The global Surgical Robots Market is estimated to be valued at US$ 1021.96 Mn or Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surgical robots are medical equipment that utilize computers and robotics to assist surgeons in performing various surgeries with precision and accuracy. They enable minimally invasive surgery and reduce chances of human error.
Market key trends:
One of the major trends in the surgical robots market is the growing adoption of robotic assisted surgeries. Robotic assisted surgeries offer several advantages over traditional open surgeries such as reduced blood loss, shorter hospital stays, less pain, fewer surgical scars, and quicker recovery time. Increasing number of people opting for minimally invasive surgeries worldwide is expected to drive the demand of surgical robots over the forecast period.
Market key trends:
The Global Surgical Robots Market has been witnessing rising adoption of robotic-assisted minimally invasive surgeries. Robotic systems allow for enhanced dexterity, precision, flexibility and minimally invasive approaches during complex surgical procedures compared to traditional open surgeries. Robotic systems provide surgeons with high-definition 3D views of the surgical area along with 10x magnification. The robotic arms have joints similar to human arms and wrist joints, providing surgeons the ability to perform delicate and complex procedures with precision not possible with manual laparoscopic instruments.
SWOT Analysis
Strengths:
- Provides improved dexterity, precision, flexibility over traditional laparoscopic surgeries
- Allows for minimally invasive approaches reducing recovery time
- Enable surgeons to perform complex procedures with enhanced vision and scale motion
Weaknesses:
- High procedural and purchase costs of robotic systems compared to traditional equipment
- Steep learning curve for surgeons to get trained on robotic technologies
Opportunities:
- Rising burden of chronic diseases necessitating surgical interventions globally
- Growing demand for minimally invasive surgeries among patients for quick recovery
Threats:
- Competition from conventional laparoscopic equipment and other emerging technologies
- Potential weakness of new technology leading to failures and safety issues
Key Takeaways
The global surgical robots market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing demand for minimally invasive surgeries among patients and rising prevalence of chronic diseases.
The regional analysis indicates that North America is expected to dominate the global market during the forecast period. This is attributed to the rapid introduction of innovative robotic technologies and rising surgical robot-assisted procedures in the region.
Key players operating in the surgical robots market are Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. Intuitive Surgical held the leading market share in 2020 owing to itsDa Vinci surgical robots platform approved for a wide range of surgical procedures.
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