Press release
Surgical Robots Market to Surge from USD 11.1 Billion to USD 23.7 Bn by 2029
Asia Pacific market is expected to be worth USD 3.7 billion by 2029, growing at CAGR of 17.4% during the forecast period.
The global surgical robots market [https://www.marketsandmarkets.com/Market-Reports/surgical-robots-market-256618532.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=surgicalrobotsmarket] is anticipated to grow from USD 11.1 billion in 2024 to USD 23.7 billion by 2029, at a compound annual growth rate (CAGR) of 16.5%. Surgical robots enhance surgical precision, control, and flexibility, consisting of robotic arms, specialty tools, a camera system, and a control console. Factors driving market growth include the increasing adoption of minimally invasive procedures, technological advancements, and the need for precise surgical outcomes. However, high costs associated with advanced technology, maintenance, and training are significant barriers. Opportunities lie in the growing use of surgical robots in Ambulatory Surgical Centers (ASCs) due to their benefits in reducing recovery times and healthcare costs. Challenges include the potential for surgical errors due to technical issues or operator mistakes. Key market players include Intuitive Surgical, Medtronic, and Stryker. North America leads the market due to its advanced healthcare infrastructure and high investment in medical technology. The market is segmented by offering, application, end user, and region, with instruments & accessories, general surgery, and hospitals & clinics being prominent segments.
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Market Segmentation by Offering
The surgical robots market is categorized into instruments & accessories, robotic systems, and services. In 2023, the instruments and accessories segment is projected to dominate the market. These components are essential for enhancing the functionality, precision, and flexibility of robotic surgical systems. They include specialized tools like forceps, scissors, and suturing devices, which are crucial for various minimally invasive procedures. The demand for these instruments is driven by their continuous need for replacement and upgrades due to wear and tear and advancements in technology.
Market Segmentation by Application
The surgical robots market is segmented into general surgery, gynecological surgery, orthopedic surgery, urological surgery, neurosurgery, microsurgery, otological surgery, and others. General surgery is expected to hold the largest share in 2023 due to its broad application and the adaptability of robotic systems in various procedures. Robotic systems, such as the da Vinci Surgical System, provide enhanced precision, control, and visibility, contributing to improved patient outcomes and faster recovery, thus sustaining the demand for robotic systems in general surgery.
Market Segmentation by End User
Hospitals and clinics are anticipated to be the largest end users of surgical robots in 2023. These facilities are major adopters due to their need for advanced surgical technologies that improve precision, expedite patient recovery, and reduce risks associated with complex procedures. Hospitals and clinics have invested heavily in robotic systems to leverage their benefits and cost-effectiveness, driven by their existing infrastructure, skilled staff, and financial resources.
Regional Insights
In 2023, North America is expected to lead the surgical robots market in both market share and CAGR. The region's dominance is attributed to its well-established healthcare infrastructure, high acceptance of cutting-edge technology, and substantial investment in healthcare innovation. Major medical device companies involved in the development and commercialization of surgical robots are based in North America, and the region's favorable reimbursement policies and robust regulatory environment further support its market leadership.
Key Market Players
Key players in the surgical robots market include Intuitive Surgical (US), Stryker (US), Medtronic (Ireland), Smith+Nephew (UK), Zimmer Biomet (US), Asensus Surgical (US), Siemens Healthineers (Germany), CMR Surgical (UK), Johnson & Johnson (US), Renishaw Plc (UK), Avateramedical GmbH (Germany), Brainlab AG (Germany), Think Surgical (US), Medicaroid Corporation (Japan), Globus Medical, Inc. (US), Corin Group (UK), Ecential Robotics (France), Titan Medical, Inc. (Canada), TINAVI Medical (China), Monteris (US), Microsure (Netherlands), Medical Microinstruments (US), Momentis Innovative Surgery (Israel), Distalmotion (Switzerland), and Novus Arge (Turkey). These companies are expanding their market presence through strategies such as product launches, acquisitions, collaborations, agreements, and market expansion.
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