According to SNS Insider’s research, the surgical robots market continues to grow due to a combination of technological advancements, increasing demand for precision surgeries, and the desire to improve patient outcomes while reducing healthcare costs.
Based on the SNS Insider report, the surgical robots market reached a valuation of USD 4.52 billion in 2022 and is projected to attain a value of USD 18.46 billion by 2030, experiencing a compound annual growth rate (CAGR) of 19.2% throughout the forecast period from 2023 to 2030.
Market Repot Scope
Surgical robots, also known as robot-assisted surgery or robotic surgical systems, are advanced technological tools designed to assist surgeons in performing various medical procedures with precision, control, and enhanced dexterity. These robots are equipped with specialized instruments and cameras that provide a three-dimensional, high-definition view of the surgical site, allowing surgeons to operate with greater accuracy and efficiency. Surgical robots can be operated remotely, which is particularly beneficial in scenarios where a specialist surgeon is not physically present at the patient’s location.
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Market Analysis
The global surgical robots market has witnessed remarkable growth in recent years, and several factors are driving this expansion. Surgical robots enable surgeons to perform minimally invasive procedures with greater precision and control. Patients benefit from smaller incisions, reduced pain, shorter recovery times, and minimized scarring. As patient demand for less invasive options increases, surgical robots become crucial for healthcare providers. One of the most significant advantages of surgical robots is their exceptional precision and accuracy. They can perform tasks with sub-millimeter precision, reducing the likelihood of errors and complications during surgery. This heightened accuracy is particularly vital for delicate procedures, such as neurosurgery and ophthalmic surgery. The world’s aging population is increasing the demand for surgical procedures, particularly in fields like orthopedics and cardiology. Surgical robots can aid in performing complex surgeries on older patients with more precision, making these procedures safer and more accessible.
Major Players Listed in the Report are as Follows:
Stryker Corporation, Intuitive Surgical, Smith & Nephew, TransEnterix Surgical Inc., Medrobotics, Zimmer Biomet, Renishaw plc., THINK Surgical Inc., Medtronic, and other players.
Surgical Robots Market Segmentation as Follows:
By Component
- Accessories
- Systems
- Services
By Surgery Type
- Gynecology Surgery
- General Surgery
- Neurosurgery
- Orthopedic Surgery
- Other Surgeries
- Urology Surgery
Impact of Recession
The impact of a recession on the surgical robots market is influenced by a combination of economic, healthcare, and technological factors. While a recession can pose challenges such as reduced capital spending and financial constraints, it can also create opportunities for innovation and cost-effective solutions. The overall effect will depend on the severity and duration of the recession, as well as the adaptability and resilience of the surgical robot industry.
Impact of Russia-Ukraine War
The Russia-Ukraine war has had a profound impact on various sectors, including the healthcare industry and, consequently, the surgical robots market. Ongoing geopolitical conflicts can create an atmosphere of uncertainty in global markets. Reduced budgets for healthcare may lead to delayed investments in surgical robots, impacting the growth of the market in the particular areas.
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Key Regional Development
North America, particularly the United States, has been a pioneer in the field of surgical robotics. Factors such as a well-established healthcare infrastructure, a high prevalence of chronic diseases, and a willingness to adopt innovative technologies have contributed to the region’s dominance in the market. Europe is another significant market for surgical robots. The region’s healthcare systems, especially in countries like Germany and France, are advanced and receptive to technological innovations. The Asia-Pacific region is witnessing rapid growth in the surgical robots market. Factors such as a rising aging population, increasing disposable income, and improving healthcare infrastructure are driving demand for advanced medical technologies, including surgical robots.
Key Takeaway from Surgical Robots Market Study
The accessories segment is witnessing remarkable growth due to ongoing technological advancements. The combination of advanced accessories and robotic systems in gynecology surgery has led to improved patient outcomes. As these technologies continue to evolve, surgeons are better equipped to perform complex surgeries with minimal invasiveness, reduced trauma to patients, and shorter recovery times.
The Gynecology Surgery segment is another powerhouse within the market. It focuses on robotic-assisted procedures for various gynecological conditions, including hysterectomies, myomectomies, and endometriosis treatment. The adoption of surgical robots in gynecology surgery has been driven by the desire to minimize invasiveness, reduce scarring, and accelerate patient recovery times.
Recent Developments Related to Surgical Robots Market
SS Innovations, a leading player in the field of cutting-edge medical technology, has recently made a significant move by acquiring a controlling interest in Avra Medical Robotics, a prominent US-based robotics company specializing in the healthcare sector. This partnership brings together the innovation and financial muscle of SS Innovations with Avra’s proven expertise in medical robotics.
Moon Surgical, a pioneering company in the field of robotic laparoscopy assistance, has recently secured an impressive $55.5 million in funding to further advance its groundbreaking technology. With this substantial injection of capital, Moon Surgical is well-positioned to accelerate its research and development efforts.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Surgical Robots Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Surgical Robots Market Segmentation, By Component
Chapter 9 Surgical Robots Market Segmentation, By Surgery Type
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
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