The global Surgical Robots Market is poised to touch USD 6,875.1 million by 2026, displaying a CAGR of 21.4% during the forecast period. One of the key factors driving the surgical robots market growth is the rising prevalence of non-communicable or chronic diseases (NCDs) such as cancer, diabetes, and COPD. According to the World Health Organization (WHO), chronic diseases are responsible for about 71% of global deaths every year.
Fortune Business Insights, in its report, titled “Surgical Robots Market Size, Share and Industry Analysis By Application (General Surgery, Gynecology, Urology, Orthopedics, Others), By End User (Hospitals, Ambulatory Surgery Centers, Others) and Regional Forecast, 2019 – 2026”, states that in 2018, the market was valued at USD 1,463.0 million. Besides this, the report offers a comprehensive analysis of the different factors, trends, and dynamics that are likely to chart the growth trajectory of the Surgical Robots Market during the forecast period.
Fortune Business Insights identifies some of the key players in the surgical robots market:
- Zimmer Biomet
- THINK Surgical, Inc.
- Intuitive Surgical, Inc.
- Smith & Nephew
- Verb Surgical, Inc.
- Transenterix Surgical, Inc.
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Rising Geriatric Population to Swell the Market
Increasing number of aging people is giving rise to critical challenges to healthcare systems all around the world. According to the WHO, by 2050, number of people above the age of 60 will have reached 22%, almost double the current number. Furthermore, the WHO estimates that by 2020 itself, people aged 60 and above will outnumber children under the age of 5. As a person ages, she becomes more vulnerable to different kinds of communicable and non-communicable diseases most of which require surgeries, such as cataract and diabetic retinopathy.
Since their bodies are not strong enough to bear the trauma of a traditional surgery, geriatric people are increasingly relying on advancements in minimally invasive surgical procedures to reduce their pain. In this context, surgical robots can play a crucial role as they can make surgeries as minimally invasive as possible. This is likely to expand the surgical robots market size during the forecast period.
Segmentation of Surgical Robots Market
- General Surgery
- Ambulatory Surgery Centers
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
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Minimally Invasive Robot-sssisted Surgeries Will Favor Market Growth
Recent technological advancements have enabled surgical operations through robots wherein the efficiency and time-to-completion have been unmatched by their human counterparts. The advent of minimally invasive surgical procedures due to rising demand for imaging techniques through infrared technology have led to a rising uptake of surgical robots across the world. In April 2019, the Vanderbilt Institute for Surgery and Engineering (VISE) received a grant of an approximate US$ 2 Mn for the development of a surgical robot within a minimally invasive environment.
The project revolved around prostate surgeries and would include operations through needle sized robotic arms. Fortune Business Insights predicts that increasing adoption of minimally invasive surgeries through surgical robots will minimize the use of surgical stitches, thereby creating a huge demand among surgeons as well as end users across the world. The report studies the impact of product launches similar to VISE’s latest surgical robot and gauges the impact of these products on the global surgical robots market.
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