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Global surgical robots market size was USD 1,463.0 million in 2018 and is projected to reach USD 6,875.1 million by 2026, exhibiting a CAGR of 21.4% between 2018 and 2026.
Surgery has evolved from open-surgery to robotic surgery. Surgical robots can perform complex procedures with geometrical precision, even in anatomical areas that are difficult to reach by human surgeons. This is resulting in increased demand and adoption of the minimally invasive surgeries is one of the key drivers for the growth of the surgical robots market. The increasing need for automation in healthcare, increasing geriatric population, increasing prevalence of chronic diseases, and highly complex surgical procedures are some of the major factors driving the surgical robotics market growth. The da Vinci surgical system manufactured by Intuitive Surgical Inc., is one of the well-known and widely used robotic surgical devices in the world.
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"Technological Advancements and Development of Procedure-Specific Surgical Robotic System Is Anticipated to Drive the Market"
Recently, Intuitive Surgical Inc. received U.S. Food and Drug Administration approval for its Ion system. The robotic endoluminal system is designed to permit doctors to conduct minimally invasive biopsies deep within the lung. The development of procedure-specific robotic system is one of the major factor driving the growth of the market. The increasing preference of minimally invasive robotic-assisted surgery is one of the factors anticipated to drive the surgical robots market growth. Additionally, the increasing adoption and demand for surgical robots by medical professionals is expected to propel the growth of the market during the forecast period. However, the high cost of installation and lack of skilled professional are some of the factors that are likely to restrain this market’s growth to an extent.
Based on the application, the global market segments include general surgery, gynecology, urology, orthopedics, and others. On the basis of end user, the global market segments include hospitals, ambulatory surgery centers, and others. Among the application,the gynecology segment accounts for a considerable portion of the surgical robotics market share during the forecast period.
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Increased adoption and high demand for mininally invasive surgical procedures is one of the major factor propelling the growth of the market. This factor is anticipated to have a higher demand for the surgical robots in the hospital segment during the forecast period, thereby impacting the surgical robotics market size.
"Increased Research and Development and Use of Surgical Robots for The Treatment of Cancer to Exhibit Highest CAGR in the Asia Pacific"
North America generated maximum revenue of US$ 1,045.5 Mn in 2018 and is expected to dominate the surgical robots market throughout the forecast period. The American Heart Association, in its publication Heart Disease and Stroke Statistics, 2016, estimated that 98 million American adults are suffering from different types of cardiovascular diseases. The increasing number of cardiovascular disease is anticipated to increase demand for minimally invasive surgeries, subsequently giving rise to demand for the robotic surgical systems in the region.
North America Surgical Robots Market Size, 2018
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The Asia Pacific is anticipated to grow at a significantly higher CAGR during the forecast period. The increased research and development and use of surgical robots for the treatment of cancer and other oncology segment are some of the major factors anticipated to drive the growth of the surgical robot’s market in the Asia Pacific. Europe is projected to lose market share during 2019-2026, while Middle East & Africa is projected to gain market share during the forecast period. Latin America is poised to register moderate growth during 2019-2026.
"Intuitive Surgical Inc. accounted for Highest Market Share in Terms of Revenue in 2018"
Intuitive Surgical Inc., is a leading player as per the surgical robotics market report. Intuitive Surgical Inc. is likely to retain its position during the forecast period owing to its diversified product portfolio and strong distribution network globally. In order to strengthen the market position, key market players are focusing the introduction of the procedure specific robotic system. Other players operating in the global surgical robot’s market are Medtronic, Stryker, Smith & Nephew, Zimmer Biomet.
High investment by market players in the development of the procedure specific surgical robotic system is one of the major factors driving the growth of the global surgical robot’s market. Increasing cardiovascular diseases and increased demand for minimally invasive surgeries are also some of the major factors propelling the growth of the global market during the forecast period.
The surgical robots market report provides qualitative and quantitative insights on the surgical robots industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by application and end user. On the basis of product, the market is segmented into general surgery, gynecology, urology, orthopedics, and others. On the basis of the end user, the surgical robots market is categorized into hospitals, ambulatory surgery centers, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, and Rest of World. The regions are further categorized into countries.
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Along with this, the report analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of key disease, by region; pricing analysis, key players; technology advances in robotic medical systems; key mergers and acquisitions; new product launches; among others.
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Fortune Business Insights says that the market was valued at USD 1.46 Billion in 2018 and is projected to reach USD 6.88 Billion by 2026.
In 2018, the market was valued at USD 1.46 Billion.
Growing at a CAGR of 21.4%, the market will exhibit steady growth in the forecast period (2019-2026)
General surgery segment is expected to be the leading segment in this market during the forecast period.
Technological advancements, development of procedure specific surgical robots and application for treatment of cancer and new product launches will drive the growth of the market.
Intuitive Surgical Inc., Stryker, and Medtronic are the top players in the market.
North America is expected to hold the highest market share.
Increased technological advancements, development of procedure specific surgical robots, increased safety, increasing applications and new product launches would drive the adoption.
Adoption of advanced surgical robots, safer surgical robots, and new launches of products, advances in R&D leading to significant improvement of technological features and new applications, and increased awareness regarding precision of surgical robots are the hyper-market trends.
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