Surgical Robots Market to Exceed US$ 25 Bn by 2031; Rapid Adoption of Medical Robotic Systems in Minimally Invasive Surgeries to Propel Revenue Growth: TMR Study
- Continuous technological advancements in robotic surgery devices to spur investments of hospitals in robotic systems; growing use in less invasive gynaecological surgeries to propel penetration of products in surgical robots market
- Asia Pacific to witness remarkable growth of lucrative opportunities; rise in robotic surgeries in orthopedic, neurological, and urological disorders to steer steady sales
ALBANY, N.Y., June 9, 2022 /PRNewswire/ — Robotics companies in the surgical robots market are capturing value-grab opportunities in robot-assisted surgeries by constantly aiming for technological advancements in medical robotics. Product sales of surgical robots market are thriving on the back of need for improving increased control, more flexibility for surgeons, and precision in surgical manoeuvers. Authors of a TMR study on the surgical robots market find that the valuation will advance at a CAGR of 14.5% during the forecast period of 2022–2031.
Advancements in various instruments pertain to use of high-performance motors, novel materials, power back-up, and are enriching motion and positional capabilities of surgical roots. Recent developments in the surgical robots market underscore the trend of integration with modern imaging technology has spurred the adoption of products with high stability and accuracy. A case in point is technological advancements in robotic arms.
The growing adoption of surgical robots in various surgical specialties and subspecialties has boosted sales of surgical robots market. They have found to significantly improve the outcomes of surgeries in orthopaedics, neurology, and urology. New technologies in robotic surgeries are catalyzing the prospects of robotic-assisted instrumentation notably in complex surgical tasks.
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Key Findings of Surgical Robots Market Study
- Benefits Drive Adoption of Robotic Surgeries: Future market demand for surgical robots is likely to be massively shaped by clear benefits that robotic-assisted surgical devices have demonstrated to both clinicians and patients. Salient benefits include reduced radiation exposure, and low early postoperative complications, and low risk of adverse events. The surgical robots market will thus gain from growing commercialization of robotics in surgical oncology, urology, and gynaecology/oncology. Hospitals are expected to increasingly deploy surgical robots for meeting the challenged faced by surgeons operating on complex anatomy, such as in spine surgeries.
- Technological Advancements in Medical Robotics Especially Robotic Systems Underpin Enormous Possibilities: The value chain of the players in the surgical robots market has been stridently enriched by constant technological advancements in medical robotic. This will help bolster the penetration rate of products. R&D in this regard has been boosted by growing funding for medical robotics companies. As a result, manufacturers will benefit from the funding to unveil products that are universally accessible and affordable.
- Stakeholders Emphasize on Safety Mechanisms and Cost-Effectiveness: The need for improving the safety aspects and making surgical environment more efficient and suitable for robotics systems are opening up new frontiers in the surgical robots market. The cost-effectiveness of the products will be key decision criterion of how far to adopt surgical robots in various specialties.
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Surgical Robots Market: Key Drivers
- Advancements in the medical technology have led to growing number of surgical robots that have been approved and commercialized in developed and developed economies
- Rise in need for robotics that can assist the human operator in reducing variability and increasing accuracy of surgical maneuvers in complex surgeries is another key driver of the surgical robots market
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Surgical Robots Market: Regional Growth Dynamics
- North America emerged as the leading surgical robots market with share of over 60% in 2021, estimated a study by TMR. Rapid deployment of medical robotic systems in hospitals and ambulatory surgical centers and their growing applications in minimally invasive surgeries are fueling the prospects.
- The Asia Pacific surgical robots market is replete with opportunities and is anticipated to advance at CAGR of 15.9% during the forecast period. Rise in demand for surgeries among geriatric population is one of the key trends spurring the revenue generation.
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Surgical Robots Market: Key Players
Some of the key players in the surgical robots market are Medrobotics Corporation, TINAVI Medical, Titan Medical, Inc., TransEnterix Surgical, Inc., Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic plc, and Intuitive Surgical, Inc.
Surgical Robots Market Segmentation
- Component
- Robotic Systems
- Accessories & Consumables
- Services
- Application
- Gynecological Surgery
- Urological Surgery
- Neurosurgery
- Orthopedic Surgery
- General Surgery
- Other applications
- End-user
- Hospitals
- Ambulatory Surgical Centers
- Method
- Minimally Invasive Surgery
- Open Surgery
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Spine Surgery Robots Market: Spine surgical robots are self-powered, computer-controlled devices programmed to aid in the positioning and manipulation of surgical instruments. The global spine surgery robots market was valued at more than US$ 75 Mn in 2017 and is anticipated to reach US$ 320 Mn by 2026.
Pharmaceutical Robots Market: The global pharmaceutical robots market was valued at US$ 92.73 Mn in 2017 and is projected to expand at a cumulative annual growth rate (CAGR) of more than 12.1% from 2018 to 2026 to exceed a value of US$ 250.46 Mn by 2026.
Medical Robotic Systems Market: The global medical robotic systems market was valued more than US$ 5,581.8 Mn and anticipated to reach US$ 25,738.8 Mn by 2025. Rise in funding for research & development activities by governments and private organizations, rapid growth in robotic technology, and surge in acceptance of minimal invasive surgeries are key factors fueling demand for medical robotic systems globally.
Robotic Rehabilitation and Assistive Technologies Market: Increase in the geriatric population and large population with physical disabilities are projected to boost the global robotic rehabilitation and assistive technologies market during the forecast period.
Eye Care Surgical Devices Market: Global eye care surgical devices market is driven by the increase in incidence of eye disorders such as cataracts and glaucoma. Eye care surgical devices are used to correct vision, perform surgery, and diagnose diseases.
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