New Castle, Delaware, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Surgical Robotics Market by Component (Systems, Accessories, and Services), by Surgery Type, (Gynecology Surgery, Urology Surgery, Neurosurgery, Orthopedic Surgery, General Surgery, and Other Surgeries): Global Opportunity Analysis and Industry Forecast, 2023-2032."According to the report, the global surgical robotics industry has valued at $78.8 billion in 2022, and is anticipated to generate $188.8 billion by 2032, witnessing a CAGR of 9.1% from 2023 to 2032.
Surgical robotics is the process of using robotic systems and technology to perform surgical procedures. Surgical robotics involves the integration of sophisticated robotic systems, computer programs, and surgical tools to help surgeons perform accurate and minimally invasive surgical procedures. Robotic systems are designed to improve surgical capabilities by providing surgeons with increased accuracy, control, and visualization during surgical procedures. The robotic systems are operated from a console, with surgeons using robotic arms to hold and move surgical instruments with increased dexterity and range of movement. Surgical robotics can be applied to a wide range of surgical specialties, such as urology, gynecology, cardiac surgery, general surgery, and more. Surgical robotics aims to improve surgical outcomes, reduce complications, and improve patient recovery.
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Prime Determinants of Growth:
The global surgical robotics market growth is attributed to various factors, including the rise in the occurrence of chronic diseases, technological advancements, and precision, and the increase in demand for minimally invasive surgical procedures. However, the high cost associated with surgical robotic products, and lack of awareness among patients in emerging economies restrict market growth. Moreover, a rise in research and development activities and growth opportunities in emerging markets such as a rise in healthcare spending for chronic diseases presents new opportunities in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $78.8 Billion |
| Market Size in 2032 | $188.8 Billion |
| CAGR | 9.1% |
| No. of Pages in Report | 235 |
| Segments covered | Component, Surgery Type, and Region |
| Drivers | Rise in the occurrence of chronic diseases Technological advancements and precision Rise in the demand for minimally invasive surgical procedures |
| Opportunities | Rise in Research & Development activities Opportunities in emerging and untapped economies |
| Restraints | High cost associated with surgical robotic systems and robotic surgeries Lack of awareness among patients in emerging economies |
Recession Impact Analysis:
- During a recession, healthcare institutions had prioritized new measures to navigate financial uncertainties. This could lead to slower adoption rates of expensive technologies like surgical robots.
- However, hospitals that invest in advanced technologies such as surgical robotics focus on cost efficiency and innovation in surgical robotics which is expected to drive the market growth.
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The services segment to maintain its leadership status throughout the forecast period-
Based on component, the services segment held the largest market share in 2022, accounting for more than 90% of the global surgical robotics market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to a rise in the adoption of services for robotic-assisted surgery. The systems segment, On the other hand, would display the highest CAGR of 13.4% from 2023 to 2032. This is due to an increase in leaning on advanced systems to improve their surgical outcomes and patient care led to a rise in demand for the systems.
The general surgery segment to maintain its lead position during the forecast period
Based on surgery type, the general surgery segment held the largest market share in 2022, accounting for more than two-fifths of the global surgical robotics market revenue, and is expected to maintain its lead position during the forecast period. The same segment is projected to manifest the highest CAGR of 9.9% from 2023 to 2032. Due to the rise in demand for minimally invasive procedures and increase in the number of general surgeries and ongoing technological advancements.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in 2022, holding more than three-fifths of the global surgical robotics market revenue, and is likely to dominate the market during the forecast period. The availability of advanced products for treatment, increase in cases of chronic diseases, presence of major key players, and high healthcare expenditure promoted the growth of the surgical robotics market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.0% from 2023 to 2032. Increase in investments for development of advanced surgical robotics systems, large patient population, and rise in healthcare expenditure in the Asia-Pacific region, is expected to drive the growth of the surgical robotics market.
Leading Market Players:
- Smith & Nephew Plc
- Medtronic plc
- Stryker Corporation
- Intuitive Surgical, Inc.
- Renishaw plc
- Zimmer Biomet Holding, Inc.
- Midea Group Co., Ltd.
- Johnson & Johnson
- Accuray Incorporated
- CMR Surgical Ltd.
The report offers a detailed examination of these key players in the global surgical robotics market. These players have adopted strategies such as product launches and approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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