The surgical robots market comprises products that assist doctors to perform surgeries effectively with greater precision, flexibility and control. These robots have minimized invasive surgery and reduced hospital stay with quicker recovery times. Surgical robots allow surgeons to perform complex procedures with enhanced dexterity, flexibility and control. Currently, most surgical robotic systems are used for gynecological, urological, orthopedic, general and cardiothoracic surgical procedures. Key players operating in the surgical robots market are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono, Inc., Pfizer Inc., and Novartis AG among others.
The Global Surgical Robots Market Size is estimated to be valued at US$ 1,177.3 million in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period between 2024 to 2031.
The market has witnessed steady growth owing to increasing adoption of minimally invasive procedures and rapid technological advancements. Robotic surgery provides reduced blood loss, lower pain levels, fewer complications, faster recovery times and smaller scars.
Key Takeaways
Key players operating in the surgical robots market are focusing on enhancing robotic technologies. For instance, Merck & Co., Inc. received FDA approval for its da Vinci SP surgical system in 2017.
The growing demand for minimally invasive surgeries across various therapeutic areas has propelled the adoption of surgical robots. Robotic surgery drastically decreases hospital stay and chances of post-operative infections.
Additionally, continuous technological advancements are supporting complex surgeries with greater accuracy. Surgical robotic systems now have improved joint motions, multi-articulating instruments and 3D visualization features.
Market Trends
Increasing Use of Artificial Intelligence - AI enhances surgical capabilities by predicting surgeon's next moves, responding in real-time and assisting with procedural tasks. Major players are integrating AI into robotic platforms.
Robotics-As-A-Service (RaaS) - Companies are offering surgical robots on a subscription licensing model to overcome budget restrictions faced by hospitals. This makes robotic programs more affordable and accessible.
Market Opportunities
Expanding Applications - Emerging use in pediatric surgeries, transplant procedures and treatments like cancer, cardiovascular disease and neurosurgery will drive the market growth.
Adoption in Emerging Markets - Fast growing healthcare expenditures in emerging nations of Asia, Latin America, Middle East and Africa will create attractive opportunities.
In summary, the global surgical robots market demonstrates lucrative prospects driven by growing adoption of minimally invasive surgeries and continuous technological innovations.
Impact of COVID-19 on Surgical Robots Market Growth
The COVID-19 pandemic has significantly impacted the growth trajectory of the global surgical robots market. In the initial phases of the pandemic during 2020-21, the market witnessed a steep decline as elective surgeries were postponed to divert hospital resources towards COVID care. This led to a drop in demand for surgical robots. However, with the easing of restrictions in 2022 as vaccination drives gained pace globally, the market has started recovering. While the demand is yet to reach pre-pandemic levels, it is projected to rise steadily in the forecast period from 2024 to 2031.
The key strategies that market players are focusing on include enhancing the capabilities of surgical robots to facilitate minimally invasive surgeries. This can help reduce infection risks for patients and healthcare workers amid future disease outbreaks. Telemedicine solutions for surgical robotics is another area that companies are exploring to offer remote guidance to surgeons. Upgrades in software, instrument flexibility and workflow efficiencies can help address capacity challenges faced by overburdened hospitals. Collaboration with public agencies and private hospitals would aid in accelerating the adoption of advanced robotic surgery particularly in underserved regions.
Geographical Regions with Highest Surgical Robots Market Value
North America accounted for the largest share of the global surgical robots market value in 2024, estimated at over 35% collectively led by the US and Canada. This was attributed to the high penetration of surgical robots across hospitals, developed healthcare infrastructure and rising awareness among patients and surgeons regarding the benefits of robotic assisted procedures. Another factor supporting the regional market growth is the presence of major robotic surgery systems manufacturers in the US.
Fastest Growing Region for Surgical Robots Market
Asia Pacific is poised to be the fastest growing region for the surgical robots market during the forecast period from 2024 to 2031. This can be credited to factors such as improving healthcare expenditures, increasing medical tourism and initiatives by governments in countries like China and India to Modernize healthcare facilities. Also, a large untapped patient population undergoing surgical treatments in Asia Pacific offers immense growth opportunities for market players in the region.
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