The growth of the global surgical robotic systems market is majorly driven by surge in rapid technological advancements, increasing investments in R&D and its extensive application in critical surgeries such as cardiac, orthopedic and neurosurgery.
Rise in need for automation in healthcare market, rising R&D activities, reduced hospital stays and cost, shifting trends toward advanced robotic minimally invasive surgeries have boosted the growth of the global surgical robotics systems market. However, high cost associated with surgical robotic systems and surgeries, and growing death toll and injuries due to robotic surgeries hamper the market. On the contrary, untapped potential in the emerging economies and surge in use of surgical robotic systems in diverse applications are expected to create new opportunities for the market players in the coming years.
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As per the report published by Allied Market Research, the surgical robotics systems market generated $5.34 billion in 2019, and is anticipated to hit $15.01 billion by 2027, growing at a CAGR of 13.7% from 2020 to 2027.
Covid-19 scenario:
- Several hospitals and healthcare centers have been assigned to treat with patients suffering from Covid-19. Moreover, government has advised people to undergo for emergency surgeries. Thus, the demand for surgical robotics systems has decreased.
- The funding for R&D activities in the field of surgical robotics has stopped as majority of the funding is funneled toward developing vaccine for Covid-19.
The global surgical robotics systems market is analyzed across various regions such as Asia-Pacific, North America, Europe, and LAMEA. The market across Asia-Pacific is anticipated to manifest the highest CAGR of 14.4% during the forecast period. However, the market across North America held the lion’s share in 2019, contributing to more than half of the market.
The global surgical robotics systems market is segmented on the basis of component, surgery type, and region. Based on component, the market is divided into systems, accessories, and services. The services segment is anticipated to manifest the highest CAGR of 14.6% during the forecast period. However, the accessories & instrument segment held the largest share in 2019, contributing to more than half of the market.
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On the basis of surgery type, the market is classified into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery and other surgeries. The orthopedic surgery segment is anticipated to register the fastest CAGR of 14.5% during the forecast period. However, the gynecology surgery segment held the largest share in 2019, accounting for more than one-fourth of the market.
Key Market Players:
The global surgical robotics systems market report includes an in-depth analysis of the major market players including
- INTUITIVE SURGICAL, INC.
- GLOBUS MEDICAL, INC
- Johnson & Johnson
- Medtronic Plc.
- Siemens AG (Siemens Healthineers)
- Smith & Nephew
- Stryker Corporation
- Titan Medical Inc.
- Transenterix, Inc.
- Zimmer Biomet Holdings, Inc.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global surgical robotic systems market along with the current trends and future estimations to elucidate the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the surgical robotic systems market growth is provided in the report.
- The surgical robotic systems market forecast is studied from 2020 to 2027.
- Comprehensive quantitative analysis of the industry from 2019 to 2027 is provided to enable the stakeholders to capitalize on the prevailing surgical robotic systems market opportunities.
- Extensive analysis of the key segments of the surgical robotic systems industry helps to understand the application and products of surgical robotics that are used across the globe.
- Key market players and their strategies have been analyzed to understand the competitive outlook of the surgical robotic systems market.
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