Surgical Robots Market Growth Analysis Report (2023-2029)

Market Insights

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

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Surgical robots are advanced medical devices that assist surgeons in performing complex procedures with enhanced precision and control. These computer-controlled systems typically consist of robotic arms equipped with surgical instruments and a console where the surgeon operates the controls. They enable minimally invasive surgeries, improved visualization, and reduced hand tremor.

Market Dynamics

Market Drivers

Drivers for the Surgical Robots Market:

• Technological advancements: Ongoing innovations in AI, machine learning, and robotics are enhancing the capabilities and precision of surgical robots, making them more attractive to healthcare providers.
• Increasing demand for minimally invasive procedures: Patients and doctors prefer less invasive surgeries for faster recovery times and reduced complications, driving the adoption of robotic-assisted surgical systems.
• Aging population: As the global population ages, there's a growing need for complex surgeries, particularly in orthopedics and cardiology, where robotic assistance can improve outcomes.
• Shortage of skilled surgeons: Surgical robots can help address the global shortage of experienced surgeons by enabling less experienced doctors to perform complex procedures with greater accuracy.
• Cost-effectiveness in the long run: While initial investments are high, surgical robots can lead to shorter hospital stays, faster recovery times, and fewer complications, potentially reducing overall healthcare costs.
• Expanding applications: Surgical robots are finding new applications beyond traditional use cases, such as in microsurgery, neurosurgery, and even remote telesurgery, broadening their market potential.
• Increasing healthcare expenditure: Growing healthcare budgets in both developed and developing countries are allowing more hospitals to invest in advanced surgical technologies, including robotic systems.

Segment Analysis

Product & Service Trends

"The instruments and accessories segment accounted for the largest market share."

The surgical robots 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 market. This growth is mainly due to the recurring purchase of instruments and accessories instead of robotic systems.

"The laparoscopy robotic system segment accounted for the largest market share."

The 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 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.

Application Trends

"The orthopaedic surgery segment accounted for the second-largest market share."

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

End User Trends

"The hospitals and clinics segment accounted for the largest market share."

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 reason for the large share of this segment is the adoption of surgical procedures offered by ASCs at a lower cost than hospitals. The ambulatory surgery centers segment is projected to hold the second-largest share of the market during the forecast period.

Regional Insights

"North America for the largest market share."

The surgical robots 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.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Key Players

The following are the key players in the surgical robots market (arranged alphabetically).

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

Note: The above list does not necessarily include all the top players in the market.

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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?

The surgical robots market is segmented into the following categories.

By Product & Service Type

• Instruments & Accessories
• Robotic Systems
• Services

By Application Type

• General Surgery
• Gynecological Surgery
• Orthopedic Surgery
• Urological Surgery
• Neurosurgery
• Others

By End-User Type

• Hospitals
• Clinics
• Ambulatory Surgery Centers

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s surgical robots market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

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 1000 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.

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 to 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 offers patients fewer complications, shorter hospital stays, and faster recovery to normal health.
• In July 2022, Zimmer Biomet and Hospital for Special Surgery (HSS) announced the creation of the HSS/Zimmer Biomet Innovation Center for Artificial Intelligence in Robotic Joint Replacement which aims to give data-driven recommendations to surgeons for robotic-assisted joint surgery.