Surgical Robot Market worth over $13.8bn by 2027
Published Date: May 24, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Surgical Robot Market size is set to surpass USD 13.8 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing technological advancements in surgical robots and resulting rise in its adoption will stimulate the demand for surgical robots. Moreover, rising number of surgical procedures and improved patient outcome in surgeries performed using surgical robots will further propel the market growth. The COVID-19 pandemic had a mixed impact on the market as the industry players suffered loss of new sales due to lockdowns and travel restrictions. On the other hand, a variety of potential implementations have been proposed to utilize surgical robots in the surgical environment during such pandemics.
Rising technological advancements in surgical robots will accelerate the market expansion
Robotics industry has achieved rapid development in the medical field in the last couple of decades, and the robots are being regularly used in the surgical procedures. This development is spearheaded by some of the developed countries including the U.S., UK, Germany, and Japan where the surgical robotic systems are used to perform minimally invasive surgeries. Recently developed surgical robots are capable of providing high precision incisions during surgical procedures.
In addition, the robotic systems enable the surgeons to have maximum control over the surgeries by providing high-definition 3D images that helps in minimizing the errors. Thus, to avoid any serious consequences, doctors adopt surgical robots to gain best surgical outcomes. The future of robotic systems is exciting as they are now being developed with AI assistance; where the need to preprogram the system will be less and the robots will be able to perform the surgical procedures without the supervision of doctors. Such innovations and improvements are expected pave the way for lucrative growth in the market.
High replacement rate of accessories & instruments used with surgical robots will create significant growth opportunities
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The accessories & instruments segment in the surgical robot market accounted for USD 3.2 billion in 2020 owing to its growing demand with increasing number of robotic procedures. Also, instruments & accessories are most likely to be replaced owing to frequent wear and tear. Thus, high replacement rate and low cost will spur the segment growth.
Browse key industry insights spread across 157 pages with 248 market data tables & 15 figures & charts from the report, “Surgical Robot Market Size By Component (Systems, Accessories & Instruments), By Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynecology Surgery, Urologic Surgery), By End-user (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Benefits allied with the use of surgical robots in orthopedic surgeries will favor the market demand
The orthopedic surgery segment held around 14% of the surgical robot market share in 2020 led by growing number of patients requiring knee and hip surgeries. Also, many leading companies such as Stryker and Medtronic are transforming orthopedics with robot-assisted surgery by providing new and innovative surgical robots. These robots encompass state-of-the art technologies especially designed for orthopedic procedures for precise and better outcome.
Ambulatory surgical centers (ASCs) segment is projected to showcase exponential an industry growth
The ASCs segment in the surgical robot market accounted for around USD 1.3 billion in 2020 impelled by increasing awareness regarding benefits of ASCs such as lower cost treatment, shorter patient stays, convenience and accessibility. Additionally, surgeries conducted in ASCs have a minimal risk of surgical site infections and catching hospital-acquired infection that increases the patient’s preference towards ASCs.
Increasing healthcare expenditure will foster the market progression
Europe surgical robot market is estimated to witness around 17.5% growth rate by 2027. Growing healthcare expenditure, rapidly expanding economy, and increasing government support for implementation of surgical robots in healthcare industry will strengthen the regional dominance. In addition, many leading market participants are targeting developed economies of the Europe to promote their robotic systems that will prove lucrative for the companies. Moreover, rising prevalence of chronic diseases requiring surgery as a treatment option and increasing hip and knee replacement surgeries in old population of Europe will augment the regional growth.
Adoption of several growth strategies enables major market players to maintain their revenue share
Some of the leading companies operating in the market include Accuray Incorporated, Corin Group, Globus Medical Inc., Intuitive Surgical, Johnson & Johnson, Medtronic, Siemens Healthineers, Stryker, THINK Surgical, Inc. and Zimmer Biomet. These prominent market leaders undergo different organic and inorganic growth initiatives to maintain vigorous foothold in the surgical robots business.