Report on surgical robots market focuses on several stakeholders like surgical robots and related device manufacturing companies, suppliers and distributors of surgical robots, hospital and diagnostic centers, ambulatory surgery centers, medical colleges, teaching hospitals, and academic medical centers.
Surgical Robots Market Report analyzes demand, opportunities for stakeholders and provide details of the competitive landscape for key players. Data was triangulated by studying various factors & trends from both, demand & supply sides, in surgical robots industry. The high growth in this region can be attributed to increasing installed base of surgical robots and collaborations of the government with regional universities for extensive R&D and government efforts towards catering advanced healthcare services.
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Surgical robots market is projected to reach 6.5 billion by 2023 from USD 3.9 billion in 2018 at a CAGR of 10.4%. Surgical robots market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. Asia Pacific market is expected to grow at the highest rate during forecast period. Key players in industry & markets have been identified through extensive secondary research.
“The instruments & accessories segment is expected to hold the largest market share during the forecast period.”
Report studies surgical robots market based on component, application, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in market and provides details of the competitive landscape for market leaders. Various primary sources from both, supply and demand sides of market were interviewed to obtain qualitative and quantitative information.
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Growth in surgical robots market can be attributed to factors such as technological advancements, increased funding from the government for surgical robots’ research and development, growing application areas to varied surgical specialties, and rise in the adoption of surgical robots by hospitals and ambulatory surgical centers.
Geographically, the surgical robots market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The Asia Pacific market is expected to grow at the highest rate during the forecast period. The high growth in this region can be attributed to increasing installed base of surgical robots and collaborations of the government with regional universities for extensive R&D and government efforts towards catering advanced healthcare services.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-level – 35%, Director-level – 25%, and Others – 40%
- By Region: North America – 20%, Europe – 25%, APAC – 40%, and RoW – 15%
Major vendors in global surgical robots market are Intuitive Surgical (US), Stryker (US), and Mazor Robotics (US). These companies have the largest installed base of surgical robotic systems across hospitals and ambulatory surgical centers. Other players involved in this market are Smith & Nephew (UK), Hansen Medical (US), Medrobotics (US), TransEnterix (US), Medtech (France), Renishaw (UK), and THINK Surgical (US).
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Surgical robots specifically for procedures such as prostatectomy, hysterectomy, hernia repair, cholecystectomy, colon and rectal procedures, nephrectomy, sacrocolpopexy, mitral valve repair, and transoral robotic surgery. However, companies are now focusing on developing miniature sized and less expensive surgical robots to target smaller hospitals and ambulatory surgical centers.
Key Benefits of Buying the Report
Surgical robots are being used in the areas of bariatric surgery, Heller myotomy, gastrectomy, hernia repair, cholecystectomy, Nissen fundoplication, transoral surgery, and pancreatectomy, among other general surgeries. The growth in the number of these procedures is likely to fuel market growth. The use of robotic surgeries for various application areas has also grown due to the advantages of minimally invasive techniques; as compared to the large incisions required in traditional surgery, robotic surgeries can reduce pain and recovery time for many patients.