Pune, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Surgical Robots Market Size & Growth Analysis:
“As per the SNS Insider Report, The Surgical Robots Market size was valued at USD 3.95 billion in 2023 and is expected to reach USD 8.79 billion by 2032, growing at a CAGR of 9.3% over the forecast period 2024-2032.”
The demand in the surgical robots market is growing due to several factors such as innovation in technology and the changing dynamics of the healthcare sector. The advanced technology and complex design of these instruments are virtually perfect in terms of accuracy and flexibility and are regarded as critical tools for various operations. Regarding the external factors, ageing global population and increased incidence of chronic diseases which require minor interventions foster the usage of robotic systems for improving the courses of minimally invasive surgeries.
Furthermore, there is tremendous pressure on the companies to come up with specialized robotic systems. Other growth-enabling factors include artificial intelligence, augmented reality, and data analysis technology. The presence of such factors has made a grand stage for the growth of surgical robots market in the upcoming year.
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Key Players Listed in this Report are:
- Think Surgical
- Medrobitcs Encore
- Curexo’s spine System
- Medtronic’s Stealth Station Autoguide
- Mazor’s Renaissance
- J&J’s/Auris Monarch endoluminal System
- Zimmer/Medtech’s Rosa Robot
- Transenterix (Asensus Surgical, Inc.)
- Mazor’s Mazor x
- the Corindus CorPath
- Smith and Nephew
- Stryker/Mako’s Rio Robot
- the ARTAS robot
- Intuitive Surgical
- Renishaw PLC
- Other Players
Surgical Robots Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.95 Billion |
| Market Size by 2032 | US$ 8.79 Billion |
| CAGR | CAGR of 9.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The surgical robotics market is undergoing rapid growth, driven by a confluence of demographic, technological, and policy factors. |
Surgical Robots Market Booms with Technological Advancements and Government Support
The surgical robots market is gradually expanding owing to a number of reasons. This is due to an ageing global population and to assert chronic diseases that require intricate surgical procedures. For example, robotic systems with the precision in delivering treatments and a less invasive technique than human surgeons are as well gaining popularity as solutions to these difficulties. Besides, advanced technologies like haptic feedback and image-guided surgery are improving the existing functionalities of these systems, thus extending their usefulness in the operation theatre.
A reimbursement and regulatory trend analysis shows that both areas are growing alongside and contributing to the development of robotic surgery. These factors are causing a synergistic effect, hence the advancement and growth of surgical robots industry and its market in new surgical frontiers.
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Oncology and Laparoscopy Drive Surgical Robots Market, Hospitals Lead in Revenue Share
The application segment for the surgical robots market include oncology applications, laparoscopy, and other general surgeries, which jointly compose 44.76% of the overall share in the year 2023. One of the factors that have greatly contributed to the growth of this segment is the growing use of robotic systems in cancer therapy and minimal access laparoscopic surgery.
Among all the end-users, inpatient segments like hospitals asserted a larger proportion of the surgical robots market share of 53.21% revenue share by 2023. They have the monetary capital, physical infrastructure as well as human capital that latter in terms of knowledge and skilled manpower for the integration and deployment of higher forms of robotic systems. Furthermore, not only patients and surgeons have confidence in hospitals, but hospitals themselves have credibility that makes patients and surgeons opt for robotic-surgery.
Surgical Robots Market Key Segmentation:
By Application
- Orthopedics
- Knee
- Hip
- Spine
- Others
- Neurology
- Urology
- Gynecology
- Others
By End-Use
- Inpatient
- Outpatient
Key Regional Developments
North America dominated the surgical robots market, capturing a 49.8% share in 2023. This leadership position is attributed to advanced healthcare infrastructure, a robust pipeline of surgical procedures, and a strong focus on technological innovation. The region's early adoption of robotic surgery, coupled with favorable regulatory environments, has fostered market growth.
The Asia Pacific region is poised for rapid expansion, projected to grow at a CAGR of 14.1% from 2024 to 2032. Factors driving this growth include rising disposable incomes, increasing healthcare expenditure, and supportive government initiatives promoting advanced medical technologies. Countries like India, China, and Singapore are at the forefront of this growth trajectory.
Recent Developments
- In August 2024, Globus Medical received the necessary regulatory approvals from the US Food and Drug Administration (FDA) to ramp up production and market launch of its advanced surgical robotics systems.
- In July 2024, Intuitive Surgical reported strong second-quarter earnings, driven by robust demand for its surgical robots. The company's market performance reflects a broader industry trend towards minimally invasive procedures.
- In August 2023, Stryker initiated a direct-to-patient marketing campaign centered on joint replacement procedures.
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Key Takeaways
- Comprehensive analysis of market dynamics, including drivers, restraints, and opportunities.
- In-depth insights into the application and end-use segments, highlighting key trends and growth prospects.
- Detailed examination of regional market developments and growth potential.
- Access to market data and forecasts for informed decision-making.
- Identification of key players and their competitive strategies in the surgical robotics market.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Surgical Robots Market Segmentation, by Application
8. Surgical Robots Market Segmentation, by End-use
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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