand growth for surgical robots during the next few years.
Global Surgical Robots Market Analysis
The global market for surgical robots can be split into two parts based on the components they comprise, such as robot systems and instruments and accessories. The market for instruments and accessories is expected to grow by a 17.3 percent annual compound growth rate between 2023 to 2032. This is partly due to the increasing use of high-tech instruments and accessories. Intuitive Surgical developed the da Vinci procedure by using interactive robotic arms. Orthodontic procedures may require the use of end-of-wrist instruments.
The company also launched robotic surgical graspers and robotic scissors. As technology advances that are bringing about the need for instruments and accessories increases. This will impact the outlook for the market.
In 2021, the surgical field heavily dominated the market, which accounted for a significant revenue percentage. The market is divided into surgical areas like urology, neurology, orthopedics, and gender. Other surgical procedures are used in oncology as well as laparoscopy. This is because of the growing utilization of robotics in cancer treatments and the need for minimally-invasive laparoscopic surgery.
In the coming years, the field of neurosurgery is predicted to be the fastest-growing industry. Segments will expand because of the increased use of surgical robotics in neurosurgeries. This is due to the numerous advantages they offer over traditional surgical methods. This segment is expected to grow because of technological advances and the positive results of robotic surgery over the next few years. The increasing popularity of robotic brain surgeries will propel this sector.
KEY MARKET SEGMENTATION
• Robot Systems
• Instruments and Accessories
• Other Applications
A Geographic Overview
The North American market for Surgical Procedures is expected to be affected by an increasing variety of procedures.
The North American surgical robotics market accounted for a substantial revenue share due to the growing number of hospitals that prefer surgical procedures using robotics over traditional ones. The U.S. government is increasing the amount of healthcare expenditure, and investing in robotics is increasing the market in regional markets.
The rapid growth of the U.S. industry is also driven by the increase in chronic diseases such as cancer and diabetes. The FDA report shows that the use of robotics in the U.S. has increased dramatically between 2005 and 2012. In the forecast time frame, the surgical robotics market is expected to continue to increase due to technological advances in the healthcare field.
Analysis of Market Share and Key players with the most prominence:
To keep their place in the global market, The top players are focused on technological advances and developing next-generation robotic instruments. Due to the increasing demand for surgical equipment, new companies will be drawn to the market. Market participants will likely undertake significant industrial advancements like acquisitions and mergers that can increase the demand.
Market Key Players
• Stryker Corporation
• Smith Nephew
• Medtronic Plc
• Renishaw Plc
• Corin Group
• Auris Health
• CMR Surgical
• TransEnterix Surgical Inc.
• Medrobotics Corporation
• Intuitive Surgical Inc.
• Zimmer Biomet
• Other important players