The surgical robots market is set to exhibit tremendous growth by 2030 on account of technological advancements in the field of robotics. In addition, increasing healthcare expenditure in developing countries is likely to further foster market outlook through the forecast period.
Recently, AI-based robots have found extensive usage in the healthcare industry. In certain cases, robots have performed better than their human counterparts in symptom analysis, drug discovery, diagnosis, and screening.
AI-based surgical training procedures have also gained popularity in order to accelerate the learning process. For instance, in November 2021, the Royal College of Surgeons of Edinburgh announced the establishment of a new robotic training hub in Nicolson Street, Edinburgh, to train around 120 surgeons annually on the Da Vinci robots, a cutting-edge system designed for robotic-assisted surgeries.
Notably, industry participants have been implementing profitable strategies to tap into emerging trends in the sector, which has contributed to the expansion of the surgical robots market. To cite an instance, in May 2022, the University of Waterloo in Canada introduced a robotic soft sleeve that can treat lymphatic obstruction or lymphedema. The sleeve applies pressure on the patient’s arm to lessen fluid accumulation with the help of soft robotic components and a microfluidic controller.
The surgical robots market has been bifurcated on the basis of application, end-user, component, and region.
Based on component, the market has been divided into robot systems and instruments & accessories. The instruments & accessories sub-segment recorded a valuation of more than USD 3.6 billion in 2021 and is anticipated to showcase robust expansion owing to soaring number of surgical procedures performed across the globe.
In terms of application, the surgical robots market has been bifurcated into general surgery, gynecology surgery, neurosurgery, urologic surgery, orthopedic surgery, and others. Owing to mounting adoption of surgical robots in gynecological surgeries, the gynecology surgery sub-segment held more than 18% market share in 2021 and is slated to observe strong growth by 2028.
With regards to end-user, the market has been split into ambulatory surgical centers and hospitals. With hospitals increasingly relying on advanced surgical robots to improve the quality of care and ensure better outcomes for patients, the hospitals sub-segment garnered revenue of about USD 3.7 billion in 2021.
In the regional landscape, the Latin America surgical robots market is set to witness massive expansion at more than 16.8% CAGR between 2022 and 2030. Notable technological advancements in surgical robots, coupled with rising burden of chronic conditions, are expected to fuel market growth in LATAM in the forthcoming years.