Surgical Robots Industry Overview
The global surgical robots market size was valued at USD 4.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 18.0% from 2023 to 2030. The shortage of physicians and surgeons all over the globe and the increasing adoption of automated instruments used for surgery are the major factors driving the market. The increasing investments by the regional and international players in the introduction of new and technologically advanced surgical robots are also positively impacting the market growth.
Furthermore, the growing prevalence of bone degenerative diseases and the rising number of hip and knee replacement surgeries due to the increasing cases of arthritis and osteoporosis are the major factors anticipated to fuel the market growth. For instance, according to the Agency for Healthcare Research and Quality report, over 4,50,000 hip replacement surgeries are performed each year in the U.S. In addition, as per the Australian Institute of Health and Welfare (AIHW) statistics, the total knee replacement rate for osteoarthritis has been increased by about 38% from 2005-2006 to 2017-2018.
Gather more insights about the market drivers, restraints and growth of the Global Surgical Robots market
In addition, increasing regulatory approvals for the robots used in surgery is one of the prominent factors aiding the market growth. For example, in 2019, Intuitive Surgical Inc’s Ion robotic surgical system received 510(k) FDA clearance. Moreover, the growing adoption of assisted surgeries like hysterectomies, the increasing number of robotic systems for surgical interventions, and constant investments and R&D activities with respect to automated robotic systems by the manufacturers are the key factors supporting the market growth.
Furthermore, several industrial strategic initiatives by top international players are anticipated to accelerate the market growth over the years. For instance, in 2019, Ethicon, a subsidiary of Johnson & Johnson, acquired Auris Health, which is a developer of a robotic technology platform. This acquisition is aimed at supporting the expansion of Ethion’s digital surgery portfolio to combat lung cancer. In addition, Stryker corporation, in 2019, acquired OrthoSpace, Ltd., which has helped in increasing the company’s surgical equipment portfolio. Therefore, such industrial initiatives are expected to propel the adoption of robots and the growth of the market.
The technological advancements in the field of automated medical instruments such as the combination of cameras, high-definition 3D imaging, computing technology, sensors, remote navigation technology systems, robotic controlled catheters, and other accessories utilized for medical surgeries are also increasing the adoption of automated instruments, which is further anticipated to drive the market over the forecast years.
Moreover, complications associated with automated robotic surgery such as possible inadvertent cuts, loss of a large amount of blood, tears, burns, punctures, or other injuries to organs, and the high cost of the instruments may hamper the adoption of the instruments. However, advancements in technology and betterments in robotic equipment would help in reducing the errors and can lead to better outcomes and accelerate the market growth over the forecast period.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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Surgical Robots Market Segmentation
Grand View Research has segmented the global surgical robots market based on application and region:
Surgical Robots Application Outlook (Revenue, USD Million, 2016 - 2030)
- Orthopedics
- Neurology
- Urology
- Gynecology
- Others
Surgical Robots Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights:
February 2021: Medtronic acquired Digital Surgery, which is a privately-owned surgical AI company specializing in digital education, data analytics, and training. Through the acquisition, Medtronic aims at strengthening its robot-assisted surgical platform and broadening its robotic system portfolio with the addition of a new robot named Hugo.
Key Companies profiled:
Some prominent players in the global Surgical Robots market include:
- Stryker Corporation
- Medrobotics
- Smith & Nephew
- TransEnterix Surgical, Inc.
- Renishaw plc.
- Intuitive Surgical
- Medtronic
- THINK Surgical, Inc.
- Zimmer Biomet
Order a free sample PDF of the Surgical Robots Market Intelligence Study, published by Grand View Research.
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