The Growth in surgical robots market is primarily driven by the advantages of robotic-assisted surgery, technological advancements in surgical robots, the increasing adoption of surgical robots, and increased funding for medical robot research. The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
The global surgical robots market size was valued at USD 6.4 billion in 2021 and is expected to grow at CAGR of 17.6% from 2021 to 2026.
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The COVID-19 pandemic has had a devastating global impact on the world's population and economy. The pandemic has put a significant strain on healthcare systems. During this period, healthcare institutions and providers have been instructed to stop performing elective surgical procedures and medical examinations to minimize the possibility of transmission and conserve healthcare resources for COVID-19 patients. The pandemic has led to a temporary ban on elective surgeries across the globe, which resulted in the cancellations of elective surgeries worldwide posing a negative impact on the globe.
Market Segmentation:-
Based on product & service, the surgical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment commanded the largest share of 53.8% of the market in 2020. This segment is also expected to grow at the highest CAGR of 18.2% during the forecast period. The large share and high growth rate of this segment are mainly driven by the recurrent purchase of instruments & accessories instead of robotic systems, which are a one-time investment.
Based on application, the surgical robots market is segmented into general surgery, urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and other applications. The general surgery segment commanded the largest share of 29.5% of the market in 2020. This segment is also projected to register the highest CAGR of 18.2% during the forecast period. Growth in this market segment can be attributed to the increased use of surgical robots in general procedures such as bariatric surgery, Heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy.
Regional Analysis:
North America dominated the surgical robots market, with a share of 63.6% in 2019, while the Asia Pacific region is expected to register the highest CAGR of 18.5% during the forecast period. The large share of the North American market can be attributed to the availability of funding for R&D in surgical robots in this region and the increasing adoption of surgical robots for pediatric surgeries in Canada and general surgery procedures in the US.
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Top Key Players:
Some of the prominent players operating in the Surgical robots market are Intuitive Surgical (US), Stryker Corporation (US), Medtronic (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (Transenterix) (US), Corindus Vascular Robotics (US), Renishaw (UK), Auris Health (US), Medrobotics Corporation (US), Think Surgical (US), Verb Surgical (US), OMNIlife Science (US), CMR Surgical (US), Preceyes BV (Netherlands), China National Scientific Instruments And Materials Corporation (CSIMC) (China), Microsure (Netherlands), Titan Medical (Canada), avateramedical Gmbh (Germany) and Medicaroid Corporation (Japan).