Surgical Robotics Market is Forecast to Grow at a CAGR of 18.4% until 2028
Published | 31 May 2022
The global surgical robotics market is growing at a high CAGR because of the rising demand for surgical procedures and high shortage of professional surgeons, globally…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global surgical robotics market was worth USD 5.8 billion in the year 2021 and is projected to grow at a CAGR of 18.40%, earning revenues of around USD 18.2 billion by the end of 2028. The growth of the global surgical robotics market is attributed to the rising demand for surgical procedures due to the increasing prevalence of various chronic diseases along with shortages of professional surgeons across the globe. Furthermore, rapid innovations and extensive research and development activities in surgical robotics are anticipated to present lucrative growth opportunities for the surgical robotics market.
Expanding Growth Potential In Emerging Economies Is Present Lucrative Growth Opportunities To The Market
The emerging economies such as China, India, Japan, South Korea, etc., are significantly investing in their healthcare sector. These countries are funding the adoption of advanced medical tools including surgical robotics, which is driving the overall market growth. Furthermore, emerging economies are also attractive destinations for medical tourism. As a result, the demand for surgical procedures is also surging here, which is anticipated to fuel the surgical robotics market in the forecast period.
Shortage of Skilled Surgeons Is Driving the Surgical Robotics Market
The huge gap between demand for surgical procedures and the availability of skilled surgeons is emerging as the major driving factor for the surgical robotics market. Gaining skills as surgeons require years of training, which consumes a lot of time. However, by deploying surgical robotics for performing procedures, the healthcare industry can address this issue. The surgical robotics manufacturers are expanding their production to meet this growing demand, which is significantly driving the overall market growth.
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Surgical Robotics Market - By Application
Based on application, the surgical robotics market is segmented into general surgery, gynecological surgery, orthopedic surgery, urological surgery, neurosurgery, and other applications. The general surgery segment accounts for the largest market share. This type of surgery includes a wide range of procedures such as Ambulatory Phlebectomy, Breast Biopsy, Core, Hemorrhoids, Laparoscopic Cholecystectomy, Colon Cancer Surgery, etc. The increasing burden of surgery worldwide is prompting healthcare systems to adopt surgical robotics in general procedures, which is driving the overall market growth.
Surgical Robotics Market - Regional Insights
Geographically, the surgical robotics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the surgical robotics market owing to the increasing prevalence of various chronic diseases and rising private investment towards surgical robotics to advance the healthcare infrastructure. The increasing demand for minimally invasive surgeries also acts as a major driving factor for the demand for surgical robotics in this region. Following North America, Europe also covers a substantial market share.
Impact of COVID-19 on Surgical Robotics Market
The COVID-19 pandemic outbreak initially negatively impacted the growth of the surgical robotics market. This is because all the electric surgical procedures were postponed due to the high risk of virus transmission during the pandemic. Furthermore, the healthcare facilities were also focusing on handling the overwhelming number of COVID-19 patients. Due to this, the demand for surgical robotics registered a significant fall. However, the market is anticipated to flourish significantly over the forecast period as the use of surgical robotics will help in facilitating contactless medical procedures.
The leading market players of the surgical robotics market are Intuitive Surgical, Inc., Stryker Corporation, Medtronic plc, Asensus Surgical, Medrobotics Corporation, ReWalk Robotics, Diligent Robotics, Inc., Ekso Bionics Holdings Inc., Sarcos Robotics, Barrett Technology, Smith & Nephew, Medicaroid Corporation, avateramedical Gmbh, National Scientific Instruments And Materials Corporation (CSIMC), Microsure, Corindus Vascular Robotics, OMNIlife Science, Preceyes BV, Titan Medical, and other prominent players.
The market is highly competitive and consolidated with the presence of several multinational corporations. However, robotic startup companies are also emerging and giving tough competition to established players. The companies are launching a wide range of products that are capable of performing different types of surgeries. They are also significantly investing in research and development activities. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the surgical robotics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the surgical robotics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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