Global Surgical Robots Market by Application (Urology, Neurology, Gynecology, Orthopedics) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global surgical robots market was valued at USD2.3 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 21.6%) between 2021 and 2028. This market is experiencing a rapid growth due to the acceptance and growing adoption of Minimally Invasive Surgeries. The market is also seeing an increase in international players. Market growth is expected to be driven by the increasing number of hip and knee replacements due to high levels of osteoporosis, bone-degenerative disease, arthritis, and other related injuries.

The Agency for Healthcare Research and Quality reports that more than 450,000 total hip replacements are performed annually in the United States. According to statistics from the Australian Institute of Health and Welfare, the rate of total knee replacements for Osteoarthritis rose by 38% between 2005-06 and 2017-18. The market is expected to grow during the forecast period due to an increase in the number of surgeries. Due to quarantine orders or government-imposed stay at-home, the COVID-19 pandemic negatively affected the market and decreased surgical procedures.

Intuitive Surgical, Inc. reported a 3% decrease in revenue for 2020 compared with 2019, and a 19.0% decline in volume in the second quarter 2020. These factors contributed to a decrease in global market growth during the COVID-19 epidemic. Due to prioritization of COVID-19 treatments, the emergence of COVID-19 strains and recommended deferrals for elective medical procedures are expected to reduce market demand.

The growth is also being supported by the increasing number of FDA approvals for companies. Intuitive Surgical, Inc.'s robotic surgical system, Ion, was granted 510(k), clearance by the FDA in 2019. The market is also supported by the increasing adoption of robotic-assisted surgery, increased use of robotic systems for surgical intervention, and ongoing technological R&D. The market is also being driven by strategic initiatives from established international players.

Johnson & Johnson's Ethicon subsidiary acquired Auris Health in 2019 as a developer and operator of a robotic platform. This acquisition will support the company’s commitment to fight lung cancer and help expand its digital surgery portfolio across multiple specialties. OrthoSpace, Ltd. was acquired by Stryker Corp. in 2019. This acquisition strengthened Stryker Corp.'s surgical portfolio. These initiatives will likely increase product visibility and adoption, which should lead to increased market growth over the forecast period.

Recent technological advances in 3D imaging, data recorders, data analytic systems, microscopic camera with high definition, remote navigation system systems, motion sensors and other accessories used for surgery have led to a paradigm shift in surgical robots. These technological advances are useful in developing new applications for existing platforms as well as creating disruptive technologies that could be used to drive the market.

Robotic surgery systems are touted as safer than traditional surgeries. However, there are many risks associated with them, including human and mechanical errors. There are many components in these systems and they could fail, causing more problems. However, technological advances and improvements in systems can help to reduce errors and increase market growth over the forecast period.

Application Insights

The market can be divided into three segments based on application: neurology, gynecology and orthopedics. In 2020, the revenue share for others was more than 36%. Other applications include oncology and laparoscopy. The main factors behind the segment's growth are an increasing demand for minimally invasive surgery and the growing use of surgical robots in the treatment of cancer.

The fastest expected CAGR for the neurology segment will be recorded during the forecast period. Neurosurgery procedures have remarkable capabilities that deliver excellent results and lessen the limitations of traditional methods. This is why robots are becoming more popular in this field.

The segment will be driven by the increasing use of products to treat patients with brain tumors and other conditions. This is due to technological advances in robotic brain surgery. According to RIA, a remote brain surgery was performed in 2019 using 5G technology and robotics assistance. These cases are a sign of the potential growth in robotics in neurosurgery.

Regional Insights

North America was the dominant market in the global market, with a revenue share exceeding 52% in 2020. It will continue to hold the top spot and grow at a steady CAGR for the forecast period. International players are key drivers of the market, with a wide range of products that have been cleared by FDA, as well as ongoing advancements in robotics and the need for minimally invasive surgery to shorten the recovery period.

Asia Pacific is expected to be the fastest growing region market over the forecast period. Market growth will be fueled by improvements in instruments' development. This is likely to allow surgeons to work more efficiently. Market growth is also expected to be boosted by the increasing adoption of robotic technology in the region and the growing awareness about robotic surgery and its benefits.

Market Share Insights & Key Companies

Due to technological advances and the rising demand for minimally invasive procedures, there is a lot of competition among existing players. In the future, new companies will likely be encouraged by the rising product demand. This is due to increasing awareness and acceptance of robotic surgery. Strategic mergers and acquisitions of companies are expected to increase competition and drive market growth.

Medtronic, for instance, acquired Digital Surgery in February 2020. This private-owned AI company specialized in surgical procedures. The company was a leader in data analytics, training, and digital education. Medtronic was able to strengthen its robotic-assisted platform for surgery with this acquisition. The company also expanded their portfolio by adding Hugo, a new robotic system. These are some of the major players in the global market for surgical robots:

• Medrobotics Corp.

• Smith and Nephew

• Transenterix, Inc.

• Intuitive Surgery

• Renishaw, plc

• Medtronic

• Stryker Corp.

• Zimmer Biomet

• Think Surgical, Inc.

Up Market Research published a new report titled “Surgical Robots Market research report which is segmented by Application (Urology, Neurology, Gynecology, Orthopedics), By Players/Companies Intuitive Surgical; Stryker Corporation; Medtronic; Smith & Nephew and others”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Surgical Robots Market Report Segments:

The market is segmented by Application (Urology, Neurology, Gynecology, Orthopedics).

Surgical Robots Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Surgical Robots Market

Overview of the regional outlook of the Surgical Robots Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Surgical Robots Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Surgical Robots Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Urology

                2. Neurology

                3. Gynecology

                4. Orthopedics

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Surgical Robots Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Surgical Robots Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.