The technological advancements in surgical robots, the increasing adoption of surgical robots, the various advantages of robotic-assisted surgery, and the increase in funding for medical robot research are the key drivers of the surgical robots market. Increasing penetration of surgical robots in ASCs and emerging markets are also supporting the growth of this market.
The Surgical Robots Market is expected to reach USD 11.8 billion by 2025 from USD 6.7 billion in 2020, at a CAGR of 12.1%.
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Market Segmentation: -
The surgical robots market is segmented based on product & service into robotic systems, instruments & accessories, and services. The instruments & accessories segment is expected to command the largest share of the market in 2020 and is estimated to grow at the highest CAGR during the forecast period. The recurrent purchase of instruments & accessories as opposed to robotic systems, which are a one-time investment, is the major factor driving the growth of this product segment.
The market is segmented into general surgery, urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and other applications based on applications. The general surgery applications segment is estimated to command the largest share of the market in 2020, and this segment is also projected to register the highest CAGR owing to increased use of surgical robots in general procedures such as bariatric surgery, Heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy.
Market Drivers: -
1 Advantages of Robotic-Assisted Surgery
2 Technological Advancements
3 Increasing Adoption of Surgical Robots
4 Increase in Funding for Medical Robot Research
Regional Analysis: -
North America is expected to dominate the global surgical robots market in 2020, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing demand from key markets such as Japan and China and the large patient population in India. Due to this, the availability of robots has also grown in this region.
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Top key Players: -
The major players operating in the surgical robots market include Intuitive Surgical (US), Stryker (US), and Medtronic (Ireland).