Global surgical robotics market size to progress with 14.2% CAGR through 2028
SKYLINE MARKET RESEARCH LLP
5 min read
SKYLINE MARKET RESEARCH LLP
The primary goal of the current business intelligence study on the 'Global Surgical Robotics Market' is to provide data on the industry's growth model from 2022 to 2028.
Pune, India, May 04, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, global surgical robotics market size is projected to grow with a CAGR of 14.2% during the next six years to amass a valuation of USD 17,370 million by the year 2028.
Furthermore, the literature identifies significant growth drivers as well as current and future constraints that affect industry dynamics. It also involves in-depth studies on component terrain, surgery type, end-user scope, and regional segmentation in order to evaluate the primary opportunities. It then looks at the competitive landscape of the vertical by profiling the leading companies in terms of product portfolios, market share, and financials.
Increasing demand for minimally invasive operations, as well as the rising prevalence of chronic diseases, growing public awareness towards computer-assisted surgeries, escalating disposable income of individuals, and the introduction of technologically improved equipment are the major growth inducing factors for the industry.
Moreover, soaring incidences of neurological disorders, interventional cardiology disorders, colorectal cancer, and gynecological diseases is acting as a major catalyst. Active participation of the government and industry players in technological advancement in the field of computer assisted robotic surgeries is propelling the market dynamics.
For the unversed, robotic surgery is a surgical procedure involving the use of a computer to control small tools attached to a robot, which is also known as computer-assisted minimally invasive surgery. The surgical robotic system consists of a surgical arm, surgeon's station, and a monitoring system & software. Robotic surgery is a cutting-edge technology that enables surgeons to conduct complicated operations with more precision and accuracy.
Surgical robots help surgeons work on inaccessible body sections by providing effective representations of body parts and increasing dexterity. In comparison to traditional open surgery, they also have a faster recovery time and leave less scars.
However, high product cost and insufficient clinical proof on the effectiveness of surgical robotic systems makes regulatory approval and clearance difficult for the competitors, which is stifling the worldwide surgical robotics industry expansion.
On the bright side, due to technological advancements and increasing demand from end users for low-cost surgical systems, the price is expected to drop in the near future, which may boost the market size over the forecast duration.
Market segment overview:
Based on component, the industry is divided into systems, services, and accessories & instrument. In terms of surgery type, the marketplace is branched into urological surgery, orthopedic surgery, neurosurgery, gynecological surgery, general surgery, and others. On the basis of end-user scope, the market is classified into ambulatory surgery centers (ASCs), and hospitals among others.
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Zimmer Biomet Holdings Inc., Titan Medical Inc., Stryker Corporation, Smith & Nephew plc, Siemens AG, Medtronic plc, Johnson & Johnson, and Globus Medical Inc. are the leading players in global surgical robotics market. These industry giants are launching initiatives such as collaborations and partnerships, as well as mergers and acquisitions, to bolster their market position.
Global Surgical Robotics Market, by End-User (Revenue, USD, 2018-2028)
Ambulatory Surgery Centers (ASCs)
Hospitals
Others
Global Surgical Robotics Market, by Component (Revenue, USD, 2018-2028)
Systems
Services
Accessories & Instruments
Global Surgical Robotics Market, by Component (Revenue, USD, 2018-2028)
Urological Surgery
Orthopedic Surgery
Neurosurgery
Gynecological Surgery
General Surgery
Others
Global Surgical Robotics Market, Geographical Fragmentation (Revenue, USD, 2018-2028)
North America
Europe
Asia Pacific
Rest of the World (RoW)
Global Surgical Robotics Market, Geographical Fragmentation (Revenue, USD, 2018-2028)
The surgical robots market report is expected to witness exponential growth by 2027 primarily driven by the extensive adoption of surgical robots for various medical procedures. Procedures carried out by surgical robots boast of reduced pain, shorter recovery time, and lesser scarring than that resulting from traditional surgical procedures. After the COVID-19 outbreak, there was an urgent need to prevent pathogen spread and protect medical professionals and patients. In the regional landscape, in 2020, the Latin America market accounted for 4% of the industry share and is expected to deliver steady growth by 2027. Rising incidences of different health disorders in several countries across Latin America is anticipated to support industry outlook in the following years.
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