Press release
Microsurgery Robot Market is Projected to Reach a Value of US$ 2,373.8 Million at a CAGR of 7.3% by 2034
Microsurgery Robot Market
The growth of microsurgical robot market is fueled by the increasing need for minimally invasive surgical procedures and advantages of robotic surgeries in terms of precision, consistency, control, and efficacy. The growth of microsurgery robot market is hindered by the expensive nature of micro-surgical robots and poor reimbursement terms.
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Robot systems are economically favored by high-level robotics and mechatronics research and development. They have paved the way for the further development of such complex therapies, promoting microsurgery robot manufacturers to invest resources in research and development and contribute to medical science with robotic technology.
The demand for less invasive surgical interventions and increased healthcare professionals' awareness of the benefits drive market growth for microsurgery robot in North America. Europe is witnessing a significant increase in the microsurgery robot market due to a well-developed healthcare system and a strong research and development focus on medical technology. The high patient population in the region and greater emphasis on precision medicine drive the market opportunity for microsurgery robots in the Asia Pacific.
Key Takeaways
The urology segment in the product category to capture a share of 26.0% by 2034.
In the end user category, the hospital segment to gain a share of 65.8% by 2034.
The oncology segment in the product category to register a CAGR of 8.9% during 2024-2034.
In the end user category, the hospital segment to grow at a CAGR of 7.6% during 2024-2034.
In the component segment, the instrument segment to grow to share 83.8% in 2034.
The accessory segment in the component segment to grow at an 8.1% CAGR during the period 2024-2034.
United States microsurgery robot market is expected to grow at a CAGR of 4.3% between 2024 and 2034.
Canada microsurgery robot sales to grow at a CAGR of 3.7% between 2034.
Mexico microsurgery robot market is projected to grow at a CAGR of 2.7% during 2024-2034.
China's microsurgery robot market is projected to grow at a CAGR of 9.9% until 2034.
South Korea microsurgery robot market is projected to grow at a CAGR of 8.4% during 2024-2034.
Japan microsurgery robot sales are projected to grow at a CAGR of 7.7% until 2034.
"Increasing demand for less invasive procedures and advances in surgical technology are likely to drive the growth of the microsurgery robot market. Increased applications, reduced invasiveness, and enhanced accuracy, are the key drivers of microsurgery robot market growth." opines an analyst
Major Companies Covered in This Report
Intuitive Surgical
Stryker
Medtronic Plc.
Zimmer Biomet
Globus Medical, Inc.
Smith & Nephew plc
Corindus, Inc.
Renishaw plc
TransEnterix Surgical, Inc.
Competitive Landscape
Many microsurgery robot manufacturers hold major market shares, creating a globalized fragmented market. Major microsurgery robot suppliers are closely monitoring recent market trends to enhance their opportunities for expansion.
Latest Developments
SS Innovations' acquisition of Avra Medical Robotics, an American entity, in November 2022 was meant to propagate its surgical robot devices worldwide.
Accelus is a medical technology firm that is privately owned and specializes in establishing minimally invasive surgery (MIS) as the standard of care for a medical condition. In November 2022, the United States FDA approved a revision of its Remi Robotic Navigation System software, which enables surgeons to use robotic assistance in placing pedicle screws while performing lumbar spine fixation.
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Country-wise Insights
By 2034, the market for microsurgery robots in North America will increase at an annual growth rate of 4.3%. The primary reason for the rise is the increasing need for microsurgery robots in developed countries, specifically the United States and Canada. In 2034, the United States will dominate the market share for microsurgery robots at 90.7%, which will be leading the world.
East Asian microsurgery robot market projected to record a CAGR of 8.7% until 2034. By 2034, China is set to achieve a market share of 44.1% in East Asia for microsurgery robots and be the largest player.
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