Portland, OR, Oct. 01, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Surgical Robotics Systems Market accounted for $5.34 billion in 2019, and is projected to garner $15.01 billion by 2027, growing at a CAGR of 13.7% from 2020 to 2027.
Surge in need of automation in the healthcare industry, reduction in hospital stays, and demand for advanced robotic minimally invasive surgeries have boosted the growth the global surgical robotic systems market. However, high costs of the systems along with lack of awareness among people from developing countries hamper the market growth. On the contrary, increase in usage in various applications and rise in R&D activities would open lucrative opportunities in the future.
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Covid-19 scenario:
- Several research and trauma centers have been partially closed due to the safety measured imposed by the government. Thus, the demand for new surgical robotic systems has declined.
- R&D and manufacturing activities have been disrupted owing to lockdown measures imposed by the government. In addition, investors have locked their investments due to current economic turbulence.
The global surgical robotic systems market is segmented on the basis of component, surgery type, and region. Based on component, the market is divided into systems, accessories and services. The services segment is projected to manifest the highest CAGR of 14.6% during the forecast period. However, the accessories & instrument segment held the largest share in 2019, contributing to more than half of the market.
On the basis of surgery type, the market is categorized into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery, and other surgeries. The orthopedic surgery segment would register the highest CAGR of 14.5% during the forecast period. However, the gynecology surgery segment held the largest share in 2019, contributing to more than one-fourth of the market.
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The global surgical robotic systems market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR of 14.4% during the forecast period. However, the market across North America held the lion’s share in 2019, contributing to more than half of the market.
The global surgical robotic systems market report includes an in-depth analysis of the major market players such as Intuitive Surgical, Inc., Titan Medical Inc., Johnson & Johnson, Medtronic Plc., Zimmer Biomet Holdings Inc., Stryker Corporation, Transenterix, Inc., Globus Medical, Inc., Siemens Ag (Siemens Healthineers) and Smith & Nephew.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.