Surgical Robots Market Forecasts to 2030 – Global Analysis By Component (Instruments & Accessory, Surgical System and Services), Control Mechanism, Application, End User and By Geography

Surgical Robots Market Forecasts to 2030 – Global Analysis By Component (Instruments & Accessory, Surgical System and Services), Control Mechanism, Application, End User and By Geography

According to Stratistics MRC, the Global Surgical Robots Market is accounted for $4.31 billion in 2023 and is expected to reach $9.23 billion by 2030 growing at a CAGR of 11.5% during the forecast period. Surgical robots are high-tech devices that let surgeons operate more precisely, controllably, and deftly throughout a variety of surgical operations. These robots are used in many medical fields to help with difficult procedures and less invasive surgery. The ability to do treatments with minimum invasiveness is one of the main goals of surgical robots. This entails creating smaller incisions compared to standard open operations, leading to lower trauma, shorter recovery periods, and perhaps fewer consequences for patients

According to National Cancer Institute, the number of cancer incidences is estimated to reach 22 million by 2030; 60% of the cases are expected to occur in Africa, Asia, and Central & South American regions. With advancements in medical diagnostics, cancer detection has become easy. Thus, patients are now opting for surgical procedures to remove the tumor.

Market Dynamics:

Driver:

Expanding use of coatings based on nanotechnology

The market for surgical robots is growing and expanding as a result of the use of automated robotic tools and the need for sophisticated robotic systems that can support and efficiently use these tools is growing as automated robotic instruments are included into more surgical procedures. The trend toward less invasive surgery is supported by the use of autonomous robotic tools. These tools enable minimally invasive operations that lessen patient stress and recovery periods by enabling smaller incisions and more precise motions. Moreover, manufacturers concentrate on creating robotic systems that work well with automated equipment and are optimized for them. As a result, increasingly complex and versatile robotic systems are produced.

Restraint:

High initial costs

Many healthcare facilities find it difficult to get started using surgical robots because of the large upfront costs involved especially smaller hospitals, clinics, or those with limited resources. Robotic technology for surgical operations may not be adopted or may be adopted slowly due to the high price. Hospitals and other healthcare facilities assess the ROI before making a surgical robot purchase. Some institutions may be discouraged from making the investment because to the long ROI period caused by the high initial expenditures, particularly if they are unsure about the patient volume for robotically assisted procedures which hinder the growth of the market.

Opportunity:

Expanded applications and surgical specialties

Healthcare providers are adopting robotic systems at an increasing rate as a result of their integration in many surgical specialties. The advantages of robotically assisted surgery, such as increased accuracy, better results, fewer problems, and quicker recovery periods, are acknowledged by surgeons from a variety of disciplines, which has led to increased acceptance and use of this technique. Surgical robots are in high demand because to their versatility in performing a wide range of treatments within different specialties, including joint replacements, hysterectomies, prostatectomies, spine surgeries, and cardiac procedures creating varied opportunities for the market growth.

Threat:

Lack of surgical expertise and standardization

Insufficient training programs across different institutions or regions can further impede the widespread adoption of robotic systems. The lack of standardized procedures or expertise could impact the growth of the surgical robot market. Surgeons, healthcare institutions, and patients may not feel confident in the consistency and predictability of outcomes, which may slow the wider acceptance and adoption of robotic-assisted surgery. The specialized skills needed to operate surgical robots effectively can pose challenges for staff and surgeons undergoing training.

Covid-19 Impact

Many hospitals and healthcare institutions delayed or cancelled elective procedures, including those employing surgical robots, during the height of the epidemic. As a result, fewer surgeries using robot assistance were completed, which had an impact on the market's expansion. During the pandemic, despite some setbacks, there was an increasing focus on minimally invasive operations because of their promise to lower patient hospital stays and consequences. Moreover, the robotic systems have attracted more interest and attention since they are recognized to provide for least intrusive procedures thus hampering the market.

The surgical system segment is expected to be the largest during the forecast period

The surgical system segment is estimated to have a lucrative growth, owing to a range of surgical systems, including robotic-assisted surgical systems that are transforming the surgical sector, are included in the surgical robotics market. When compared to traditional approaches, these systems give enhanced precision, dexterity, and control to surgeons during minimally invasive treatments. They typically comprise of platforms with advanced technology. Surgeons can perform telepresence or remote-controlled surgery on patients from a distance due to certain surgical technologies which drive the growth of the market.

The cardiac surgery segment is expected to have the highest CAGR during the forecast period

The cardiac surgery segment is anticipated to witness the highest CAGR growth during the forecast period, because robot-assisted minimally invasive cardiac surgery treatments, such robot-assisted mitral valve replacement or repair and robot-assisted coronary artery bypass grafting (CABG), are made possible by surgical robots. Comparing these methods to open heart surgery, the patient experiences fewer traumas, requires fewer incisions, and recovers more quickly. Surgeons may now execute complex cardiac surgeries with increased accuracy because to robotic devices' exceptional precision and agility.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to advancements in healthcare facilities and surgery for a range of illnesses. The demand for robotically assisted surgeries is increasing due to better results than open procedures and shorter hospital stays and recuperation times for children. Additionally, as instruments become smaller, it should be possible to achieve ideal working conditions in a smaller space, which would spur market expansion.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increase at a rapid rate that is driven mostly by expansion in Australia, China, Singapore, Indonesia, and India. Another important factor anticipated to propel market growth is the increase in government programs aimed at encouraging healthcare providers and other healthcare organizations to utilize technologically advanced medical equipment & systems. Thus all the above factors drive the growth of the market.

Key players in the market

Some of the key players profiled in the Surgical Robots Market include Medrobotics Corporation, Medtronic, Intuitive Surgical, Renishaw plc, THINK Surgical, Inc., Zimmer Biomet, Transenterix, Smith and Nephew, Stryker Corporation, Johnson & Johnson, Accuray Incorporated, CMR Surgical, Titan Medical Inc., Globus Medical, NuVasive Inc., Mazor Robotics, Auris Health Inc., Medineering GmbH, Preceyes BV and MicroSure

Key Developments:

In November 2023, Medtronic announces FDA approval of minimally invasive device to treat hypertension. Approval is the culmination of ten years of clinical research and development of the Medtronic renal denervation technology.

In October 2023, Medtronic receives FDA approval for extravascular defibrillator to treat abnormal heart rhythms, sudden cardiac arrest, The Aurora EV-ICD system is the first-of-its-kind to provide the life-saving benefits of traditional, transvenous ICDs.

In April 2023, Intuitive a global technology leader in minimally invasive care and pioneer of robotic-assisted surgery, announced that the Food and Drug Administration recently cleared the da Vinci SP surgical system

Components Covered:
• Instruments & Accessory
• Surgical System
• Services

Control Mechanisms Covered:
• Computer Control
• Direct Telemanipulator
• Other Control Mechanisms

Applications Covered:
• General Surgery
• Gynecologic Surgery
• Urologic Surgery
• Cardiac Surgery
• Colorectal Surgery
• Head And Neck Surgery
• Other Applications

End Users Covered:
• Ambulatory Surgical Centers
• Hospitals

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements