The global Surgical Robots Market is estimated to be valued at US$ 5,721.6 million in 2022 and is expected to exhibit a CAGR of 13.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Surgical Robots Market involves the use of robotic systems in performing surgical procedures. These robotic systems assist surgeons in performing intricate surgeries with enhanced precision, control, and flexibility. Surgical robots offer various benefits such as reduced trauma to patients, smaller incisions, faster recovery time, and improved surgical outcomes. The use cases of surgical robots include procedures such as gynecological surgeries, urological surgeries, cardiothoracic surgeries, orthopedic surgeries, and general surgeries.
B) Market Dynamics:
The market dynamics of the Surgical Robots Market are driven by two main factors: increasing adoption of minimally invasive surgeries and technological advancements.
- Driver: Increasing Adoption of Minimally Invasive Surgeries
Minimally invasive surgeries have gained popularity in recent years due to their advantages over traditional open surgeries. These procedures involve smaller incisions, reduced blood loss, shorter hospital stays, and faster recovery time for patients. Surgical robots enable surgeons to perform complex procedures with greater precision and accuracy, further promoting the adoption of minimally invasive surgeries.
For example, the da Vinci Surgical System by Intuitive Surgical is a widely used surgical robot that offers enhanced visualization, dexterity, and precision. It allows surgeons to perform complex procedures through small incisions, resulting in less pain, reduced scarring, and faster recovery for patients.
- Opportunity: Technological Advancements
Technological advancements are driving the growth of the Surgical Robots Market. The development of advanced robotic systems with improved imaging capabilities, real-time feedback, and artificial intelligence integration is revolutionizing the field of surgery. Robots equipped with haptic technology provide surgeons with a realistic sense of touch, enhancing their surgical skills.
For instance, Think Surgical's TSolution One Surgical System utilizes advanced imaging and planning software to enable surgeons to perform total knee arthroplasty with precision and accuracy. This system offers real-time feedback during the surgery, enabling adjustments as needed for optimal outcomes.
C) Segment Analysis:
The Surgical Robots Market can be segmented based on product type, application, and end-user. In terms of product type, the market can be divided into systems and instruments & accessories. The systems segment is expected to dominate the market due to the high cost associated with surgical robots. Based on application, the market can be categorized into gynecological surgeries, urological surgeries, cardiothoracic surgeries, orthopedic surgeries, and general surgeries. Among these, urological surgeries are expected to dominate the market as robotic systems offer precise control and better outcomes in complex urological procedures. In terms of end-user, the market can be segmented into hospitals and ambulatory surgical centers.
D) PEST Analysis:
- Political: Governments play a crucial role in regulating the use of surgical robots and ensuring patient safety.
- Economic: The rising healthcare expenditure and the growing demand for advanced surgical procedures are driving market growth.
- Social: Increasing awareness among the general population regarding the benefits of minimally invasive surgeries is contributing to market growth.
- Technological: Technological advancements in robotic systems, such as 3D imaging, artificial intelligence, and haptic technology, are shaping the future of surgical robots.
E) Key Takeaways:
- The global Surgical Robots Market is expected to witness high growth, exhibiting a CAGR of 13.4% over the forecast period, due to increasing adoption of minimally invasive surgeries and technological advancements.
- North America is expected to be the fastest-growing and dominating region in the market due to the presence of key market players, favorable reimbursement policies, and the high adoption rate of surgical robots.
- Key players operating in the global Surgical Robots Market include Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic.