Surgical Robots Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global surgical robots market size was valued at US$ 4.5 Bn in 2020 and to reach US$ 13.4 billion by 2028 with a CAGR of 13.4% from 2021 to 2028.

Rise in the per-capita healthcare expenditure, increase in baby boomer and disabled populations, development in healthcare infrastructure in emerging markets, surge in rehabilitation success rate, and reduction in overall cost of healthcare services are anticipated to drive the global surgical robots market.

Rise in the disposable income of people in emerging economies is expected to enable them to avail better healthcare facilities. Hence, availability of better medical robots are likely to prompt healthcare service providers to make significant investments in advanced medical automation technologies in order to meet patient needs, improve operational efficiency, and save both service costs and time.

Rapid increase in adoption of medical robotic systems can be attributed to a blend of technological improvements, such as usage of more efficient motors, compact & light materials, power back-up, and sophisticated controls & safety mechanisms.

High Cost of Medical Robots and Lack of Skilled Personnel to Hamper Global Market

  • The surgical robots market is technology driven. Introduction of new technologies in the market increases demand for these systems due to improved efficiency and outcomes. However, high pricing of these new devices raises the affordability issue, which limits market growth, especially in the developing regions. Moreover, lack of reimbursement affects demand for robotic systems.
  • Robotic surgery has been adopted by patients and doctors in the last decade. However, standardization in training for instrument handling and accreditation guidelines to ensure surgeon competence and patience safety is still lacking. Hence, during clinical practice, failure of robotic procedures have been observed, which results from surgeon’s inability.
  • There has been widespread implementation of robotic systems for minimal invasive surgery. However, a non-negligible number of complications and technical difficulties have still been observed.

Improvements in 3D Visualization Technology Boosts Uptake of Robotic Systems

Successful outcomes associated with robotic-assisted surgeries are increasingly replacing conventional surgical procedures. Manufacturers in the surgical robots market are making improvements in 3D visualization to enhance quality of life in patients. Ongoing innovations cater to solutions that integrate the medical device technology with robotic systems to reduce trauma and offer rapid post-surgery healing.

Robotic-assisted surgeries are being increasingly adopted in the U.S. healthcare industry landscape, since the FDA has approved surgical robots for general laparoscopic surgeries. As minimally invasive surgeries are growing popular in globally, manufacturers in the surgical robots market are increasing research to augment high-resolution imaging and superior operative ergonomics in robotic systems.

Since several hospitals, especially in developing economies are restricted with limited budget spending, manufacturers are introducing low-cost surgical robots that eliminate the need for constant maintenance servicing.

Companies Overcome Limitations of Haptic Feedback Using Cutting-edge Sensor Technology

Minimally invasive surgery is a modern technique that helps in executing complex surgical procedures with utmost precision. However, ambiguity associated with the haptic feedback of surgical robots acts as a barrier for its adoption by robot-assisted surgeons.

The surgical robots market is highly consolidated with only two major players accounting to ~90% of the total market share. This is another major challenge faced by emerging players who lack the budget, resources, and expertise to overcome the limitations of the haptic feedback associated with surgical robots.

In order to overcome these issues, companies in the surgical robots market are join forces with haptic sensor manufacturers to gain insights on accurate tissue and organ models. For instance, sensing and test-measurement solutions provider Futek manufactures haptic sensors to support surgical robotic platforms. Thus, emerging players are leveraging this opportunity to collaborate with haptic sensor manufacturers to gain competitive edge over leading players. Manufacturers are increasingly investing in R&D to address design challenges associated with haptic autoclavable sensors by collaborating with multidisciplinary engineering teams.

FDA-approved Surgical Robots Gain Prominence in Gynecological Surgeries

The surgical robots market is witnessing change with the introduction of AI in operating rooms. As such, surgical robots are anticipated to gain increased prominence in ambulatory surgical centers in the coming years. Operational accuracy of surgical robots is proving productive in gynecological, general, and orthopedic surgeries. Moreover, the gynecological surgery application segment of the surgical robots market is anticipated to reach a value of ~US$ 4.9 Bn by 2027.

Companies are leveraging opportunities in orthopedic and neurosurgical operations, since these sectors are predicted for exponential growth during the forecast period. This trend is leveraged with AI to gain FDA and CE clearance for novel surgical robots. For instance, in January 2019, Intuitive Surgical - a U.S. leader in robotic products, announced its fourth quarter earnings for the FDA-approved da Vinci surgical systems that are gaining increased acceptance in the U.S. healthcare industry landscape.

Apart from the U.S., manufacturers are meeting the needs of healthcare providers for urological procedures.

Key Segments

In terms of method, the minimally invasive segment is anticipated to account for over 60% share of the market. Technological advancements allow surgeons to perform less invasive surgical procedures and increase in purchasing power of hospitals and other healthcare settings are expected to propel the minimally invasive segment during the forecast period. Demand for robots for minimally invasive surgical procedures is likely to increase during the forecast period. Efficiency of such robots is speeding up the recovery time, shorter hospital stays, increasing the accuracy & safety of surgical procedures, and less intra-operative radiation exposure to patients & healthcare providers.

Easy performance mapping and therapy customization are the major factors projected to drive demand for such robots across the globe. Research & development in the technology, design, efficiency, and safety of spine surgical robots is anticipated to present significant opportunities in the segment in the near future.

Based on application, the gynecological and urological surgery segments accounted for major shares of the surgical robots market in terms of revenue in 2020. The segment is expected to expand at a moderate CAGR during the forecast period. Robotic surgery has developed rapidly, and its use in gynecological conditions as well. Robot-assisted surgery was approved by the U.S. Food and Drug Administration in 1999 for urologic and cardiac procedures and in 2005 for gynecological surgery. In 2018, robot technology was applied widely in gynecological surgeries such as for hysterectomy, sacrocolpopexy, myomectomy, adnexal surgery, and malignancy staging.

In terms of end user, the hospitals segment is likely to grow at a rapid pace during the forecast period, due to benefits associated with the use of surgical robots coupled with the resources and capabilities to deploy these platforms. Moreover, rise in investments in the hospital sector, particularly in developing countries, is projected to increase the number of hospitals in countries such as China, India, and Brazil, thereby boosting the need to procure surgical robotic systems.

Prominent Regions

North America held the largest share of the global surgical robots market in 2020. The market in the region is driven by the presence of key players, large number of research activities, and highly structured health care industry. In terms of revenue, the U.S. is likely to dominate the surgical robots market in North America during the forecast period, owing to early adoption of technologies such as the da Vinci Surgical System, NAVIO Surgical System, Mazor X, and increase in the geriatric population. The country is projected to be the most attractive market for surgical robots, with high attractiveness index. The market in the U.S is anticipated to expand at a CAGR of ~12% during the forecast period. Increase in adoption of surgical robots by hospitals, technological advancements, rise in research & development of surgical robots for new applications, and surge in demand for rapid and safe minimally invasive surgery procedures are driving the surgical robots market in the U.S.

Asia Pacific accounted for a significant share of the surgical robots market in 2018. The market in the region is expected to grow at a rapid pace during the forecast period. Increase in investment by key players in Asia Pacific and rise in surgical procedures are likely to propel the surgical robots market in Asia Pacific. Emerging economy, government funding for research, improving healthcare infrastructure, and rise in presence of major global players in countries, such as China and India, are projected to augment the surgical robots market in the region during the forecast period.

Key Players

Key players are expanding their footprint to strengthen their positions in the surgical robots market. These players are collaborating with other companies to secure and strengthen their positions in the market. Additionally, regulatory approvals is expected to be a key trend going forward, leading to an increase in competition in the market. For instance, in January 2018, Medrobotics Corp. received the FDA regulatory clearance to market its Flex Robotic System for robot-assisted visualization in general surgery, gynecological, and thoracic procedures in the U.S.

Leading players in the surgical robots market include Intuitive Surgical, Inc., Smith & Nephew plc, Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., TransEnterix Surgical, Inc., Verb Surgical, Inc. (joint venture between Johnson & Johnson and Google, Inc.), Medicaroid, Inc., TINAVI Medical, and Medrobotics Corp.

Market Segmentation

Surgical Robots Market, by Component

  • Systems
  • Accessories & Consumables
  • Service

Surgical Robots Market, by Application

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

Surgical Robots Market, by Method

  • Minimally Invasive
  • Open Surgery

Surgical Robots Market, by End User

  • Hospitals
  • Ambulatory Surgical Centers

Surgical Robots Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Surgical robots market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Surgical robots market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Surgical robots market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Surgical robots market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Surgical robots market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Surgical robots capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Surgical robots by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Surgical robots market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Surgical robots market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Surgical robots market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Surgical robots industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Surgical robots market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Surgical robots market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Surgical robots market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Surgical robots market. These factors have benefited the growth of the global market for Surgical robots. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Surgical robots. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Surgical robots are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Featured Research Reports

  • Featured Research Reports

    Hepatitis Therapeutics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

    Read more...
  • Featured Research Reports

    Procedure Trays Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

    Read more...
  • Featured Research Reports

    Life Science Analytics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

    Read more...
  • Featured Research Reports

    Drug Device Combination Products Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

    Read more...
  • Featured Research Reports

    MicroRNA Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

    Read more...