Surgical Robots Market to Reach more than US$ 25 Bn by 2031

Global Surgical Robots Market Outlook 2031

• The global surgical robots market was valued at US$ 6.3 Bn in 2021

• The global market is projected to grow at a CAGR of 14.5% from 2022 to 2031

• The global surgical robots market is anticipated to reach more than US$ 25 Bn by 2031

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Overview of Surgical Robots Market

The global surgical robots market is driven by rapid advances in robotic technologies and increase in demand for minimally invasive surgeries.

The global surgical robots market is expected to grow at a rapid pace during the forecast period due to the surge in adoption of robotic surgeries during the COVID-19 pandemic, as patients are becoming more receptive to innovative care.

Rise in integration of robotic surgery to assist surgeons is also boosting the market. According to the JAMA Network Open, a study conducted on 169,404 patients from 73 hospitals indicated that the usage of robotic surgery for all general surgery procedures increased from 1.8% in 2012 to 15.1% in 2018.

Technical Advancements to Drive Demand for Surgical Robots

Increase in adoption of medical robotic systems can be ascribed to the blend of technological improvements such as usage of more efficient motors, compact and light materials, power backup, sophisticated controls & safety mechanisms, and cost-effectiveness. Other technological advances in medical robotics include incorporation of magnetic resonance imaging and 3D ultrasound to facilitate real-time imaging for efficient procedure planning and easy future reference. In January 2019, TransEnterix received the FDA approval for Senhance Ultrasonic System, which is an advanced energy device that couples with Senhance robotic surgery platform.

In August 2017, Globus Medical, Inc. received the FDA clearance for the Excelsius GPS system, which was acquired from Excelsius Surgical LLC in 2014. Intuitive Surgical received the U.S. FDA and CE mark approval for da Vinci X systems in the U.S. and Europe in May 2017 and April 2017, respectively.

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Increase in Funding for R&D on Surgical Robots Propelling Global Market

Rise in focus on development of technically advanced robotic systems has led to an increase in funding by public and private entities.

This is propelling the global market. In June 2021, CMR Surgical, a private company developing next-generation robotic system for universal minimal access surgery, raised US$ 600 Mn in Series D financing. These funds would be used for the global commercialization of its surgical robotic system 'Versius.' CMR Surgical works with hospitals and surgeons to offer an ideal tool to make robotic keyhole surgery universally accessible and affordable. Additionally, the company closed Series A funding round, raising US$ 26 Mn from investors Cambridge Innovation Capital, LGT Global Invest, Escala Capital, and ABB Technology Ventures, and new investor Watrium. The company had raised an initial US$ 20 Mn first tranche in July 2016.

Growth in Adoption of Robotic Systems to Boost Surgical Robots Market

In terms of component, the global surgical robots market has been classified into robotic systems, accessories & consumables, and services. The robotic systems segment held more than 60% share of the global market in 2021. The segment is expected to dominate the market during the forecast period. It is likely to grow at a CAGR of 14.4% between 2022 and 2031. Usage of surgical robots to perform surgeries is in the introductory phase. Adoption of surgical robots for different types of procedures is anticipated to boost the demand for more sophisticated and technologically advanced robotic surgery devices.

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Rise in Demand for Surgical Robots in Less Invasive Gynecological Procedures to Augment Gynecological Surgery Segment

Based on application, the global surgical robots market has been classified into gynecological surgery, urological surgery, neurosurgery, orthopedic surgery, general surgery, and others. The gynecological surgery segment is projected to hold the dominant share of the global surgical robots market from 2022 to 2031. It is anticipated to grow at a fast-paced CAGR of 12.9% during the forecast period. Technological advancements in gynecological surgery enable surgeons to perform less invasive gynecological surgeries.

Increase in purchasing power of hospitals and other health care settings is also anticipated to propel the gynecological surgery segment during the forecast period. Rise in need for less invasive procedures with shorter recovery time is boosting the usage of surgical robots in gynecological surgeries.

Increase in Investments in Hospital Sector to Drive Global Surgical Robots Market

In terms of end-user, the global surgical robots market has been bifurcated into hospitals and ambulatory surgical centers. The hospitals segment dominated the global market, accounting for more than 65% share in 2021. The segment's large share can be ascribed to the rise in investments in the hospital sector, particularly in developing countries.

Regional Outlook of Surgical Robots Market

North America dominated the global surgical robots market, with more than 60% share in 2021.

Increase in installed capacity of surgical robots, led by a wide end-user base of hospitals and ambulatory surgical centers, is a key factor driving the surgical robots market in North America. The market in Asia Pacific is anticipated to grow at a faster CAGR of 15.9% during the forecast period. Increase in geriatric population is likely to boost the number of orthopedic, neurological, and urological disorder cases. In turn, this is projected to augment the number of robotic surgeries performed in the region.

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Analysis of Key Players in Surgical Robots Market

The global surgical robots market is highly consolidated, with the top two players accounting for major share in 2021. Intuitive Surgical and Stryker dominated the global market in 2021.

Intuitive Surgical held the leading share of the global market in 2021 due to its strong geographical penetration and robust surgical robot product portfolio. Stryker was the second leading player of the global surgical robots market in 2021, owing to its acquisition of MAKO Surgical Corp., a developer of advanced robotic arm assisted surgery in orthopedics, for US$ 30.00 per share, with an aggregate purchase price of US$ 1.65 Bn.

New product development, technological
advancements, and mergers & acquisitions are the key strategies adopted by leading players. Medtronic plc, Zimmer Biomet Holdings, Inc., Globus Medical, Inc., Auris Health, Asensus Surgical, Smith & Nephew, Think Surgical, OMNIlife Science (Corin Group), Corindus Vascular Robotics, Microsure, Medrobotics Corporation, Titan Medical, Verb Surgical, avateramedical GmbH, TINAVI Medical, and Renishaw are the prominent players operating in the global market.

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