Surgical Robots Market 2022, Industry Analysis By Product, Application, End–User & Forecasts to 2030

Market Overview
The global surgical robots market size is projected to grow at an exponential CAGR during the forecast period 2020-2027. The market growth is attributable to growing preference of surgical robots by surgeons as the surgical robots are capable of performing complex procedures with high geometrical precision, and can operate even in those anatomical areas which are difficult to reach by surgeons. Robotic surgery is a minimally invasive surgical procedure which utilizes robotics and due to increasing adoption of minimal invasive surgeries owing to their added benefits including shorter hospital stays as compared to traditional surgery, the introduction of cost-effective and flexible surgical robots is gaining traction.

Patients and surgeons have been highly benefited from the high-precision performance, minimally invasive robotic surgery also abbreviated as MIRS and as a result they are gradually adopting robot-assisted surgical procedures. Currently, there are approximately 1 million MIRS procedures performed worldwide which is anticipated to double by 2025. Moreover, growing need for automation in healthcare and increasing FDA approvals and funding granted to surgical robot manufacturers for R&D in robotic automation and image-guided robotic surgery for new medical conditions is one of the key factor driving surgical robots market growth.

Moreover, the rapid introduction of surgical robot systems coupled with growing adoption of robot-assisted surgical interventions is further contributing to the market growth. Improvement in healthcare infrastructure and technological advancements in surgical robotic instrument and accessories such as high definition microscopic cameras, data analytic systems, remote navigation systems, motion sensors, robotic controlled catheters and other useful accessories is positively expected to influence the global surgical robots market growth.

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Global Surgical Robots Market Share (%) by Application, 2019
The robotic systems operated by surgeons in robot-assisted surgeries are equipped with miniature surgical instruments mounted on the robotic arms that allows the surgeons to perform surgeries precisely without complication. Thus, growing FDA approvals and product launches for robotic arms is expected to boost the market growth over the coming years. However, potential risk of infection associated with surgical robots and cardiopulmonary risks of anesthesia coupled with high cost of surgical robots is preventing surgeons and patients from considering robot-assisted surgeries over manual ones. Moreover, mechanical failures associated with surgical robots while on-going surgery further poses a risk. This is likely to impede the growth in surgical robots market.

Product Insights
Based on type, our scope of study has segmented the market into robot systems and instruments & accessories. In 2019, robot systems segment accounted for the largest revenue share in surgical robots market owing to their growing demand in hospitals and ambulatory surgical centers offering robot-assisted surgical procedures for wide number of medical conditions. Surgical robot systems provide unprecedented control over operations and MIRS, thereby increasing the adoption of surgical robot systems amongst surgeons and doctors. For instance, Da Vinci is highly preferred among the commercially available surgical robots to perform minimally invasive surgeries. Thus, high demand and increased availability of technologically advanced surgical robots is expected to aid the segment growth.

However, instruments & accessories segment is projected to grow at a lucrative CAGR during the forecast period. The wide usage of robotic surgical accessories and instruments per surgical procedure as these accessories are replaced after every procedure is expected to drive the segment growth. In addition to high replacement rate, low price and frequent wear and tear of surgical robot instruments & accessories as compared to robot systems that further increases the need for continuous replacement is another key factor boosting the segment growth.

Application Insights
Based on application, surgical robots market has been segmented into orthopedics, urology, neurology, gynecology, general surgeries and others. In 2019, others segment accounted for the largest revenue share in surgical robots market. The others segment consists of oral surgeries, general laparoscopic surgeries and thoracic surgeries. The segment registers largest market share followed by neurology owing to a high number of general laparoscopic surgeries being performed across the globe.

However, orthopedics segment is projected to grow at a lucrative CAGR during the forecast period owing to increased usage of surgical robots in various orthopedic procedures such as total hip replacement, shoulder arthroscopy, trauma, hip arthroscopy, placement of pedicle screws and general orthopedics as it aids in providing better accuracy to surgeons, thereby limiting the manual errors in surgical procedures. Moreover, introduction of various surgical robot systems for orthopedics has also positively impacted the segment growth. For instance, Stryker Corporation with the acquisition of MAKO Surgical Corp. introduced many surgical robots in orthopedic space. The company launched 650 Mako robots in 2018 that performed nearly 76,900 hip and knee replacement procedures. The company has further increased its product offerings in the year 2019, which is expected to increase the competition among surgical robots manufacturer operating in the orthopedic space.

End User Insights
The surgical robots market on the basis of end user has been segmented into hospitals and ambulatory surgical centers. In 2019, hospitals segment accounted for the largest revenue share owing to high availability of hospitals that provide robot-assisted surgical procedures for treatment of various chronic diseases and trauma cases. Moreover, availability of high reimbursements on various robotic surgical procedures performed in hospitals has led to increased patient flow in the hospitals, thereby aiding the segment growth. In addition, technological advancements in surgical robot systems has proved to efficiently cut down medical care costs by reducing operating time, eliminating human error, streamlining operating theatres, and saving hospital staff for other critical surgeries.

Whereas, ambulatory surgical centers segment is anticipated to grow at a significant growth rate over the forecast period due to reduced and shorter patient stay durations. Increasing affordability of treatment at ASCs due to presence of significant reimbursements for most of surgical procedures has made medical care affordable for patients with lower income levels, thus expected to drive the growth of ambulatory surgical centers segment in the market.

Regional Insights
The surgical robots market study examines the performance of market across six key regions, viz. North America, Western Europe, Eastern Europe, Asia Pacific, Latin America and Middle East & Africa. In 2019, North America accounted for the largest revenue share in surgical robots market. The increase in number of hospitals opting for robot-assisted surgical procedures along with growing healthcare funding and robotic investments by the U.S. government, are among the key factors driving market growth in North America. Moreover, high prevalence of cancer, neurovascular, cardiovascular, gynecology and other chronic disorders coupled with increasing FDA approval for surgical robots to treat these medical conditions is further contributing substantially to the North America surgical robots market growth. For instance, as per the FDA, the usage of robotics has increased from 25,000 robot-assisted surgical procedures annually in 2005 to 450,000 procedures in 2012 in the U.S.

However, Europe is anticipated to be the most lucrative market in near future owing to presence of favorable government initiatives such as the launch of “EAU Robotic Urology Section (ERUS)” by the European Association of Urology, which is a scientific platform developed for urologists and provides them with cutting-edge development in robot-assisted surgeries that will lead to further adoption of robotic surgery in the urology.

Competitive Market Insights
Competitive landscape analysis in the report covers 12-15 key players in global surgical robots market. Some of the leading companies profiled in this study include Medtronic plc, Intuitive Surgical, TransEnterix Surgical Inc., Renishaw plc, THINK Surgical Inc., Accuray, Avanos Medical Inc., Hansen Medical, Mazor Robotics, and Zimmer Biomet; accounting for majority of the market share owing to their exhaustive product portfolios, strong global footprint, and increased focus on technological advancements in the robotic surgical solutions.

Moreover, majority of the companies are entering into strategic alliances such as merger & acquisitions, collaborations and product launches to compete in the market. For instance, in 2019, Medtronic plc completed its acquisition of Mazor Robotics in order to enter the surgical robots market. Moreover, an extensive competition analysis allows for an exhaustive market structure assessment. This section further offers insights on recent market developments, emerging opportunities, impactful trends and dormant business tactics.

Report Scope
A recent market intelligence report added to the repository of Credible Markets, titled “Surgical Robots – Market Analysis and Forecast 2016 – 2027”, provides an extensive analysis of the global surgical robots market. The analysis and forecast is backed by the fact-based historic and current growth scenarios of the market. The report offers valued insights on the well-assessed market sizing (value) and growth projections for a stipulated period, 2016 – 2027.

The data has been meticulously gathered from some of the top industry experts and thorough secondary research. This information is authentic and dependable, and enables deeper understanding of surgical robots and their market potential at global as well as regional levels. It intends to help potential market entrants with their strategic business planning.

Detailed Analysis of Market Taxonomy:
The global surgical robots market report begins with a brief outline of the market taxonomy covering product and end use analysis, along with an overview of the scope of its research. Detailed trend and opportunity assessment with respect to each product, application and end user segment and associated sub-segments is the highlight of this section of the report. It then provides readers with a summary of the report that offers insights on market outlook and overall competition scenario in the surgical robots landscape. Relevant information and recent developments in surgical robot systems and accessories sector has been covered here. The market study then sheds light on the quick market background and its analysis with respect to surgical robots market research.

The report, in addition to analyzing the various socio-economic, political and technological aspects defining the performance of global surgical robots market, focuses on the overall scope of penetration and market attractiveness. The key market variables and their impact analysis with respect to the growth patterns of global surgical robots market are also evaluated in detail inside the report. It further provides information about the strategic background of market landscape, followed by the analysis of overall impact of the recent, current and upcoming strategic alliances and similar financial deals across the industry on performance of surgical robots market.

Covid-19 Impact Analysis:
Under an exclusive section that unleashes the covid-19 impact analysis on surgical robots market, the report attempts to track the evolution of growth path of market from 2019, through 2020, and post the medical crisis. While the pandemic has compelled entire industry to shift its preferences, it has turned the industry and its sub-sectors upside down within no time. The report covers deep-dive analysis of this impact particularly on the surgical robots market.

The report typically answers these FAQs-
• What is the market size and growth projections of this market?
• What are the top performing segments and regions of surgical robots market?
• What is the market size and growth rate across key countries?
• What factors will influence demand and supply trends in surgical robots market during the forecast period?
• What are the technology trends shaping surgical robots market?
• What are the key opportunities emerging in surgical robots market?
• What are the developmental strategies of key market players?
• What is the COVID-19 impact on the market and how long will it take to recover?

Segments Covered in the Report-
Product Type (Revenue, USD Million, 2016 – 2027)
• Robot Systems
• Instruments & Accessories
Application Type (Revenue, USD Million, 2016 – 2027)
• Orthopedics
• Neurology
• Urology
• Gynecology
• General Surgery
• Others

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End User Type (Revenue, USD Million, 2016 – 2027)
• Hospitals
• Ambulatory Surgical Centers

Regions covered in global surgical robots market report-
• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• Middle East & Africa