According to the current analysis of Reports and Data, the global Surgical Robots market was valued at USD 3.74 billion in 2018 and is expected to reach USD 8.26 billion by the year 2026, at a CAGR of 10.3%. Surgical Robots include surgery assisted by robots added with the systems to reduce human errors like trembling while doing operations. It is a technological advancement that has a concern to shift over to minimally invasive surgical procedures. Surgical Robots has a tremendous potential to grow, as the physical presence of the surgeon is not necessary. In Surgical Robots, the primary market driver is technological advancement, and a hike in road accidents is expected to fuel the market growth during the forecast period. For instance, according to the numbers given by the Association for Safe International Road Travel (ASIRT) in 2018, about 20-30 million get injured or disabled in road accidents every year. The escalating accidental ratios and the need to have better aesthetics would propel market growth.
Furthermore, the rise in the geriatric population and upsurge in demand for minimally invasive surgical procedures over the traditional methods of surgical procedures are anticipated to fuel the industrial growth in the coming years. In addition, the surge in the initiatives taken by the government for awareness regarding such procedures and an increase in the spending capacity of an individual is expected to help the industry to gain traction in the near future.
However, the high cost associated with robotic surgical operations is expected to hamper the Surgical Robots market. Additionally, the rise in death rate and injuries due to robotic surgeries may impede the growth of the Surgical Robots market.
The pharmaceutical and healthcare sector is rapidly growing over the recent years and is expected to witness vast changes due to current coronavirus outbreak. Factors such as rapid developments in the healthcare and medical sector, improvements in the healthcare infrastructure and facilities, rising healthcare expenditure and increasing adoption of telemedicine and ambulatory care services are fueling market growth. In addition, increasing investments in research and development activities, increasing preference for personalized medicines and point of care diagnosis and home care settings.
The global Surgical Robots market is extremely competitive and consists of several market players operating at global and regional levels. Key players are focusing on adopting various strategies such as RD investments product launches, mergers and acquisitions, partnerships to gain robust footing in the market and expand their product portfolio.
Leading companies operating in the market and profiled in the report include:
Intuitive Surgical, Stryker, Mazor Robotics, Smith Nephew, Hansen Medical, Renishaw, Transenterix, Think Surgical, Medtech, and Zimmer Biomet.
Key questions addressed in the report:
- What market size is the global Surgical Robots market expected to reach over the forecast period?
- Which factors are expected to hamper global market growth between 2021 and 2028?
- Which key factors are expected to driver global Surgical Robots market throughout the forecast period?
- Which application segment is expected to register fastest revenue CAGR over the forecast period?
- Which region is expected to register fastest revenue CAGR over the forecast period?
- Which leading players are operating in the global Surgical Robots market?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
Global Surgical Robots market segmentation:
Components Outlook (Revenue in Million USD; 2016–2026)
- Robotic Systems
- Instruments Accessories
Applications Outlook (Revenue in Million USD; 2016–2026)
- Orthopedic Surgery
- Gynecologic Surgery
- Cardiothoracic Surgery
- General Surgery
- Plastic Surgery
End-Use Outlook (Revenue in Million USD; 2016–2026)
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- Latin America
- Middle East Africa
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