Surgical Robot Market to grow up to USD 15.2 billion by 2031, at a CAGR of 10.1% during the forecast period

New York, The Global Surgical Robot Market was valued at USD 5.6 billion in 2021 and it is anticipated to grow up to USD 15.2 billion by 2031, at a CAGR of 10.1% during the forecast period.

Global Surgical Robot Market report from Global Insight Services is the single authoritative source of intelligence on Surgical Robot Market . The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Surgical robots are essential to hospitals and ambulatory surgical centers as it helps doctors or healthcare professionals to perform complex procedures with more precision as compared with conventional or traditional techniques.

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Market Trends and Drivers
Advantages of robotic-assisted surgery will fuels the market growth. Globally, the demand for minimally invasive surgeries (MIS) is on the rise mainly due to the advantages associated with these procedures, such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, faster recovery periods, and considerable cost savings. Robotic minimally invasive surgery adds to these advantages by ensuring greater accuracy, repeatability, control, and efficiency Furthermore, by 2030, non-communicable diseases (NCDs) are projected to account for more than one-half of the disease burden in low-income countries and more than three-fourths in middle-income countries.

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Global Surgical Robots Market Segmental Overview
The report analyses the global surgical robots market based on component, application, end-use and region.

Global Surgical Robots Market by Component

Based on component, it is segmented into the robot system and instruments and accessories. The instruments & accessories segment is expected to register significant CAGR through 2022 to 2030. This is attributed to the adoption of new instruments and accessories with advanced technology. For instance, Intuitive Surgical has introduced da Vinci surgical system with interactive robotic arms and Endowrist instruments utilized during surgery. The firm introduced various instruments such as robotic scissors and bipolar dissector, robotic needle holder, robotic atraumatic grasper and robotic clip applicator among others. Hence, with advanced technologies the demand of new accessories & instruments surges thereby, propelling the overall market outlook over the forecast period.

Global Surgical Robots Market by Application

Based on application, it is segmented into gynecology surgery, orthopedic surgery, general surgery, neurosurgery, urologic surgery and others. Among them, the orthopedic surgery segment accounted for around USD 735 million market size in 2021. The high segmental growth is attributed to increasing adoption of new procedures for knee reconstruction and total knee surgery. Robotic surgeries have been specifically used in numerous orthopedic sub-specialties including total joint arthroplasty, shoulder, hip, and knee. For instance, according to the Organization for Economic Cooperation and Development (OECD), the total knee replacement (TKR) surgeries in Germany increased to 184,688 in 2018. Therefore, rising number of orthopedic surgeries will accelerate the industry landscape. Similarly, major market players are focusing to launch new surgical robots in the market with efficient features and applications for better management as well as care of patients, thus proving beneficial for the overall market expansion..

Global Surgical Robots Market by End-use

Based on end-use, it is segmented into hospitals and ambulatory surgical centers. Hospital segment accounted for significant market size in 2021, owing to growing healthcare expenditures in various economies. Hospitals are equipped with advanced surgical robots to improve the quality of care and patient outcomes. Nowadays, doctors or surgeons at hospital settings prefer robot-assisted systems during different surgical procedures. For instance, according to a report published in JAMA network, it was found that the use of robot-assisted surgeries for general surgical procedures rose multifold from 1.8% in 2012 to 15.1% in 2018. Therefore, aforementioned factors will augment the market expansion during the analysis timeframe.

Geographical Analysis of Global Surgical Robots Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. High regional growth is attributed to rising number of various surgical procedures with advanced technology. For instance, according to the Canadian Institute for Health Information's (CIHI), Canadian Joint Replacement Registry (CJRR), in 2019-20, 63,496 hip replacements and 75,073 knee replacements were performed in Canada. This factor increases the demand of surgical robots in the market. Additionally, key industry players are focusing on developing effective and accurate surgical robots that will further accelerate the market expansion in North America.

Major Players in the Global Surgical Robots Market
The key players in the market are Stryker Corporation (US), Medtronic (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (Transenterix) (US), Corindus Vascular Robotics (US), Renishaw (UK), Auris Health (US), and Microsure (Netherlands) among others.

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