Market Research Future (MRFR) in its recently published study report asserts that the global “The Global Surgical Robots Market is expected to register a CAGR of 18.94% to reach USD 19,596.61 Million till 2024.”, gaining further prominence by the end of the year 2024.
Surgical Robots Market Overview
Surgical robots or robotic surgery has many advantages over traditional open surgery like more accuracy, less pain, small insertions and many more. With the help of surgical robots, surgeons can perform remote surgeries. In emergencies, they are even able to perform surgical procedures through telesurgery with the remotely operated robots using imaging devices. As a result, the uptake of surgical robots is increasing rapidly.
The technological advancements in surgical robots, rising preference for minimally invasive surgeries, increase in funding for surgical robot research, and rising adoption of advanced medical technologies and surgical robots across the globe is expected to enhance the market growth.
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Surgical Robots Market Top Key Players:
Key players leading the global surgical robots market include,
- Medtronic
- Intuitive Surgical Inc.
- Johnson & Johnson
- Stryker Corporation
- Google Life Sciences
- TransEnterix
- Hansen Medical
- and Mazor Robotics.
Global Surgical Robots Market – Segments
MRFR has segmented the report into four key dynamics for an easy grasp;
By Control Mechanism : Computer Control and Direct Telemanipulator.
By Robotic Surgery Approach : Shared Control Robotic Surgical Systems, Supervisor-Controlled Robotic Surgical System, Telesurgery Systems, and Robotic Radiosurgery Systems among others.
By Application : Cardiac Surgery, General Surgery, Gynecologic Surgery, Urologic Surgery, Colorectal Surgery, and Head & Neck Surgery among others.
By Regions : North America, Europe, APAC, and Rest-of-the-World.
Over the past few years, the prices of robotic technology and surgical robotics have dipped led by the advancements in technology, which, in turn, has fostered the growth of the market. Additional factors stimulating the growth of the market include the increasing prevalence of cancer, various neurological disorders, and heart-related diseases such as cardiovascular diseases among others.
Some of the key strategies followed by players operating in the global surgical robots market were innovation, product development, and acquisition & mergers.
- In January 2019, TransEnterix received FDA 510(k) clearance for its Senhance Ultrasonic System. The addition of ultrasonic technology to Senhance system enhance its capabilities to effectively ligate and divide tissue and minimize thermal injury to surrounding structures.
- In November 2018, Mazor Robotics formed a merger with Medtronic to accelerate the advancement and adoption of robotic-assisted surgery in the spine for better healthcare.
- In October 2018, Stryker acquired Invuity, Inc, enabling the former to deliver enhanced visualization for a wide variety of clinical applications, including orthopedic and spine surgery, general surgery, and women’s health procedures.
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On the other hand, factors such as the risks associated with the robotic surgeries and the skepticism about the efficacy of the robotic technology are obstructing the growth of the market to a large extent. Nevertheless, the development of surgical robots with artificial intelligence technology is expected to support market growth, providing desirable outcomes.
Global Surgical Robots Market – Regional Analysis
Geographically, global surgical robots market is segmented into America, Europe, Asia Pacific and Middle East and Africa.
America accounts the largest market for surgical robots which is followed by Europe. Increasing financial capability of hospitals, strategic collaboration with assurance companies, growing demand for minimally-invasive surgeries and increasing prevalence of diseases like cancer, neurological disorders and many more has led to the growth of this market in America and Europe. Germany is the major contributor for the Europe surgical robots market. In 2016, Germany surgical robots market was USD 1,157.6 million.
Asia Pacific is the fastest growing region. Presence of emerging economies like India, China and Republic of Korea has boosted the growth of this market in Asia Pacific. Asia Pacific surgical robots market is expected to grow at a CAGR of 23.36 % forecast period from 2017-2023
The company said that the new fund would support its investments, including in potential acquisitions and partnerships, and would advance its strategies that are complementary to its current portfolio.
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