Surgical Robotics Market By Component (Systems, Accessories, Services), By Surgery Type (Gynecology Surgery, Urology Surgery, Neurosurgery, Orthopedic Surgery, General Surgery, Other Surgeries): Global Opportunity Analysis and Industry Forecast, 2023-2032

Executive Summary

According to this report, the surgical robotics market was valued at $78.8 billion in 2022, and is estimated to reach $188.8 billion by 2032, growing at a CAGR of 9.1% from 2023 to 2032. The Surgical Robotics Market is likely to experience a significant growth rate of 9.1% from 2023-2032 owing to increase in demand for surgical robotic systems and accessories from medical devices and supplies sector

Robotic surgery is a form of minimally invasive surgery where surgeons employ small surgical instruments that are introduced into the patient's body through a sequence of tiny incisions. These robotic systems provide enhanced precision, flexibility, and control during surgeries, ultimately improve patient outcomes and minimize invasiveness. The technology allows surgeons to operate with greater accuracy and dexterity, often using minimally invasive techniques that involve smaller incisions and reduced tissue damage.

Key factors driving the growth of the surgical robotics market include the rise in the occurrence of chronic diseases, rise in technological advancements, and increase in demand for minimally invasive surgical procedures chronic diseases are long-term medical conditions that require ongoing management and often involve complex treatments. Many chronic diseases, such as cardiovascular diseases, cancer, and orthopedic conditions, often require surgical interventions for diagnosis, treatment, or symptom management. For instance, according to the World Health Organization (WHO), 1.7 billion people had musculoskeletal conditions worldwide in 2022. Thus, the rise in prevalence of these conditions leads to a higher demand for surgical procedures.

In addition, increasingly prefer minimally invasive procedures due to their benefits, such as shorter hospital stays, reduced pain, and faster recovery times fuels the market growth. Surgical robotics enable surgeons to perform intricate procedures through smaller incisions, aligning with patient preferences for less invasive interventions which contribute toward the market growth. Patients increasingly seek procedures with reduced scarring, shorter recovery times, and fewer complications. Surgical robots enable minimally invasive interventions by providing surgeons with enhanced dexterity, visualization, and maneuverability. For instance, the Vinci Xi robotic system, manufactured by an Intuitive Surgical company, offers advanced minimally invasive solutions for various procedures, including urology, gynecology, and general surgery.

Furthermore, with the rise in robotics technology surgical robots have become more sophisticated, with improved accuracy, dexterity, and control. This led to a rise in demand for surgical robotics which fuels market growth. For instance, Smith & Nephew Plc. developed the CORI Surgical System with features such as image free smart mapping, more efficient, and expanded compatibility. As surgical procedures become increasingly complex and diverse, there is a growing demand for specialized instruments and tools that be seamlessly integrated with robotic platforms. These accessories, such as advanced instruments with intricate articulation and electrosurgical tools for precise tissue manipulation, enable surgeons to perform intricate tasks with greater precision and control thereby drive the market growth.

The market also offers growth opportunities to the key players in the market. The rapid advancement in surgical robotics owing to the increase in emphasis on research and development activities within the medical technology sector has provided the opportunity for market growth. The surge in research and development efforts has played a pivotal role in driving innovation, refining existing technologies, and ultimately propelling the growth of the surgical robotics market. The rise in healthcare expenditure in developing economies would help the manufacturer to exploit untapped opportunities. Moreover, manufacturers collaborate with government hospitals to provide robotic surgical solutions in underdeveloped regions. In addition, emerging economies might have a higher prevalence of diseases and conditions that require specialized surgical interventions which further provide the lucrative opportunity to the market growth.

The surgical robotics market is segmented into component, surgery type, and region. On the basis of component, the market is categorized into systems, accessories, and services. On the basis of surgery type, it is categorized into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery, and other surgery. Region wise, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific ((Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America and Middle East Africa).

The key players profiled in the study include Smith & Nephew plc, Medtronic plc, Stryker Corporation, Intuitive Surgical, Inc., Zimmer Biomet Holding Inc., Renishaw plc, Midea Group Co., Ltd., Johnson & Johnson, Accuray Incorporated, and CMR Surgical Ltd. The players in the market have been actively engaged in the adoption of various strategies such as product launch and product approval to remain competitive and gain an advantage over the competitors in the market. For instance, in May 2022, Auris Health, Inc., a subsidiary of Ethicon, Inc., a Johnson & Johnson MedTech company, announced that its MONARCH Platform received 510(k) clearance from the U. S. Food and Drug Administration (FDA) for endourological procedures.

Key Market Insights

By component, the services segment was the largest revenue contributor to the market and is estimated to reach $170.5 billion by 2032. However, systems segment is anticipated to grow at the highest CAGR of 13.4% during the forecast period.

By surgery type, the general surgery segment dominated the global market with a highest CAGR of 9.9% during the forecast period.

Based on region, North America garnered the largest revenue share in 2022, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 11.0% during the forecast period.

Companies Mentioned

• Smith & Nephew plc
• Intuitive Surgical, Inc.
• Johnson & Johnson
• Accuray Incorporated
• Zimmer Biomet Holding, Inc.
• Stryker Corporation.
• Midea Group Co., Ltd.
• CMR Surgical Ltd.
• Medtronic plc
• Renishaw plc

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.