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 17.9% during the forecast period
Robotic surgery is a surgical procedure which is performed using robotic systems. These are fully automated and technologically advanced systems that are used to perform medical surgeries. Robotic surgery provides set of advantages such as less pain, less blood loss, less time consuming. Robotic surgery also provides better clinical outcomes.
The driving factors for global robotic surgery market include increase in adoption of advanced tool and techniques for surgical procedures, increasing investment by manufacturers and government for research and development activities. Moreover, growing need for improved services across the globe, growing trend of artificial intelligence and robotics in healthcare sector boost the growth for the robotic surgery market. However, the high cost associated with the robotics systems and the surgical procedures, availability of economical surgical alternatives and lack of trained surgeon on robotic systems might hamper the growth of this market during the forecast period.
Global Robotic Surgery Market Segmentation:
Based on component, instruments and accessories held the highest market share in 2020 due to technological advances
Based on type, robotic surgery market has been segmented into robotic systems, instruments & accessories, and services. Instrument and accessories segment is expected to register the fastest growing CAGR throughout the forecast periods owing to the increasing need for disposable and reusable accessories used during the surgery.
The surgical system segments hold the one-third share of the market owing to the high cost associated with the instrument and its installation, and rising adoption of these instruments in tier-1 hospitals in developed and developing economies. The services segment is expected to register a lucrative growth in coming years as the performance of robotic systems are solely dependent on the maintenance services.
Based on application, general surgery accounted for the highest market share in 2020 and expected to increase more during forecast period due to rise in number of geriatric populations
Based on application, the market has been segmented into general surgery, gynaecological surgery, orthopaedic surgery, neurosurgery, urological surgery, and other surgeries. The general surgery segment accounted for the largest share in the market in 2020 due to increasing application surgical robotics in verity of surgery such as bariatric surgery, hernia repair, cholecystectomy, pancreatectomy and gastrectomy among other types of surgery.
Orthopaedic surgery is expected to register the highest CAGR of 8.5% during the forecast period. Increasing prevalence of the orthopaedic disease and growing geriatric population with joint paints are few of the prime factors responsible for the growth of orthopedic robotic surgery segment throughout the forecast period.
Based on geographical region, North America held the highest market share in 2020 due to early adoption of technological advances in healthcare
Based on region, 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 followed by Europe. The growth of this region is attributed to the early adoption of advanced tools and technology in the healthcare sector, favourable government regulations and increasing incidences of chronic diseases which needs surgical procedures as a treatment option.
However, Asia Pacific region is expected to grow at the fastest CAGR owing to the high patient’s population, increasing government initiatives to improve healthcare infrastructure in developing economies and growing collaboration of western companies with local manufacturers to develop new tools at low cost.
Company Profiles and Competitive Intelligence
The key players operating in the robotic surgery market are:
The report also provides an in-depth analysis of robotic surgery market dynamics such as drivers, restraints, opportunities and challenges
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. During covid-19 outbreak, there were restrictions on movement and export/import of raw materials which affected the manufacturing industry badly.
Moreover, number of patients also decreased due to social distancing and surgeries were kept on hold during covid-19 outbreak. Covid-19 has immensely affected the growth of robotic surgery industry as skilled professionals and healthcare staff were focused on providing service to the covid-19 infected population. This pandemic has led to interim ban on small/big surgeries to avoid intimate contact with each other.
The report also provides an in-depth analysis of key trends in robotic surgery market
The report also provides an in-depth analysis of recent news developments and investments
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