Report ID: SQMIG35B2209
Report ID:
SQMIG35B2209 |
Region:
Global |
Published Date: September, 2024
Pages:
206
|Tables:
0
|Figures:
0
Global Surgical Robots Market size was valued at USD 8.18 Billion in 2022 poised to grow from USD 9.53 Billion in 2023 to USD 32.33 Billion by 2031, growing at a CAGR of 13.4% in the forecast period (2024-2031).
A surgical robot is a kind of medical device that aids surgeons in performing even the most challenging surgical operations with utmost control, precision and flexibility. The global surgical robot market setup comprises a better visualizing camera system, robotic arms bearing specialized surgical instruments at their tips and a control panel which is operated by the surgeon. Technological advancements are driving the global surgical robot market due to their growing adoption by hospitals and decreasing needs for invasive procedures. Compared to traditional methods, they are characterized by increased control, precision and flexibility. This reduces recovery time and has positive outcomes for patients.
Older demographics and long-term illnesses are the forces behind complexities in surgical solutions, the market must develop. The market is growing as major players continue innovating, changing processes and introducing new products. The shortage of doctors and surgeons worldwide along with increasing acceptance of robot-assisted surgery are the main drivers for this market. The growth in the market is also aided by the increasing sums of money that local and foreign businesses are investing in the creation of innovative surgical robots. The growing prevalence of osteoporosis and arthritic conditions, as well as the growing need for hip and knee replacement surgeries, are other major factors expected to fuel the market's growth.
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The Global Surgical Robots Market is segmented based on Offering, Application, End User, Region. In terms of Offering, the market is trifurcated into Instruments & Accessories and Services. Based on the Application, the market is segmented into Research Institutes, Pharmaceutical & Biotechnology Companies and Others. Based on the End User, the market is divided into Hospitals & Clinics and Ambulatory Surgery Centers. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Offering
As per categorization by offering, the market is classified as instruments & accessories and services. Among these, instruments & accessories earned the largest share and continue to dominate the market. The market for surgical robots worldwide is dominated by Instruments & Accessories Offering due to its superior surgical capabilities, adaptable instrumentation, and ongoing innovation in precise tools. The market is growing due to their recurrent demand, which is fuelled by the necessity for disposable or single-use items and supports innovative minimally invasive operations in a variety of medical specialties.
Services is the fastest-growing segment in the global surgical robotics market is Instruments & Accessories, driven by rising acceptance of robotic surgeries, frequent use, and innovative specialized tool development. Demand for these service consumables is driven by their recurrent nature, and improvements in accuracy and efficiency amplify their contribution to better surgical outcomes.
Analysis by Application
Due to recent advancements in precision robotics and minimally invasive processes that enable difficult surgeries to be performed in a shorter amount of time, the robotic surgical instruments for general surgery sector rules the international market. The market’s growth is being propelled by rising employment of robotic systems in procedures like hernia repair and cholecystectomy and bettering surgical precision and patient outcomes.
As orthopedic surgery is considered the fastest growing segment of global surgical robots market, enhancing precision in joint replacements, spine surgeries and fracture repairs has contributed to its rapid growth. Robotic systems are becoming more and more common in orthopedic treatments across the globe as they increase accuracy, decrease problems, and improve patient recovery.
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Due to its sophisticated healthcare system, high rate of adoption of new medical technology, and substantial investment in R&D, North America now commands the largest share of the global surgical robots market. Essential market players and significant governmental subsidies for health care creativity are helpful to the locality. Increasing healthcare expenses, more demand for less intrusive interventions and developed robotic surgical training programs are the other drivers of growth. In addition to positive reimbursement policies, an increase in the number of chronic diseases requiring surgical procedures has made North America the leading region in the world when it comes to surgical robots.
The desire for new medical technologies, increased healthcare investments, and growing awareness of minimally invasive operations have resulted in the Asia-Pacific region being the fastest-growing market for surgical robots. The region's adoption of robotic procedures is being propelled by factors such as ageing populations, rapid urbanization, and a rising incidence of chronic illnesses. Surgical robotics innovation and local manufacture are being fostered by significant amounts of money spent on healthcare infrastructure and R&D by countries like China, Japan, and India. In addition, affordability in the region as well as a rising medical tourism industry have led to an expansion in the surgical robots market across Asia-Pacific that is drawing in foreign companies.
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Drivers
Rising Demand for Minimally Invasive Surgeries:
Technological Advancements in Robotic Systems:
Restraints
Ethical Concerns and Regulatory Hurdles:
Limited Skilled Workforce:
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With major competitors constantly developing technology and growing their market share, the global surgical robotics market is one of the most competitive in the world. Intuitive Surgical, known for its da Vinci system, is one of the leading international companies. A pioneer in robotic arms, Stryker is also included among them. Medtronic acts as a provider of surgical systems that are robotic assisted via HugoTM technology. Zimmer Biomet is recognized as ROSA® Robotics’ leader. All these organizations contend based on creativity, precision and integration driving innovative robot-based devices for various surgical procedures.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the rapidly expanding market for surgical robots is due to remarkable technological advancements and increase in demand for minimally invasive surgeries. Surgical robots enhance control, accuracy, and versatility, thus shortening recovery time and improving patient outcomes through camera systems, robotic arms, and control panels. The ageing population, the frequency of chronic diseases, and significant expenditures in cutting-edge treatments are the main drivers of market growth.
The section known as Instruments & Accessories is especially well-known due to its sophisticated features and consistent demand. Expansion is being driven by regional leaders such as North America and the constantly expanding Asia-Pacific region. The market is expected to expand significantly despite obstacles including high costs and requirements from regulations.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.18 Billion |
Market size value in 2031 | USD 32.33 Billion |
Growth Rate | 13.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Surgical Robots Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surgical Robots Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surgical Robots Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surgical Robots Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35B2209