Surgical Robotics Market Growth Study by Component [Systems, Accessories and Services], by Surgery Type [Gynecology Surgery, Urology Surgery, Neurosurgery, Orthopedic Surgery, General Surgery and Other Surgeries]

Robotic surgery is a type of minimally invasive surgery which utilizes robotics for performing surgical procedures. These robotic systems are operated by surgeons and consists of miniaturized surgical instruments which are mounted on robotic arms, thus allowing surgeons to perform the surgeries precisely. The global surgical robotics market was valued at $56,294.9 million in 2017, and is expected to reach $98,737.0 million by 2024 at a CAGR of 8.5% during the forecast period.

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The key factors driving the growth of surgical robotics market is the increasing need for automation in the healthcare industry and the shifting trend towards advanced robotic surgeries. However, the high cost associated with surgical robotic surgeries & robotic systems will hamper the market growth. Additionally dearth of trained healthcare professionals impede the growth of surgical robotics market. Moreover, untapped economies such as Brazil, India, China and other developing economies will create lucrative opportunities in the surgical robotics market.

The global surgical robotics market is segmented on the basis of component, surgery type and region. On the basis of component, the market is segmented into systems, accessories and services. Based on surgery type the market is segmented into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery and other surgeries. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global surgical robotics market based on component is bifurcated into systems, accessories and services. Accessories dominated the global surgical robotics market in terms of revenue owing to the wide usage of accessories per surgical procedure. The accessories are replaced after each surgical procedure, thus contributing to the market revenue. Additionally, services is expected to be the fastest growing segment owing to the rise in robot assisted surgeries globally. This is due to the increase in geriatric population and chronic diseases such as diabetes, musculoskeletal, cardiac, cancer and other diseases.

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Key players profiled in this report included

Smith & Nephew Plc. (Blue Belt Technologies, Inc.),
Auris Surgical Robotics Inc. (Hansen Medical Inc.),
Intuitive Surgical, Inc.,
KUKA AG,
Stryker Corporation (MAKO Surgical Corp.),
Mazor Robotics, Renishaw plc.,
Medtronic,
THINK Surgical, Inc., and Zimmer Biomet Holdings Inc.
Other players operating in the value chain are Transenterix, Verb Surgical, Titan Medical, Microbot Medical, Accuray and Medrobotics.

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North America dominated the surgical robotics market. The market growth in North America is primarily a reflection of product innovations and launches resulting from technological advancements. The companies mostly adopted product launch, acquisition, and expansion as their key strategies to keep pace with the changing demands of consumers and strengthen their market position.

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