Major players in the surgical robots market are Stryker Corporation, Medrobotics Corporation, Smith+Nephew, TransEnterix Inc., Renishaw plc, Intuitive Surgical, Medtronic, THINK Surgical, Inc., Zimmer Biomet, Johnson & Johnson Private Limited, Titan Medical Inc, Mazor Robotics, KUKA AG, avateramedical GmbH, Corindus Vascular Robotics, and MicroSure.
The global surgical robots market is expected to grow from $5.68 billion in 2022 to $6.68 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The surgical robots market is expected to reach $12.73 billion in 2027 at a CAGR of 17.5%.
The surgical market consists of the sale of handheld robotic device, robotic arm, and modular robotic system.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A surgical robot is an automated device that assists surgeons during surgical procedures.The robot comprises multiple arms that are fitted with surgical instruments and a camera for providing a high-resolution, three-dimensional picture of the operative site.
It is used by surgeons to lessen blood loss, shorten hospital stays, and speed up patient recovery.
North America was the largest region in the surgical robots market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in surgical robots report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main surgical robots components are systems, accessories, and services.A surgical robot system is defined as a physician-controlled device with robotic arms equipped with surgical equipment and connected to a camera arm.
The various surgery types are gynaecology surgery, urology surgery, neurosurgery, orthopaedic surgery, general surgery, and others used in clinic, hospital, ambulatory care centers, and others.
The increasing elderly and surgical patient populations are expected to propel the growth of the surgical robot market going forward.The growing elderly and surgical patient populations substantially impact the use and development of surgical robots.
Minimally invasive procedures performed by surgery robots are used to reduce patient trauma, shorten recovery times, and cut complication rates.These benefits are critical for aged people to lower mortality and morbidity rates.
For instance, according to October 2021 published factsheet by World Health Organization, a Switzerland-based governing body, there will be 1.4 billion individuals over the age of 60 in the world by 2030, up from 1 billion in 2020. Further, according to the American Joint Replacement Registry’s 2022 Annual Report, released on November 2022, hip and knee arthroplasty cases in the US reached around 2.8 million in 2022, an increase of 14% from 2021. Therefore, increasing elderly and surgical patient populations drive the surgical robot market.
Technological advancements are a key trend gaining popularity in the surgical robot market.Major companies in the surgical robot sector are focused on developing new technologies to improve patient outcomes and strengthen their market position.
For instance, in November 2021, Smith+Nephew, a UK-based medical equipment manufacturing company, Launched CORI handheld robotics, a turn-key robotic-assisted surgical system for total and partial knee arthroplasties.It is designed with a 3-D intra-operative imaging system and robotic sculpting tool that allows surgeons to measure, plan, and perform knee surgery.
The system is a compact and fully mobile solution with minimal set-up time and can be moved from theatre to theatre to optimize the flow of patients through surgical units.
In February 2023, ARCH Medical Solutions Corp., a US-based combination of engineering expertise and precision-machining technologies, acquired Bettanini’s Custom Manufacturing for an undisclosed amount. This acquisition strengthens and expands the offerings and capabilities to provide industry-leading OEMs with precision manufacturing. Bettanini’s Custom Manufacturing is a US-based manufacturer of precision-machined components, including surgical robots components.
The countries covered in the surgical robots report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The surgical robots market research report is one of a series of new reports that provides surgical robots market statistics, including surgical robots industry global market size, regional shares, competitors with a surgical robots market share, detailed surgical robots market segments, market trends and opportunities, and any further data you may need to thrive in the surgical robots industry. This surgical robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.