Robotic Surgery Market is forecasted to grow at high rate due to increase in government spending on research & development facilities, increase in demand for artificial intelligence in healthcare and rise in disposable income. The Global Robotic Surgery Market was valued at USD 4.5 Bn in 2020 is expected to reach USD 14.2 Bn by 2027, with a growing CAGR of 9.6% during the forecast period
Robotic surgery is a surgical procedure which allows doctors to perform complex surgical procedures with more precision, with less time, flexibility and offer better control. This surgery involves miniature surgical equipment's which allow surgeon to perform surgery with less difficulties.
The driving factors influencing the growth of global robotic surgery market include rise in demand for automated surgical equipment's, increasing application of machine learning in healthcare and rising number of surgeries. Moreover, growing demand for less painful incision procedures, time-consuming medical procedures, and high safety rate fuels the growth global robotic surgery market.
This industry is broadly segmented into component, application, end user and region. Based on component, Instrument and accessories segment register the fastest growing CAGR throughout the forecast periods owing to the increasing need for disposable and reusable accessories for surgery. Based on application, general surgery segment accounted for the largest share in the market in 2020 due to increasing application surgical robotics procedures. About 80% of the procedures performed in the hospitals due to availability of medical reimbursement policies and one-to-one complete patient care. Geographically, North America accounted for nearly 40% share of the robotic surgery market in 2020 and is expected to dominate the market throughout the forecast period.
Global Robotic Surgery Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America held maximum market share in 2020 due to large volume of surgeries, high surgical expenditure, and availability of technologically advanced devices and their more their adoption. Moreover, increase in number of hospitals in this region, rise in disposable income and government spending on healthcare and research facilities fuels the growth of robotic surgery market in this region. Rising demand for artificial intelligence in healthcare further fuels the growth of global robotic surgery market.
On the contrary, Asia-Pacific anticipate the highest market growth during forecast period due to increase in diversification in healthcare market, growing adoption of highly automated medical equipment and growing R&D facilities boost the growth of global robotic surgery industry in this region.
The Global Robotic Surgery Market Segmentation:
Global Robotic Surgery Market by Component Type Outlook (Revenue, USD Million, 2021-2027)
Global Robotic Surgery Market by Application Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the robotic surgery market are: