Surgical Robots Market Size, Share Expected to Expand at a High CAGR By End of 2030

New York , United States- Report Ocean presents a new report on Surgical Robots Market size, share, growth, industry trends, and forecast 2030, covering various industry elements and growth trends helpful for predicting the market's future.

The global surgical robots market size was valued at USD 2.7 billion in 2021 and is expected to reach US$ 16.1 billion by 2030. The market would grow at a compound annual growth rate (CAGR) of 21.3% during the forecast period from 2022-2030.

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In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Surgical Robots Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.

The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.

This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market's future growth.

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Factors Influencing

Technological advancements in the medical industry are the primary factor driving the growth of the global surgical robots market.

Increasing healthcare expenditure, growing investment for research and development are propelling the growth of the global surgical robots market. Mazor Robotics expanded its portfolio by introducing Mazor X in 2016.

The increasing prevalence of neurological and orthopedic disorders is forecast to fuel the market growth. Moreover, the rising rate of the geriatric population is forecast to offer favorable growth opportunities for the market players in the surgical robots market.

Due to the benefits of robotic surgery, such as enhanced visual field and reach to inaccessible places, healthcare bodies are adopting robotic surgery methods. Patients also prefer these methods because of advantages like shorter hospital stays, assurance, and lesser pain. Therefore, the demand for surgical robots is forecast to increase in the coming years. Robotic surgery reduces the risk of post-surgery infection by creating a smaller incision than the conventional surgery methods. Thus, the demand for surgical robots would increase during the study time frame.

The high cost associated with the surgical robots may hamper the global surgical robots market in the coming years.

Geographic Analysis

Regionally, North America holds the largest share in the global surgical robots market and is forecast to remain dominant during the forecast years. The growth of the region is predicted due to the early adoption of advanced technologies, increasing technological advancements, and the existence of some prominent players like Stryker Corporation, Accuray Incorporated. Moreover, the growth of automation, mainly in the United States, is forecast to fuel the market growth.

Asia-Pacific is forecast to register a significant growth rate by the end of the forecast period. After the United States and Europe, the Asia Pacific surgical robots market would record the highest CAGR, mainly due to the developing infrastructure, growing investment in the healthcare sector, and the presence of a large number of private healthcare providers.

COVID-19 Impact Analysis

The global surgical robots market witnessed a significant decline mainly because of the COVID-19 pandemic. The priority of the healthcare sector shifted towards treating the COVID-19 affected patients. As a result, various surgeries were postponed during the initial phase of the pandemic. However, the market would grow at the same pace because the development of the healthcare sector has become mandatory after the COVID-19 epidemic. Governments of various countries are investing in the growth of the healthcare sector. Thus, it would offer lucrative opportunities to the market players in the global surgical robots market.

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Competitors in The Market

Stryker Corporation

Mazor Robotics Inc., (Acquired by Medtronic plc)

Medtech SA (Acquired by Zimmer Biomet)

Accuray Incorporated

Smith & Nephew Plc

Renishaw Plc

Auris Health, Inc. (Acquired by Johnson & Johnson)

Medrobotics Corporation

Varian Medical Systems

Stereotaxis, Inc.

Titan Medical Inc.

Think Surgical Inc.

TransEnterix, Inc.

Other prominent players

Market Segmentation

Insight by Component

Robotic Systems

Instruments

Accessories

Services

Insight by Application

General Surgery

Gynecological Surgery

Orthopedic Surgery

Cardiology

Neurology

Others

Insight by End-User

Hospitals

Ambulatory Surgical Centers

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Insight by Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

What are the aspects of this report that relate to regional analysis?

The report's geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.

Reports on the market include the growth rates of each region, which includes their countries, over the coming years.

How are the key players in the market assessed?

This report provides a comprehensive analysis of leading competitors in the market.

The report includes information about the key vendors in the market.

The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.

The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.

A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.

What is the key information extracted from the report?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter's Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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