Surgical Robotics Market by Component (Robotic Systems, Instruments & Accessories, Services), Surgery Type (Gynecology Surgery, Urology Surgery, Gynecological Surgery, Neurosurgery, Orthopedic Surgery, General Surgery, Other), End User (Hospitals, Am

Market Definition:

The Global Surgical Robotics Market size was valued at USD 66.02 billion in 2019 and is predicted to reach USD 158.70 billion by 2030 with a CAGR of 8.3% from 2020-2030.

Surgical Robotics lead to minimally invasive procedures with high precision, minimal incision, reduced blood loss, lesser pain, and quicker healing time, as compared to traditional surgical procedures. In robotically assisted surgeries, the surgeon controls overall surgical procedure by manipulating the self-powered, computer aided robot, that comprises of miniature surgical instruments mounted on its robotic arms.

Surgical robots are commonly used in minimally invasive surgery, remote surgery, and unmanned surgery. The increasing commercialization of surgical robots consequently propagates the growth of global surgical robotics market.

Market Dynamics and Trends

Increasing burden of target diseases, and growing adoption of surgical robots in conducting surgeries, had augmented the market growth in the past few years, and it tends to create lucrative opportunities for the growth of global surgical robotics market.

Furthermore, factors such as growing preferences towards minimally invasive surgeries offering high success rates, faster patient recovery, reduced transfusions, and shorter hospital-stay, are expected to propel the growth of global surgical robotics market.

However, high cost treatments, and risk-factor associated with robotically-assisted surgeries, are the limiting factors hampering the growth of the global surgical robotics market.

Since the year 2000 that Intuitive Surgical Inc., received the FDA approval for its ‘da Vinci Surgical System,’ it had completed over 5 million surgeries in the year 2018, through more than 4,500 surgical robots sold by the company globally. The rising number of FDA approvals granted to the innovations of key players, increasing investments in R&D activities, and advancements in product technologies, are to pave new avenues for the growth of the global surgical robotics market.
Market Segmentations and Scope of the Study:
The global surgical robotics market share has been analyzed based on component, surgery type and geography.

Based on component, the market is segmented into systems, services, and accessories. Based on surgery type, the market is divided into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery, and other surgeries. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising Europe, North America, Asia-Pacific, and RoW.

Geographical Analysis

North America region dominated the global surgical robotics market in the past, and is expected to maintain this trend throughout the forecast period, accounting for the major market share. This is attributed to higher investments by regulatory bodies to adopt advanced surgical robotics systems, well-established healthcare infrastructures with technologically advanced healthcare amenities, and presence of key market players in this region.

Asia Pacific region is expected to demonstrate a substantial growth in the global surgical robotics market, growing with the highest CAGR values throughout the forecast period. This is due to increase in medical tourism, favorable reimbursement policies, and untapped market opportunities offered by the emerging economies present in this region.

Competitive Landscape

The surgical robotics market, which is highly competitive, consists of various market players that include Medtronic plc, Smith & Nephew Plc. (Blue Belt Technologies, Inc.), Intuitive Surgical, Inc., Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Stryker Corporation (MAKO Surgical Corp.), Renishaw plc, KUKA AG, Mazor Robotics, Zimmer Biomet Holdings Inc. and THINK Surgical Inc. among others.

Increasing number of approvals by Food and Drug Administration for cutting-edge surgical robotics technologies presented by market players, along with strategies employed by key players such as acquisition, collaboration and capacity expansion in order to gain stronger market position, is leading the global surgical robotics market to new heights.

For instance, in February 2019, Auris Surgical Robotics, Inc., one of the major players in the global surgical robotics market, was acquired by Johnson & Johnson in 3.5 billion USD, with the strategy to reinforce and expand J&J’s surgical robotics program.

In November 2019, Stryker Corporation one of the major players in the global surgical robotics market, announced that it has received FDA approval for its ‘SAHARA Lateral’ the first-ever 3D expandable interbody system that features lamellar 3D titanium technology, allowing surgeons in achieving up-to 30 degrees of sagittal spinal correction in skeletally mature patients.

In February 2020, THINK Surgical, Inc. one of the major players in the global surgical robotics market announced that INOV8 Surgical is the first-ever healthcare facility to acquire its ‘ TSolution One active robot system,’ for total knee replacement surgical procedures, since this technology received FDA approval in the US. The robotic system comprises of two explicit innovations assisting total joint replacement surgeries that are TPLAN-a 3D pre-surgical planning workstation, and TCAT, the active robot.

KEY MARKET SEGMENTS:

Global Surgical Robotics market – By Component
Systems
Accessories
Services
Global Surgical Robotics market – By Surgery Type
Gynecology Surgery
Urology Surgery
Neurosurgery
Orthopedic Surgery
General Surgery
Other Surgeries
Global Surgical Robotics market –By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
RoW
UAE
Saudi Arabia
South Africa
Brazil
Remaining countries