“The surgical robots market is projected to grow at a CAGR of 10.4% during the forecast period.”
The global surgical robots market is projected to reach 6.5 billion by 2023 from USD 3.9 billion in 2018 at a CAGR of 10.4%. Growth in the surgical robots market can be attributed to factors such as technological advancements, increased funding from the government for surgical robots’ research and development, growing application areas to varied surgical specialties, and rise in the adoption of surgical robots by hospitals and ambulatory surgical centers. However, high cost of instruments, and shortage of trained professionals may prove to be restraints for the market.
“The instruments & accessories segment is expected to hold the largest market share during the forecast period.”
On the basis of component, the surgical robots market has been segmented into systems, instruments & accessories and services. The instruments & accessories segment is expected to hold the largest market share during the forecast period. The recurring demand for instruments & accessories owing to their disposable nature are driving growth in this market segment. Moreover, the increasing adoption of surgical robots on account of the various advantages that these systems offer is further fueling market growth.
“The general surgery segment is expected to grow at the highest rate during the forecast period.”
On the basis of applications, the surgical robots market is segmented into gynecological surgery, urological surgery, neurosurgery, orthopedic surgery, general surgery, and other applications. The general surgery segment is expected to grow at the highest rate during the forecast period. The large share and high growth of this segment can be attributed to factors such as high growth and increased use of surgical robots in general procedures.
“Adoption of surgical robots in the Asia Pacific region is expected to offer growth opportunities in the region.”
Geographically, the surgical robots market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest rate during the forecast period. The high growth in this region can be attributed to increasing installed base of surgical robots and collaborations of the government with regional universities for extensive R&D and government efforts towards catering advanced healthcare services.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-level – 35%, Director-level – 25%, and Others – 40%
- By Region: North America - 20%, Europe – 25%, APAC – 40%, and RoW – 15%
The major players in the market include Intuitive Surgical (US), Stryker (US), Mazor Robotics (US), Smith & Nephew (UK), Hansen Medical (US), Medrobotics (US), TransEnterix (US), Medtech (France), Renishaw (UK), and THINK Surgical (US).
This report studies the surgical robots market based on component, application, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report
This report focuses on various levels of analysis?industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the surgical robots market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.