Surgical Robots market - Forecasts from 2023 to 2028

The global surgical robot market is expected to grow at a CAGR of 15.9% during the forecast period

The application of artificial intelligence (AI) and robotics together is driving the rapid expansion of the surgical robot market growth. These cutting-edge instruments perform precise, minimally invasive procedures that improve accuracy and outcomes for patients. Surgical robots powered by artificial intelligence analyze huge amounts of data, assisting physicians in making real-time decisions and increasing surgical precision. This method makes it possible to make smaller incisions, apply less pressure, and heal faster. Additionally, surgical robots contribute to the standardization of procedures, which leads to more consistent outcomes and fewer issues. Due to increased use in a variety of surgical specialties, the surgical robot market size is expanding. In order to revolutionize surgical care and improve patient outcomes, ongoing research aims to enhance the intelligence and capabilities of surgical robots.

Introduction:

The surgical robot market growth has been influenced by a number of factors. First and foremost, the benefits of minimally invasive procedures, such as less scarring, faster recovery times, and fewer complications following surgery, are driving up demand for these procedures. These procedures are made simpler by surgical robots' increased maneuverability, visualization, and access to difficult anatomical regions. Second, the development of increasingly sophisticated and adaptable surgical robots that can carry out a wide range of surgical procedures has been made possible by advancements in robotic technology.

The surgical robots market size has seen rapid expansion and significant advancements in recent years. Careful robots are progressed mechanical innovations that assist specialists in leading muddled medical procedures with more precision, control, and less obtrusive ways. These cutting-edge robots have robotic arms, high-quality cameras, and sophisticated sensors that make it possible for surgeons to work from a distance and move equipment with incredible precision.

Key Players in Surgical Robot Market:

• Intuitive Surgical: When it comes to surgical robots, Intuitive Surgical leads the market. Their most popular product is the da Vinci Surgical System, which gives surgeons more control and accuracy when performing minimally invasive procedures. The system includes robotic arms, a console for 3D visualization, and specialized equipment for a variety of surgical specialties.
• Medtronic: They sell the Mazor X Stealth Edition robotic guiding system, which is designed specifically for spine surgery. This device combines robots, navigation, and 3D imaging to assist surgeons in performing precise spinal surgeries. It offers constant input, exact embed situations, and works on tolerant security.
• Stryker Corporation: The Mako System from Stryker is used for robotic arm-assisted orthopedic surgery. This technology provides surgeons with a platform prior to surgery, immediate-time intraoperative assistance, and robotic assistance for joint replacement procedures. It contributes to the enhancement of surgical precision, the improvement of patient outcomes, and the optimization of implant location.
• TransEnterix: They are working on the Senhance Surgical System, a robotic system intended for minimally invasive procedures. Haptic feedback, visual tracking camera control, and sophisticated robotic arms with equipment make up the system. During surgeries, it makes doctors' visibility, accuracy, and convenience better.

Drives:

Increasing demand for minimally invasive surgeries:

The rising demand for minimally invasive procedures is being driven by patients' expectations of a quicker recovery, less scarring, and less discomfort. With the help of surgical robots, minimally invasive procedures can be performed with fewer incisions, require fewer hospital stays, and allow patients to return to their normal activities more quickly.

Advancements in robotic technology and artificial intelligence:

The development of robotic technology and artificial intelligence (AI) has been crucial to the growth of the surgical robot industry. As a result of these advancements, increasingly sophisticated robotic systems with enhanced precision, dexterity, and artificial intelligence capabilities have been developed, making it possible for surgeons to carry out challenging procedures with greater precision and effectiveness. As a result, surgical robot applications have grown and patient outcomes have improved.

Expansion in healthcare infrastructure and investment in surgical robots:

The establishment of cutting-edge surgical clinics and the incorporation of surgical robots have contributed to the expansion of the surgical robot market. Access to robotic-assisted procedures has increased and the market has grown as a result of increased investment in surgical robotics by medical centers and government initiatives.

Favorable reimbursement policies and insurance coverage:

The growth of the surgical robot market has been primarily fuelled by favorable reimbursement policies and insurance coverage. Medical professionals are encouraged to invest in surgical robots when reimbursement rules adequately cover robotic-assisted operations. This makes these advancements readily available to patients and boosts market growth.

Growing adoption of surgical robots in various specialties:

A growing number of fields, including urology, gynecology, orthopedics, cardiology, and general surgery, are utilizing surgical robots. The growing use of surgical robots in these professions is the result of surgeons recognizing the advantages of robotic-assisted operations, such as increased accuracy, improved visualization, and shorter recovery times.

The surgical robot market is set to grow at a steady rate in the forecast period

The market for surgical robots is segmented by technology, application, mode of application, and geography. Technology is further segmented into robotic surgical systems, instruments and accessories, and services. The application is further segmented into general surgery, gynecological surgery, urological surgery, cardiovascular surgery, orthopedic surgery, and neurosurgery.

North America has one of the significant market growth for surgical robots

The surgical robot market share is dominated by North America. Due to its well-known healthcare infrastructure, favorable regulatory climate, and a strong focus on technological advancement, North America has seen an increase in surgical robot adoption. The region, which benefits from an increased demand for less-invasive operations, an aging population, and a high frequency of chronic conditions, is home to key competitors like Intuitive Surgical. North America's rise to the top of the surgical robot industry is helped by these factors and a culture of innovation and research. However, surgical robot use is on the rise in Europe and the Asia-Pacific region.

Market Developments:

• In October 2022, Intuitive is recognized by the Royal College of Surgeons of England (RCS England) as the leading provider of training in robotic-assisted surgical technology.
• In May 2023, Medtronic, a global leader in medical equipment, announced that it has finalized agreements to acquire EOFlow Co. Ltd., the manufacturer of the EOPatch device, a tubeless, wearable, and completely disposable insulin delivery system. It is anticipated that the addition of EOFlow, in addition to Medtronic's Meal Detection Technology algorithm and the next-generation continuous glucose monitor (CGM), will increase the company's capacity to cater to the requirements of a larger number of people with diabetes, regardless of where they are in the treatment process or how they prefer to receive their insulin.
• In April 2023, Mozarc Clinical, a free new business given to reclassifying kidney wellbeing and advancing patient-focused innovative arrangements, was divulged by Medtronic and DaVita Inc.

Key Market Segment:

BY COMPONENT

• Robotic Surgical Systems
• Instruments and Accessories
• Services

BY APPLICATION

• General Surgery
• Gynecological Surgery
• Urological Surgery
• Cardiovascular Surgery
• Orthopedic Surgery
• Neurosurgery
• Others

BY MODE OF APPLICATION

• Hospitals and Clinics
• Ambulatory Surgical Centers
• Others

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain    
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others