The healthcare system is adopting advanced technologies, especially in the field of surgical medicine, to improve surgical workflow patterns and develop in-depth and accurate clinical outcomes. The use of a surgical robotic system offers a safer surgical procedure by making it more accurate and minimally invasive for patients. Advanced technologies such as surgical robotics have been developed to offer more precise and optimum surgical outcomes. Despite the availability of various techniques, the pull of technology into the marketplace is still fragmented and incomplete.
Surgical Robotics Market was valued at $8,705.3 million in 2022 and is anticipated to reach $18,410.9 million by 2032, witnessing a CAGR of 7.78% during the forecast period 2022-2032. The growth in the global surgical robotics market is expected to be driven by the rising preference for minimally invasive surgical procedures globally and increasing awareness among practitioners for simulation, training, and continuous medical education.
Market Lifecycle Stage
The surgical robotics market is in the developing phase. The increasing demand for minimally invasive surgeries, increasing demand for robotic-assisted surgeries, and increasing synergetic activities within the surgical robotics industry are some of the major opportunities in the global surgical robotics market. Furthermore, some of the key trends going on in the market are the technological advancements in the field of medical surgery, such as the incorporation of artificial intelligence (AI), the introduction of telerobotics, and the increasing application of microsurgery.
Market Overview
In the last two years, the global surgical robotics market has grown in numerous ways.
▪ Companies have undertaken new strategies for increasing market visibility and market share. For instance, in December 2022, Moon Surgical Inc. received FDA approval for its Maestro surgical robotic system
▪ The startup companies in the market have been flourishing. For instance, the market has also grown by utilizing acquisitions. In November 2021, Sudhir Srivastava Innovations Pvt. Ltd. company announced it had acquired a U.S.-based company Avra Medical Robotics, a Nasdaq-listed company in the U.S. The acquisition would aid the company in entering the global market and increase the innovations in its products.
Key Trends
The global surgical robotics market is influenced by various technological trends, such as increasing technological advancements in surgical robotics.
Opportunity Assessment
In the short term, i.e., during 2022-2027, the key trend anticipated to impact global surgical robotics include the growing adoption of robotic-assisted surgeries. In the long term, i.e., during 2027-2032, the key trend expected to disrupt the global surgical robotics market includes the integration of technology in the surgical robotics market.
COVID-19 Impact
The COVID-19 pandemic led to a shortage of hospital supplies and staff and the cancellation of admission and surgeries around the globe. In the beginning, the hospitals were overwhelmed with patients, which caused a shortage of beds, ventilators, and other hospital supplies.
Pre-COVID-19 Scenario
Procedure Volumes The rising preference for minimally invasive surgery (MIS), especially robotic-assisted surgeries in comparison to conventional surgeries, led to an increase in the demand for surgical systems. The number of roboticassisted surgeries conducted is expected to account for a significant portion of the total surgical procedure volumes by 2030.
During COVID-19 Scenario
The during-COVID-19 scenario primarily captures the surgical robotics market across regions during 2020- 2021. This section of the report describes the impact on the hospitals as well as surgical system manufacturers.
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Key Questions Answered in this Report
What are the major market drivers, challenges, and opportunities in the global surgical robotics market?
What was the market value of the segments of the global surgical robotics market in 2021?
What are the business models of different players in the market? XX What are the key developmental strategies implemented by the key players to sustain in the competitive market?
What is the current market share of each of the companies in the global surgical robotics market?
How has the COVID-19 pandemic impacted the global surgical robotics market?
What are the emerging trends within the global surgical robotics market?
What was the impact of the Russian-Ukraine war on the global surgical robotics market?
What are the unit sold and installed bases of the region in the global surgical robotics market?
What is the growth potential of surgical robotics technology in each region, including North America, Europe, Asia-Pacific, Latin America, and Rest-of the-World?
What is the market segmentation based on the end user?
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