July 15, 2024
Surgical Robots Market

The increase in Minimally Invasive Surgery (MIS) is anticipated to openup the new avanue for Surgical Robots Market

The Surgical Robots Market is estimated to be valued at US$ 1021.96 Mn or Million in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Surgical robots are medical devices that assist specialist surgeons during complex surgical procedures. They are equipped with advanced tools including 3D cameras, microscopes, and miniaturised surgical instruments. Surgical robots allow for enhanced dexterity, precision, and control during procedures. Some key applications of surgical robots include general surgery, gynecology, urology, orthopedics, and neurosurgery. Surgical robots provide enhanced visualization, more precise movements, and access to hard to reach areas inside the body compared to traditional open surgery.

Market Dynamics:
The growing demand for minimally invasive surgeries is a key driver for the surgical robots market. Minimally invasive techniques result in less pain, fewer complications, shorter hospital stays, and faster recovery for patients compared to open surgeries. Furthermore, growing geriatric population worldwide is also fueling market growth. According to the United Nations, the number of people aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050 globally. Older patients are more likely to suffer from diseases that require surgical intervention such as orthopedic conditions.Therefore, the increasing geriatric population base will augment the demand for surgical robots market over the forecast period.
Segment Analysis
The Global Surgical Robots Market can be segmented into systems and accessories. The systems segment currently dominates the market, owing to the high adoption of robotic surgical systems by hospitals and ambulatory surgical centers. Robotic systems provide higher precision, minimal invasiveness, flexible movements of instruments, surgeon control via a console, and 3D visualization during complex surgeries. Thus, robotic systems are increasingly being utilized for urologic, gynecologic, general, cardiothoracic, and neurosurgeries.

PEST Analysis
Political: Governments in various countries are providing funding and investments for medical robotics research to modernize healthcare infrastructure and enhance surgical outcomes. For instance, the U.S. government supports the FDA to approve new robotic platforms and procedures.
Economic: The rising healthcare spending on surgical treatments and the shortage of surgeons are driving the adoption of cost-effective robotic solutions. The increasing volume of complex surgeries will also support market growth.
Social: Patients prefer minimally invasive surgeries using robotic platforms over traditional open surgeries due to advantages like shorter recovery times, minimal scarring and blood loss, reduced workload for surgeons, and superior visualizations.
Technological: Leading players are developing augmented reality features, advanced imaging integration, portable & affordable robotic systems, and enhanced surgical simulators to make robotic surgeries more accessible.

Key Takeaways
The global surgical robots market is expected to witness high growth, exhibiting 13% CAGR over the forecast period of 2023 to 2030, due to increasing adoption of robotic platforms among healthcare facilities and rapid technological advancements. The market size for 2023 is estimated to be US$ 1021.96 Mn.

On a regional level, North America dominates the global surgical robots market due to the high uptake of advanced medical technologies, presence of major players, and availability of funding for robotic research projects in the US. However, Asia Pacific is expected to offer lucrative growth opportunities during the forecast period owing to improving healthcare infrastructure, rising medical tourism, and growing population base in countries like China and India.

Key players operating in the surgical robots market include Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. Major players are focused on expanding their product portfolios and geographical presence through acquisitions, partnerships, and approvals for new robot-assisted surgical procedures.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it