New York, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Surgical robots have undergone a paradigm shift due to recent technology advancements in data analysis systems, 3D imaging, motion sensors, data recorders, robotic controlled catheters, remote navigation technologies, high-definition small cameras, and other surgical accessories. These innovations enable the development of cutting-edge apps for existing platforms. They hasten the development of disruptive technologies, which are expected to dominate the market over the foreseeable future.
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Increasing Number of Knee and Hip Replacement Surgeries Drives the Global Market
According to Straits Research, “The global surgical robots market size was valued at USD 3.81 billion in 2022. It is estimated to reach USD 18.23 billion by 2031, growing at a CAGR of 19% during the forecast period (2023-2031).” The increased frequency of knee and hip replacement surgeries is one of the key factors anticipated to hasten the implementation of surgical robots in the healthcare industry. Some severe joint problems are osteoporosis, degenerative bone diseases, and arthritis. Due to the increase in the prevalence of these conditions, more people are requiring knee and hip replacement surgery.
Entrance of Existing Healthcare Partners in the Robotic Surgery Space Creates Tremendous Opportunities
The present market leader, Intuitive Surgical, will probably face competition from other significant healthcare businesses, resulting in several changes in the surgical robot market. Ethicon, a division of Johnson & Johnson, acquired Auris Health, a developer of robotic technology platforms, in April 2019. The combination of Mazor's robotic-assisted surgery systems, Medtronic's spine implants, and 3D imaging and navigation technologies led to the development of Mazor X Stealth Edition. Additionally, Apsis S.A.S., the French subsidiary of Johnson & Johnson, acquired Orthotaxy, a provider of software-enabled surgical solutions, in February 2018. Johnson & Johnson is trying to create the next generation of robot-assisted orthopedic surgery solutions that are affordable, time and cost-efficient, and user-friendly across various care settings.
Regional Analysis
North America surgical robot market Share is expected to grow at a CAGR of 18.60% during the forecast period. Essential market drivers include the advancement of surgical methods and healthcare resources for a range of ailments. Due to improved outcomes over open surgeries and quicker hospital stays and recovery periods for kids, robotic-assisted surgeries are becoming more and more popular. In addition, improvements in instrument downsizing are expected to make it possible to work comfortably in small places, which is likely to drive market expansion.
Asia-Pacific is expected to grow at a CAGR of 23.10% during the forecast period. The increase in countries like India, China, Singapore, Indonesia, and Australia is expected to be a significant factor in the substantial G.D.P. growth the Asia-Pacific area will likely have in the future years. The increase in government initiatives aimed at encouraging healthcare organizations and other providers to use technologically advanced medical devices and systems is one of the key factors anticipated to fuel the market for surgical robots.
Key Highlights
- Based on application, the global surgical robot market is bifurcated into orthopedics, neurology, urology, gynecology, and others. The orthopedics segment is the highest contributor to the market and is expected to grow at a CAGR of 16.10% during the forecast period.
- North America is the most significant global surgical robot market shareholder and is expected to grow at a CAGR of 18.60% during the forecast period.
Competitive Players
The global surgical robot market's major key players are Intuitive Surgical, Globus Medical Inc., Accuray Incorporated, Medtronic, Siemens Healthineers, Corin Group, Johnson & Johnson, Stryker, and others.
Market News
- In May 2022, Excelsius3D, an intelligent intraoperative 3-in-1 imaging tool with less invasive methods, was announced by Globus Medical for surgery.
- In December 2022, BLK-Max Super Speciality Hospital, a private tertiary healthcare provider in Delhi, expanded its robotic surgical program by adding an AI-powered robotic system for joint replacement surgeries.
Global Surgical Robots Market: Segmentation
By Applications
- Orthopedics
- Neurology
- Urology
- Gynecology
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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