Robotic Surgical Procedures Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Robotic Surgical Procedures Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Robotic Surgical Procedures Market

The robotic surgical procedures market size was valued at USD 5.32 billion in 2019, and the market is now projected to grow from USD 4.65 billion in 2020 to USD 19.03 billion in 2027, exhibiting a CAGR of 21.8% during the forecast period of 2020-2027.

The COVID-19 pandemic limitation of movement impacted the robotic surgical procedures market growth as the CovidSurg Collaborative identified that in addition to other countries, 28 million elective surgeries have been postponed globally. Lockdowns affected the supply chain negatively thus having an impact on surgical robot sales. Some industry giants such as Intuitive Surgical experienced a 6% revenue decline in the first half of 2020 caused by decreased elective robotic surgery. Hospital service disruptions only added to the market decline even more. This shows how the pandemic has hit industries related to elective surgery rather hard.

The incidence of chronic diseases such as cancer and many cardiosurgical diseases that require operations has increased worldwide. Other factors that have escalated age and lifestyle diseases include increased ageing populations and reduced physical activities. This trend is driving the uptake of robotic surgical systems, chiefly concerning emergency procedures. The use of these systems is anticipated to enhance the hike in robot-assisted surgeries across the world. These factors are expected to drive the robotic surgical procedures market share during the analysis period.

Moreover, the acquisition is another primary driver as key players in the medical robot market escalate the adoption of inorganic strategies such as mergers, acquisitions and partnerships to penetrate unexplored markets and provide a competitive advantage to new entrants. Such measures strengthen distribution channels, particularly owing to cooperation with local dealers and hospitals. Such strategies increase awareness, usage, and the overall market for surgical robots. They also provide a use-driven perspective that initiates innovation through new technologies and applications. Such trends will probably foster growth in the global robotic surgical procedures market during the forecast period.

Comprehensive Analysis of Robotic Surgical Procedures Market

The robotic surgical procedures market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the healthcare industry. These segmentations are methodically segregated by applications. The application includes, General Surgery, Gynecology, Urology, Orthopedics and Others.

The value of the North American robotic surgical strategies market was USD 4.08 billion in 2019. The region's dominance results from the higher incidence of chronic sicknesses, surging adoption of advanced gadgets, and favourable repayment regulations for robotic surgical techniques in the U.S. and Canada.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Intuitive Surgical (Delaware, United States), Stryker (Michigan, United States), Smith & Nephew (London, United Kingdom), ZIMMER BIOMET (Warsaw, United States), Accuray Incorporated (Sunnyvale, U.S.), CMR Surgical Ltd. (Cambridge, United Kingdom), avateramedical GmbH (Jena, Germany), Johnson & Johnson Services, Inc. (New Brunswick, United States), Medtronic (Dublin, Ireland) and Other Prominent Players. These market players provide a level-playing competitive landscape.

In February 2020, Medtronic recently purchased Digital Surgery, the total artificial intelligence (AI) developer, data and analytics to strengthen the organization’s robotic-assisted surgical procedure platform.

Segmentation Table

Global Robotic Surgical Procedures Market Scope

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Growth Rate CAGR of 21.8% from 2020 to 2027

Historical Period 2016-2018

Unit Value (USD billion)

Segmentation By Application, and Region

By Application

General Surgery

Gynecology

Urology

Orthopedics

Others

By Region

North America (the U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia and the Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia and the Rest of Asia Pacific)

Rest of the WorldPlease Note: It will take 5-6 business days to complete the report upon order confirmation.