The global Surgical Robots market size is expected to be worth around US$ 9.30 billion by 2030, according to a new report by Vision Research Reports.
The global Surgical Robots market size was valued at US$ 2.05 billion in 2020 and is anticipated to grow at a CAGR of 22.5% during forecast period 2021 to 2030.
Growth Factors
Increasing adoption of minimally invasive surgeries among patients owing to its added benefits such as need for shorter hospital stays by patients, compared to traditional surgery, introduction of flexible and cost-effective surgical robots by new manufacturers and increasing approvals for new medical conditions are some factors responsible for driving the surgical robots market.
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In addition, advances in medical imaging, increase in surgeon/patient acceptance for laparoscopic and robotic procedures, increasing number of patients suffering with tumors, spine disorders, lung cancer and others are expected to drive the adoption of surgical robots over the forecast period. However, limited adoption rate of surgical robots in developing/underdeveloped economies due to untrained doctors, limited spending on healthcare infrastructure may hinder the market growth.
On the basis of application, the market is classified into orthopedics, neurology, urology, gynecology and others. The others segment includes oral surgeries, thoracic surgeries, and general laparoscopic surgeries. The other application segment dominated the market in 2018, with a revenue of USD 748.5 million and is also expected to grow at the fastest rate over the forecast period. This is owing to a large number of general laparoscopic surgeries being conducted and increasing number of medical approvals for treatment of new medical conditions.
Report Highlights
On the basis of application, the surgical robots market is classified into orthopedics, neurology, urology, gynecology, and others. The others segment includes oral surgeries, thoracic surgeries, and general laparoscopic surgeries. The other application segment dominated the market in 2020, with a revenue of USD 748.9 million, and is also expected to grow at the fastest rate over the forecast period. This is owing to a large number of general laparoscopic surgeries being conducted and increasing number of medical approvals for treatment of new medical conditions.
The orthopedics segment is also expected to grow at a lucrative rate over the forecast period. Surgical robots are being used in total hip replacement, hip arthroscopy, and shoulder arthroscopy, placement of pedicle screws, trauma and general orthopedics as assists in providing better accuracy and precision to surgeons, thus eliminating human error.
Stryker Corp., has introduced many surgical robots in the orthopedic space, after its acquisition of MAKO Surgical Corp. The company has introduced 650 Mako robots that have been used in nearly 76,900 knee and hip replacement procedures in 2018. The company is also expected to increase its product offerings in 2019. This is further expected to increase the competition among the companies operating in the orthopedic space.
On the basis of region, the surgical robots market is segmented into North America, Europe, Asia Pacific, MEA, and Latin America. North America dominated the market in 2020, with a revenue of USD 1.03 billion and is expected to grow at a lucrative rate over the forecast period. Moreover, the region is also anticipated to be fastest growing market, with a CAGR of 24.5% over the forecast period.
Some major factors contributing to this growth are the increasing number of hospitals that are opting for robot-assisted surgeries, high healthcare spending by the U.S. government, and growing robotic investments in the region. As per the Robotic Industries Association, the robot sales in the U.S. have been growing continuously in applications such as surgeries, automotive, wearable devices and military.
According to the FDA, the use of robotics in the U.S. has increased from 25,000 per year in 2005 to 450,000 in 2012. Furthermore, according to the data published by National Cancer Institute it is estimated that in 2014, nearly 80% of prostatectomies were performed using robotics compared to only 1% of all prostatectomies in the year 2001. Increasing adoption of these technologically advanced robotic systems is expected to provide growth platform to this industry in the near future.
Key Players
Surgical, Stryker Corporation, Medtronic, Smith & Nephew and others.
Market Segmentation
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Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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