Surgical robots refer to computer-managed machines used to conduct minimally invasive (MI) and laparoscopic surgeries. These robots include a magnifying high-definition 3-D camera equipped at the tip of the robotic arm that offers a precise representation of the body parts. They are similar to the surgeons' hand movements and can perform complicated procedures using miniaturized surgical instruments that can fit through small openings. The rising prevalence of neurological disorders around the globe is one of the primary factors accelerating the growth of the market. In line with this, the increasing geriatric population, which is more susceptible to medical illnesses, contributes to market growth. Moreover, the extensive usage of these robots for performing surgeries, coupled with the rising preference for MI procedures by both healthcare providers, and patients, significantly boosts the market growth. On the other hand, the huge costs of surgical robots might restrict the surgical robot's market growth. The Surgical Robots Market is likely to grow at the rate of 17.5% CAGR by 2027.
Surgical Robots Market based on Product and Service
- Instruments and Accessories
- Robotic Systems
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Surgical Robots Market based on Application
- General Surgery
- Gynecological Surgery
- Urological Surgery
- Orthopedic Surgery
- Other Applications
Surgical Robots Market on the basis of End-User
- Ambulatory Surgery Centers
Surgical Robots Market on the basis of Geography
- North America
- Asia Pacific
- Rest of the World
As per the surgical robots market by product and service, the robotic systems segment has the highest share. The highest share is owing to its increasing demand in hospitals that provides surgical procedures for critical conditions. Also, increasing preference for minimally invasive surgery has fostered the demand for robotic systems. Recently introduced surgical robots enable surgeons to have unprecedented control in minimally invasive surgeries and minimize surgical errors that enhance segment growth.
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Based on the application of surgical robots, these robots are primarily used in neurosurgery, which significantly contributes to the surgical robots market. This is due to the growing cases of neurological dysfunction, stroke, and brain aneurysm worldwide. Utilizing robotic operating systems to enhance the accuracy, control, and agility of surgical procedures to provide patients with a higher quality of operating interventions will further spike the segment revenue.
The end-users of the surgical robots include hospitals and ambulatory surgery centers. Among which the hospital segment held a significant share in the surgical robots market. The major share is attributed to the rising number of surgical procedures globally. An increase in chronic diseases and trauma cases has elevated the demand for surgical robots in hospitals that offer surgeries for chronic diseases. Also, reimbursement for surgical procedures has surged the patient inflow in hospitals, thereby augmenting the segment size.
As in geography, the North American region has acquired a substantial share in the surgical robots market. The substantial share is ascribed to the high adoption of advanced surgical treatments and the increasing incidence of cardiovascular diseases, cancer, gynecological problems, and other diseases.
Technological advancements in surgical robots have positively impacted the global surgical robots market growth over a forecasted period. Companies introduced surgical robots which provide distinguishable performance during the surgeries by minimizing complexities. Recently introduced robots allow doctors and surgeons to perform complicated procedures with great flexibility and accuracy. Surgical robotic arms facilitate exceptional control over operations which drives its adoption among doctors.
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This report provides the profiles of the leading vendors of the surgical robots market - Smith & Nephew, Mazor Robotics Ltd., Auris Health Inc., SRI International Inc., Corindus Vascular Robotics, Maxar Technologies Limited, Medrobotics Corporation, Stryker Corporation, Accuray Incorporated, and Transenterix Inc.