Surgical Robots Market by Components (Robot Systems, Instruments, Accessories), Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynaecology Surgery, Urological Surgery), & Region for 2024-2031
Report ID: 5763|No. of Pages: 202
Surgical Robots Market by Components (Robot Systems, Instruments, Accessories), Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynaecology Surgery, Urological Surgery), & Region for 2024-2031
Surgical Robots Market Valuation – 2024-2031
Increasing demand for minimally invasive surgical procedures is being driven by the benefits of reduced recovery times and lower risk of complications, significantly affecting the market size of the Surgical Robots market. According to the analyst from Verified Market Research, the Surgical Robots Market is estimated to reach a valuation of USD 33.55 Billion over the forecast subjugating around USD 10.03 Billion valued in 2024.
The rapid expansion of the surgical robots market is primarily driven by technological advancements in robotic surgery systems, which are being increasingly adopted for their enhanced precision and efficiency in various surgical procedures. It enables the market to grow at a CAGR of 17.97% from 2024 to 2031.
Surgical Robots Market: Definition/ Overview
Surgical robots are robotic systems designed to assist surgeons in performing complex procedures with enhanced precision and control. These systems are typically equipped with advanced imaging technologies and instruments that enable minimally invasive surgeries, resulting in shorter recovery times and reduced risk of complications. A variety of surgical specialties, including urology, gynecology, and orthopedics, have adopted these robotic systems, significantly transforming the landscape of modern surgical practices.
Increasing investment in healthcare technology is being recognized as a key growth factor in the surgical robots market. The demand for minimally invasive surgical options is being driven by patients seeking reduced postoperative pain and faster recovery. Moreover, rising technological advancements in robotics and automation are being integrated into surgical procedures, enhancing overall surgical outcomes and increasing the acceptance of robotic systems among healthcare providers.
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What Role is Played by Technological Advancements in Driving the Growth of the Surgical Robots Market?
Technological advancements are being recognized as a primary driver of growth in the Surgical Robots market. Innovations in robotic systems, including enhanced imaging technologies and improved instrument dexterity, have been introduced, enabling surgeons to perform procedures with greater precision and control. The integration of artificial intelligence (AI) and machine learning into surgical robots is a key technological advancement driving market growth. A study published in the Journal of Endourology found that AI-assisted robotic surgery could reduce operative time by up to 17%
The integration of artificial intelligence and machine learning algorithms is being increasingly utilized to optimize surgical outcomes and improve decision-making during operations. As a result, the overall efficiency of surgical procedures is being elevated, and patient outcomes are being significantly enhanced. The continuous development of these technologies is fostering a competitive landscape among manufacturers, with significant investments being directed toward research and development to create next-generation surgical robots.
What Challenges are Posed by High Costs Associated with the Implementation of Surgical Robotics in Healthcare Facilities?
High costs associated with the implementation of surgical robotics are being identified as a significant restraint in the market. The initial investment required for purchasing robotic systems and the ongoing maintenance expenses are often prohibitive for smaller healthcare facilities, limiting their ability to adopt these advanced technologies.
Additionally, the costs of training surgical staff to effectively use robotic systems are being factored into budget considerations, further complicating the decision-making process for hospitals. This financial barrier is being compounded by varying levels of reimbursement policies from insurance providers, which are often not aligned with the high costs of robotic-assisted surgeries. As a result, the overall growth potential of the Surgical Robots market is being hampered, particularly in emerging markets where budget constraints are more pronounced.
Category-Wise Acumens
Which Sub-Segment of Surgical Robots is Experiencing Rapid Growth in the Orthopedic Surgery Application?
According to VMR Analyst, the orthopedic surgery sub-segment is being identified as one of the fastest-growing areas within the Surgical Robots market. Increased adoption of robotic-assisted procedures, such as total knee and hip replacements, is being driven by the demand for improved surgical accuracy and reduced recovery times. Advanced robotic systems are being utilized to assist surgeons in preoperative planning and intraoperative execution, resulting in enhanced precision in implant placement.
Additionally, the rising prevalence of orthopedic conditions, such as osteoarthritis and sports injuries, is contributing to the increased utilization of robotic systems in orthopedic surgeries. As a result, significant investments are being directed toward the development of specialized robotic systems tailored for orthopedic applications, further accelerating the growth of this sub-segment.
What Factors are Contributing to the Dominance of Robotic Systems in the Surgical Robots Market?
Robotic systems are recognized as the dominant segment in the Surgical Robots market due to their significant advantages in various surgical applications. The growing preference for minimally invasive surgeries, which are associated with reduced postoperative pain and shorter hospital stays, is contributing to the increasing adoption of robotic systems.
Enhanced precision and control provided by these systems are being leveraged in multiple surgical specialties, including neurosurgery and gynecological surgery, leading to improved patient outcomes. Furthermore, the technological advancements in robotic systems, such as improved imaging and haptic feedback, are being actively integrated, thus enhancing surgical performance. The overall market dynamics are being shaped by the continuous innovation and development of robotic systems, solidifying their position as a key driver in the Surgical Robots market.
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Country/Region-wise Acumens
What Factors are Contributing to the Rapid Growth of the Surgical Robots Market in the Asia Pacific Region?
Rapid growth of the surgical robots market in the Asia Pacific region is being attributed to several key factors. Increasing investments in healthcare infrastructure are being made by governments and private entities, leading to enhanced access to advanced surgical technologies.
The Asia Pacific region is experiencing rapid population aging, leading to a higher incidence of chronic diseases that often require surgical interventions. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the number of older persons (aged 65 and above) in the region is expected to more than double from 535 million in 2020 to 1.3 billion by 2050.
Furthermore, the increasing awareness of the benefits of robotic-assisted surgeries among both healthcare providers and patients is contributing to market expansion. Technological advancements are also being observed, with regional manufacturers developing innovative robotic solutions tailored to local healthcare needs, thus boosting the adoption of surgical robots across various medical specialties.
How does the Dominance of North America Influence the Surgical Robots Market on a Global Scale?
The dominance of North America in the surgical robots market is being influenced by several factors that shape its global position. A high concentration of key market players, including leading manufacturers and innovators, is present in the region, facilitating the development and commercialization of advanced robotic systems. Significant investments in research and development are being made, which are enhancing the technological capabilities of surgical robots.
North America, particularly the United States, has a high prevalence of chronic diseases and an aging population, which drives the demand for minimally invasive surgical procedures using robotic systems. According to the Centers for Disease Control and Prevention (CDC), as of 2018, 6 in 10 adults in the US have a chronic disease, and 4 in 10 have two or more. Additionally, the U.S. Census Bureau projects that by 2030, all baby boomers will be older than 65, expanding the size of the older population to 73 million.
The presence of well-established healthcare systems and higher healthcare expenditures are also contributing to the rapid adoption of robotic-assisted surgeries. Additionally, strong reimbursement policies in the region are supporting the financial viability of robotic procedures, making North America a critical player in the global surgical robots market. As a result, trends and innovations emerging from this region are likely to have a considerable impact on the market dynamics worldwide.
Competitive Landscape
The Surgical Robots Market’s competitive landscape is characterized by a varied range of companies, including technology developers, plant operators, and service providers, all striving for market share in an increasingly dynamic and growing industry.
Some of the prominent players operating in the surgical robots market include:
- Hansen Medical
- Intuitive Surgical, Inc.
- Mazor Robotics
- Medrobotics Corporation
- Medtech SA
- Merck Co. & Inc.
- Renishaw PLC
- Smith & Nephew
- Stryker Corporation
- TransEnterix, Inc.
- Verb Surgical, Inc.
Latest Developments
- In August 2021, Medtronic, a global leader in medical technology, is expected to reach some regulatory hurdles for its soft-tissue robot. CEO Geoff Martha revealed in a recent earnings call that the company is on its approach to submitting for a CE mark and is expecting a new device rejection from the FDA for the highly anticipated soft-tissue surgical robot.
- In February 2022, Kinova announced the signing of a five-year contract agreement with Auris Health. According to the agreement, the firm will work with Auris to develop its Monarch robotic-assisted surgery system.
- In November 2021, Merck & Co., Inc. announced that it is collaborating with Synthekine Inc. to use the latter’s unique surrogate cytokine agonist participate in the discovery, development, and marketing of new cytokine therapies. Under the terms of the agreement, Synthekine will conduct initial research, while Merck will have exclusive rights to develop, manufacture, and commercialize surrogate cytokine agonists for up to two cytokines.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~17.97% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Hansen Medical, Intuitive Surgical, Inc., Mazor Robotics, Medrobotics Corporation, Medtech SA, Merck Co. & Inc., Renishaw PLC, Smith & Nephew, Stryker Corporation, TransEnterix, Inc., Verb Surgical, Inc. |
| Customization | Report customization along with purchase available upon request |
Surgical Robots Market, By Category
Components:
- Robot Systems
- Instruments
- Accessories
Application:
- Orthopedic Surgery
- Neurosurgery
- General Surgery
- Gynecology Surgery
- Urological Surgery
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
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Customization of the Report
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Frequently Asked Questions
TABLE OF CONTENT
1 INTRODUCTION OF THE GLOBAL SURGICAL ROBOTS MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 List of Data Sources
4 GLOBAL SURGICAL ROBOTS MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
5 GLOBAL SURGICAL ROBOTS MARKET BY COMPONENTS
5.1 Overview
5.2 Components
5.2.1 Robot systems
5.2.2 Instruments and accessories
6 GLOBAL SURGICAL ROBOTS MARKET BY APPLICATION
6.1 OVERVIEW
6.1.1 Orthopaedic surgery
6.1.2 Neurosurgery
6.1.3 General surgery
6.1.4 Gynaecology surgery
6.1.5 Urologic Surgery
6.1.6 Others
7 GLOBAL SURGICAL ROBOTS MARKET BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Latin America
7.5.1 Brazil
7.5.2 Argentina
7.5.3 Rest of Latin America
7.6 Middle East and Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 South Africa
7.6.4 Rest of Middle East and Africa
8 GLOBAL SURGICAL ROBOTS MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.2.1 Intuitive Surgical, Inc. (US),
8.2.2 Stryker Corporation (US),
8.2.3 Mazor Robotics (Israel),
8.2.4 Hansen Medical (US),
8.2.5 TransEnterix, Inc. (US),
8.2.6 Medtech SA (France),
8.2.7 Merck Co. & Inc (US),
8.2.8 Verb Surgical Inc. (US),
8.2.9 Smith & Nephew (UK),
8.2.10 Renishaw PLC (UK),
8.2.11 Medrobotics Corporation (US)
8.3 Key Development Strategies
9 Appendix
9.1.1 Related Reports
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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