Surgical Robots Market Growth & Trends
The global surgical robots market size is expected to reach USD 18.2 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 19.3% from 2022 to 2030. Growing adoption of automated minimally invasive surgery and increasing awareness to use robotic procedures due to the potential benefits provided by these surgeries are the factors positively contributing to the growth of the market. Moreover, the increasing penetration of international players in various geographies is expected to boost the market growth over the forecast years.
Further, technological advancements in medical procedures and the growing acceptance of automated surgical equipment in healthcare institutions are anticipated to accelerate the penetration of surgical robots over the years. The increasing prevalence of several cancers, tumors, and spine disorder conditions is also one of the pioneering factors expected to propel the acceptance and adoption of surgical robots, thereby fueling growth.
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Based on application, the market is segmented into urology, orthopedics, neurology, gynecology, and others. The others segment comprises the robots that are used in oncology, laparoscopy, and various other surgeries. The others’ segment dominated the market with a revenue share of over 30.0% in 2021. The segment growth is attributed mainly to the increasing usage of advanced automated instruments in cancer and tumor surgeries. In addition, successful outcomes from automated surgical procedures and shortage of surgeons and healthcare professionals are boosting the adoption and growth.
North America dominated the market with a revenue share of over 50.0% in 2021. This is mainly due to the increasing advancement of medical infrastructure and the presence of a large number of international players. Furthermore, increasing clinical adoption of advanced surgical equipment and rising demand for minimally invasive procedures are the other prominent factors responsible for the region.
In addition, the COVID-19 pandemic drastically impacted the penetration and adoption of surgical robots. Supply chain disruptions, along with lockdowns and shutdowns in major countries, substantially impacted the growth. In addition, reduction in overall surgical procedures during the pandemic and stringent regulations with respect to surgeries were some of the other factors that led to the de-growth of the market in 2020. However, with situations heading toward normalcy, the market is anticipated to grow at a significant rate during the forecast period.
Surgical Robots Market Report Highlights
- The market growth can be attributed to the increasing awareness regarding automated procedures and their growing adoption
- The others’ application segment dominated the market in 2021 due to the increasing usage of advanced automated instruments in cancer and increasing demand for minimally invasive laparoscopic surgeries
- North America dominated the market with a revenue share of over 50.0% in 2021 owing to the significant presence of international players, along with the lineup of many products for FDA clearance, ongoing developments in robotics, and the demand for minimally invasive surgeries to reduce the post-operative period
Key Companies & Market Share Insights
The top players of the market are mainly focusing on technological development and introducing advanced and next-generation robotic instruments to hold their strong position in the global market. In addition, the rising demand for automated surgical instruments across the globe is likely to promote the entry of new companies into the market. Furthermore, strategic industrial developments of the leading market players in the form of acquisitions, mergers, and collaborations are anticipated to boost the competition among the competitors.
For instance, in February 2021, Medtronic acquired Digital Surgery, which is a privately-owned surgical AI company specializing in digital education, data analytics, and training. Through the acquisition, Medtronic aims at strengthening its robot-assisted surgical platform and broadening its robotic system portfolio with the addition of a new robot named Hugo. Some prominent players in the global surgical robots market include: Stryker Corporation, Medrobotics, Smith & Nephew, TransEnterix Surgical, Renishaw plc., Intuitive Surgical, Medtronic, THINK Surgical, Zimmer Biomet
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