Surgical Robots Market to Hit USD 69.23 Billion By 2030 Because of The Increasing Increasing Usage of Automated Surgical Equipment, says Growth Plus Reports.

Published March 6, 2023

According to a recent report by Growth Plus Reports, the global surgical robots market was valued at US$ 6.3 billion in 2021 and is expected to exceed US$ 26.69 billion by 2030, at a revenue CAGR of 17.40%. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenarios, wavering market trends, market size, statistics & estimations, and major investment pockets.

Key Takeaways:

  • The increasing demand for minimally invasive surgeries will drive market growth.
  • Rising investments for developing cutting-edge surgical robots will support market revenue growth.
  • North America dominates the global market with the largest revenue share.

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Market Drivers

An increase in the prevalence of bone degenerative disorders and the rising number of hip and knee replacement procedures, neurological ailments, and bladder related issues will drive the revenue growth of the surgical robots market. Furthermore, increasing demand for minimally invasive surgeries because of its benefits such as safety from surgical site infections, less blood loss and quick recovery time are expected to boost the market revenue growth rate. Apart from this, technological advancements and increasing investments by regional and international companies for developing cutting-edge surgical robots are expected to support the growth of the market.

Market Segmentation

Growth Plus Reports has analyzed the global surgical robots market from four perspectives: Applications, Methods, End-User, and Region.

Application Segmentation: Based on the application, the global surgical robots market is segmented into orthopedic surgery, urological surgery, neurosurgery, gynecological surgery, and general surgery. The orthopedic surgery segment dominates the market with the largest revenue share because of less post-operative discomfort against conventional treatments, enhanced safety from surgery, less blood loss, fewer scars with narrower edges.

Method Segmentation: Based on the method, the global surgical robots market is segmented into minimally invasive, and open surgeries. The minimally invasive segment dominates the market due to the decreases the risk of infection, lesser pain and quicker recovery time.

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Regional Growth Dynamics

Based on the region, the global surgical robots market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.

North America dominates the global surgical robots market with the largest revenue share of the market. The high adoption of technological advancements, presence of well-developed healthcare infrastructure, and high prevalence of chronic and infectious diseases are the major factors responsible for North Americas significant revenue share in the global market.

Competitive Landscape

The major players operating in the global surgical robots market are:

  • Intuitive Surgical Inc.
  • Smith & Nephew plc
  • Medtronic plc
  • Styker Corporation
  • Zimmer Biomet Holdings Inc.
  • TransEnterix Surgical Inc.
  • Titan Medical Inc.
  • TINAVI Medical Technologies Co. Ltd
  • Medrobotics Corporation
  • Siemens Healthineers AG

In recent years, the global surgical robot market has earned a competitive advantage. The major companies with a substantial market share are focusing on expanding their customer segments, market share, and profitibility by strategic joint ventures and mergers and acquisitions.

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Recent developments:

  • THINK Surgical, Inc., an innovator in orthopedic surgical robots, announced a development and distribution deal with Curexo, Inc., a medical robotics specialty firm located in South Korea, in August 2022.
  • Intuitive, a global technology innovator in minimally invasive care and the pioneer of robotic-assisted surgery, announced in June 2022 that the US Food and Drug Administration had cleared the integration of mobile cone-beam CT (CBCT) imaging technology and the Ion Endoluminal System used for robotic-assisted bronchoscopy.
  • CMR Surgical, a surgical robotics company, reported the successful completion of high-volume urological surgeries at the Sindh Institute of Urology and Transplantation (SIUT) in Pakistan utilizing the next-generation surgical robotic system, Versius in January 20222.
  • Vicarious Surgical, a surgical robotics business, and D8 Holdings Corp., a special-purpose acquisition company, have agreed to merge in September 2021. (SPAC). Vicarious objective is to develop robotic technologies that enhance patient outcomes, boost surgical efficiency, and reduce healthcare costs. Vicarious secured a private investment of US$ 115 million in public stock, increasing the companys value to US$ 1.1 billion.

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