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The Cutting Edge: Evolution of Surgical Robots in Modern Medicine
According to The Business Research Company's, The surgical robots market size has grown rapidly in recent years. It will grow from $8.14 billion in 2023 to $9.71 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to increasing prevalence of chronic diseases, growing aging population, high precision and accuracy requirements, increased healthcare spending, surge in robotic-assisted procedures.
The surgical robots market size is expected to see rapidly grown in the next few years. It will grow to $20.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to expansion of indications for robotic surgery, increasing adoption in emerging markets, demand for remote surgery solutions, customization and personalization trends, regulatory approvals and standards. Major trends in the forecast period include ai integration for surgical precision, rise of miniaturized surgical robots, telesurgery and remote surgical capabilities, increased use of robotics in non-invasive surgeries, haptic feedback technology.
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Market Drivers and Trends:
The increasing elderly and surgical patient populations are expected to propel the growth of the surgical robot market going forward. The growing elderly and surgical patient populations substantially impact the use and development of surgical robots. Minimally invasive procedures performed by surgery robots are used to reduce patient trauma, shorten recovery times, and cut complication rates. These benefits are critical for aged people to lower mortality and morbidity rates. For instance, according to October 2021 published factsheet by World Health Organization, a Switzerland-based governing body, there will be 1.4 billion individuals over the age of 60 in the world by 2030. Further, according to the American Joint Replacement Registry's 2022 Annual Report, released on November 2022, hip and knee arthroplasty cases in the US reached around 2.8 million in 2022, an increase of 14% from 2021. Therefore, increasing elderly and surgical patient populations drive the surgical robot market.
Technological advancements are a key trend gaining popularity in the surgical robot market. Major companies in the surgical robot sector are focused on developing new technologies to improve patient outcomes and strengthen their market position. For instance, in November 2021, Smith+Nephew, a UK-based medical equipment manufacturing company, Launched CORI handheld robotics, a turn-key robotic-assisted surgical system for total and partial knee arthroplasties. It is designed with a 3-D intra-operative imaging system and robotic sculpting tool that allows surgeons to measure, plan, and perform knee surgery. The system is a compact and fully mobile solution with minimal set-up time and can be moved from theatre to theatre to optimize the flow of patients through surgical units.
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Major Key Players of the Market:
Stryker Corporation; Medrobotics Corporation; Smith & Nephew plc; TransEnterix Inc.; Renishaw plc; Intuitive Surgical Inc.; Medtronic plc; THINK Surgical Inc.; Zimmer Biomet Holdings Inc.; Johnson & Johnson; Titan Medical Inc.; Mazor Robotics Ltd.; KUKA Aktiengesellschaft; Avatera Medical GmbH; Corindus Vascular Robotics Inc.; MicroSure (Pty) Ltd; Asensus Surgical Inc.; Siemens Healthcare GmbH; CMR Surgical Ltd.; Auris Health Inc.; Verb Surgical Inc.; OMNIlife Science Inc.; Vicarious Surgical Inc.; Microbot Medical Inc.; Virtual Incision Corporation; Memic Innovative Surgery Ltd.; XACT Robotics Ltd.; EndoMaster Pte. Ltd.; MST Medical Surgery Technologies Ltd.; Medtech SA
Surgical Robots Market 2024 Key Insights:
• The surgical robots market size will grow to $20.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%.
• Surge In Elderly And Surgical Patient Populations Fuels Growth Of Surgical Robot Market
• Technological Advancements Drive Innovation In The Surgical Robot Market
• North America was the largest region in the surgical robots market in 2023
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