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  • Surgical Robots Market Growth Analysis | 2023-2029

    Surgical Robots Market Growth Analysis | 2023-2029

    Surgical Robots Market Growth Analysis | 2023-2029
    Report code - SR2455 Delivery - 2 Weeks
    Surgical Robots Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    Market Insights

    The surgical robots market was estimated at USD 8.24 billion in 2022 and is likely to grow at a CAGR of 17.2% during 2023-2029 to reach USD 24.98 billion in 2028.

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    What is a Surgical Robot?

    Surgical robots are robotic systems designed to assist surgeons during surgical procedures. These robots use advanced technologies, such as sensors, cameras, and computer systems, to provide surgeons with greater precision and control during surgery.

    Surgical robots are typically comprised of several components, including a robotic arm, endoscopic camera, and surgical instruments. The surgeon operates the robot using a computer console, which provides a magnified, 3D view of the surgical site. The robot then translates the surgeon's movements into precise, micro-movements of the surgical instruments.

    The benefits of surgical robots include greater precision and accuracy, reduced trauma to the patient, shorter recovery times, and improved outcomes. They are used in a wide range of surgical procedures, from minimally invasive surgeries to complex procedures, such as heart and brain surgeries.

    However, the use of surgical robots also presents challenges, such as high costs, the need for specialized training, and concerns about safety and liability. Nevertheless, the use of surgical robots continues to expand, with new technologies and applications emerging all the time, and they are expected to play an increasingly important role in the future of surgery.

    Surgical Robots Market Report Overview

    Market Size in 2022

    USD 8.24 Billion

    Market Size in 2029

    USD 24.98 Billion

    Market Growth (2023-2029)

    CAGR of 17.2%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2029

    Key Players

    The major players operating in the global surgical robots market are:

    • Medtronic Plc
    • Stryker Corporation
    • Intuitive Surgical
    • Smith & Nephew
    • Zimmer Biomet
    • Asensus Surgical Inc.
    • Siemens Healthineers AG
    • Renishaw Plc
    • CMR Surgical
    • Think Surgical Inc.
    • Corin
    • Preceyes BV
    • Microsure
    • Titan Medical Inc.
    • Avateramedical GmbH
    • Medicaroid Corporation
    • Johnson & Johnson
    • Brainlab AG
    • Ecential Robotics
    • Globus Medical, Inc.

    Market Dynamics

    Benefits of robotic-assisted surgery

    Minimally invasive surgeries (MIS) are becoming increasingly popular worldwide due to their various benefits, such as smaller incisions, fewer cuts, reduced scarring, less pain, enhanced safety, faster recovery times, and significant cost savings. Robotic-assisted minimally invasive surgery offers additional advantages by ensuring greater accuracy, repeatability, control, and efficiency.

    These procedures provide highly advanced visualization capabilities that assist surgeons in obtaining a superior view of the operating area and use HD cameras to display microscopic structures. Furthermore, surgical robots have greater dexterity than the human hand, and their ability to rotate 360 degrees and maneuver in hard-to-reach areas enables surgeons to reach challenging locations. These advantages of surgical robots, coupled with a growing demand for better and faster healthcare services, are expected to drive the expansion of the surgical robots market in the years ahead.

    Surgical-Robots-Market-Snapshot

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    Opportunity: Growing adoption of surgical robots in ASCs

    Outpatient surgery, also known as ambulatory surgery, day surgery, day case surgery, or same-day surgery, is a type of surgery that does not require an overnight stay in the hospital. Patients who undergo outpatient surgery can enter and leave the medical facility on the same day. The benefits of outpatient surgery over inpatient surgery include greater convenience and reduced costs. Ambulatory surgery centres (ASCs) are independent facilities that specialize in performing surgical, diagnostic, and preventive procedures that do not require hospital admission. The cost-effectiveness of ASCs provides significant savings for governments, third-party payers, and patients.

    Medicare and its beneficiaries save a considerable amount each year because they pay significantly less for procedures performed in ASCs than the rates charged by hospitals for the same procedures. In addition, patient co-payments are significantly lower when care is received at an ASC. Due to these cost advantages, there has been a rapid increase in the number of surgical procedures performed in ASCs and outpatient settings, while hospital inpatient visits have decreased.

    Challenge: Concerns related to Surgical Errors

    Surgical errors represent a significant public health concern and are a leading cause of mortality. These errors also represent a leading cause of injury within healthcare systems. Unsafe surgical procedures cause complications in up to 25% of patients globally.

    According to WHO, Patient Safety 2019 report, each year, around 7 million people experience surgical complications, and more than 1 million people die as a result. The NCBI reports that at least 4,000 surgical errors occur annually in the United States. Consequently, many patients are hesitant to undergo surgical procedures, impeding the adoption of surgical robots by surgeons.

    Segment Analysis

    By Product & Service Type

    The surgical robot market has been categorized into three segments based on product and service: robotic systems, instruments and accessories, and services. As of 2022, the instruments and accessories segment represented the largest share of the surgical robot market. This growth is mainly due to the recurring purchase of instruments and accessories instead of robotic systems.

    The surgical robot market has been segmented into four categories based on robotic systems: laparoscopy robotic systems, orthopaedic robotic systems, neurosurgical robotic systems, and other systems. As of 2022, the laparoscopy robotic system segment held the largest share of the surgical robot market. This growth is largely due to the increasing number of laparoscopic surgeries, which is a key factor contributing to the segment's dominant market share.

    By Application Type

    The surgical robot market has been segmented by application into general surgery, urological surgery, gynaecological surgery, orthopaedic surgery, neurosurgery, and other applications. As of 2022, the orthopaedic surgery segment held the second-largest share of the surgical robot market. However, the demand for surgical robots is expected to increase due to the growing number of robotic urological surgeries.

    By End User Type

    The surgical robot market has been segmented by end users into hospitals, clinics, and ambulatory surgery centers. During the forecast period, hospitals and clinics segment is expected to hold the largest share of the market. The ambulatory surgery centers segment is projected to hold the second-largest share of the surgical robot market during the forecast period. The reason for the large share of this segment is the adoption of surgical procedures offered by ASCs at a lower cost than hospitals.

    Regional Analysis

    The surgical robot market is expected to be dominated by North America during the forecast period. This is primarily due to the growing adoption of surgical robots by hospitals in the region, the rising number of robotic-assisted surgical procedures, and favorable reimbursement policies.

    Surgical-Robots-Market-Regional-Analysis

    Know the high-growth countries in this report. 

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Surgical Robots Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.

    Recent Developments

    • In May 2022, Intuitive Surgical partnered with Creo Medical to enhance surgical robots by making certain Creo surgical technologies appropriate with the surgical robotic giant’s systems.
    • In June 2022, Smith and Nephew, announced the first robotic-assisted surgery using its LEGION CONCELOC Cementless Total Knee System that addresses the critical elements of the cementless total knee through its unique design.
    • In October 2022, Medtronic Plc. expands global access to the benefits of robotic-assisted surgery that offer patients less complications, shorter hospital stays, and faster recovery to normal health.
    • In July 2022, Zimmer Biomet and Hospital for Special Surgery (HSS) announced creation of the HSS/Zimmer Biomet Innovation Center for Artificial Intelligence in Robotic Joint Replacement that aims to give data-driven recommendations to surgeons for robotic-assisted joint surgery.

    Frequently Asked Questions (FAQs)

    Surgical robots are robotic systems designed to assist surgeons during surgical procedures. These robots use advanced technologies, such as sensors, cameras, and computer systems, to provide surgeons with greater precision and control during surgery.

    The surgical robots market is expected to grow at a CAGR of 17.2% during 2023-2029.

    The surgical robots market size was estimated at USD 8.24 billion in 2022 and is projected to reach USD 24.98 billion by 2029.

    The major players operating in the global Surgical Robots market are Medtronic Plc, Stryker Corporation, Intuitive Surgical, Smith & Nephew, Zimmer Biomet, Asensus Surgical Inc., Siemens Healthineers AG, Renishaw Plc, CMR Surgical, Think Surgical Inc., Corin, Preceyes BV, Microsure, Titan Medical Inc., Avateramedical GmbH, Medicaroid Corporation, Johnson & Johnson, Brainlab AG, Ecential Robotics, Globus Medical, Inc.

    The surgical robot market is expected to be dominated by North America during the forecast period. This is primarily due to the growing adoption of surgical robots by hospitals in the region, the rising number of robotic-assisted surgical procedures, and favorable reimbursement policies.

    The study period of the market is 2017-2029.