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Surgical Robots Market — By Component, By Application, By End Use — Global Forecast, 2024 to 2032
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Surgical Robots Market
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Base Year: 2023
Companies covered: 15
Tables & Figures: 109
Countries covered: 37
Pages: 135
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Surgical Robots Market Size
The global surgical robots market size was valued at USD 7.1 billion in 2023. The market is expected to reach from USD 8.1 billion in 2024 to USD 26.8 billion in 2032, growing at a CAGR of 16.2% during the forecast period. The market growth of surgical robots can be attributed to the increased reliance on surgical robots, escalation in the number of surgical procedures, expansion in healthcare expenditure, and a rise in chronic disease prevalence.
Moreover, the highly sophisticated robotic mechanisms are of utmost importance for different modern surgical techniques for challenging and deep anatomy sites. For instance, robotic surgery has become more commonplace in the U.S. and as of 2021, there were over 644,000 performed procedures which is estimated to increase to 1 million by 2028 according to statistics published by WebMD. Along this, the robotic technology has enabled surgeons to conduct intricate procedures within a controlled environment, an important factor in ensuring the best possible outcome for patients.
In addition, and most importantly, robotic systems in surgery have shown to lead to favorable clinical outcomes, including fewer complications, less hemorrhage, and better tissue altruism versus open surgeries. Because this kind of evidence keeps accumulating, more and more hospitals or doctors as well are adopting robotic systems for better patient care.
Surgical robots are the advanced medical devices with robotic arms and instruments attached to it. As these robots are used to perform surgical procedures, they are called as surgical robots. Surgical robots are fed with programs of surgical decision based on which they assist surgeons in performing minimally invasive surgeries.
Surgical Robots Market Trends
The advancement of technology has changed the field of surgical robotics and medical practices. These innovations have significantly empowered surgeons and enhanced surgical outcomes.
Surgical Robots Market Analysis
Based on component, the market is segmented into robot systems and instruments and accessories. The instruments and accessories segment held a dominant market share and was valued at USD 3.9 billion in 2021, USD 4.3 billion in 2022, and USD 4.8 in 2023, and it is projected to reach USD 18.9 by 2032.
Based on application, the surgical robots market is categorized into orthopedic surgery, neurosurgery, general surgery, gynecology surgery, urologic surgery, and other applications. The general surgery segment holds the dominant position, accounted for USD 2.1 billion in 2023 and is expected to grow at 16.8% CAGR from 2024 to 2032.
Based on end-use, the surgical robots market is categorized into hospitals and ambulatory surgical centers. Hospitals segment is accounted for the largest market share of 72.2%, valued at USD 5.1 billion in 2023, and is anticipated to witness significant growth over the analysis timeframe, at a CAGR of 16.6%.
North America surgical robots market size in 2023 was valued at USD 4.2 billion and is predicted to grow at a CAGR of 15.1% over the analysis timeframe.
Germany is projected to grow remarkably in Europe surgical robots market and is expected to grow in the coming years.
Japan is experiencing high market growth in the Asia Pacific surgical robots market.
Surgical Robots Market Share
The market is highly consolidated in nature, with the top key players, namely Intuitive Surgical, Stryker Corporation, Medtronic plc, and ACCURAY Inc. account for 85% of the market share. This high share is owing to their cutting edge robotic platforms, robust distribution networks, and innovation led business models. The firms have successfully entered the robotic-assisted orthopedics and neurosurgery segments and are doing well with minimally invasive surgeries.
Furthermore, local companies such as Kawasaki Heavy Industries and Medicaroid have also made progress by providing affordable robotic systems that meet the needs of the expanding elderly population and the rising volume of minimally invasive surgeries. Japan's continual efforts to maintain its leadership in robotics and artificial intelligence will only serve to heighten competition as domestic companies try to outdo foreign competitors through more investment in innovative R&D, government aid, and partnerships with hospitals.
Surgical Robots Market Companies
Prominent players operating in the surgical robots industry include:
Surgical Robots Industry News
The surgical robots market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Component
Market, By Application
Market, By End use
The above information is provided for the following regions and countries: