Surgical Robots Market to Reach US$13.1 Bn by 2027 as Acceptance Jumps High in Emerging Regions: TMR Study

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Feb 03, 2020, 07:00 ET

ALBANY, New York, Feb. 3, 2020 /PRNewswire/ -- A new TMR study reveals that the surgical robots are finding an increased acceptance in the emerging Asia region. The study is based on recent findings by IEEE (an Association for Electronic Engineering) that millennial parents are increasing opting for robotic surgeries for their children in Asia Pacific region. The study also reveals that low availability of robotic surgeries remains a concern.

According to the Transparency Market Research (TMR) report, the system components are expected to remain the largest segment in the market with a valuation of US$4.1 bn by the end of 2022. Moreover, the overall market growth promises a bright prospect with a forecast of US$13.1 bn in valuation by 2027.

According to TMR analysts, the growth can be largely be attributed to low turn-around times, and increased innovation in robotics over the next years. According to the lead author of the report, "beautification treatments like hair transplant, cosmetic surgeries are major positives emerging in the market. These have not only helped new players absorb high-costs of robotic integration, but also in turn made way for less stress, and more productivity for physicians, as well as private clinics. The growth is likely to remain robust in domains like artificial beautification surgeries, with increased acceptance for robotics in critical non-invasive surgeries as well."

Explore the top-notch research report with incisive insights, and detailed country-level projections. Gain business intelligence on surgical robots market by Type: (Component: Systems, Accessories & Consumables, and Services; Application: Gynecological Surgery, Urological Surgery, Neurosurgery, Orthopedic Surgery, General Surgery, and Others; Method: Minimally Invasive and Open Surgery; and End User: Hospitals and Ambulatory Surgical Centers) 2019 – 2027.

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Key Findings of the Study

Apart from beautification surgeries, training woes in healthcare also promise robust growth for players in the surgical robots market. Training new physicians to read x-rays in detection of anomalies, and in relation to critical illnesses like cancer is often hard. Moreover, it takes years of experience for consumers to master various forms of diagnosis and often with the help of guidance from seniors.
New imaging technology promises to aid training problems experienced in healthcare, which significantly improve the expertise, and do so without lowering the productivity of senior physicians.
Players in the surgical robots market also face a few restraints as high costs of adoption, and lack of dynamic, and vibrant response systems limit the application. The growth of AI, inclusion of more digital imaging systems, and increased acceptance of robotic systems will likely overcome these challenges. However, for players to succeed, economies of scale remain the need of the hour for robust expansion of surgical robotic systems.
Rising disposable income, young population, and large penetration of digital systems in Asia Pacific promises robust opportunities for growth in the surgical robots market. The medical automation in the region has reached maturity in many ways as patient needs, improved operational efficiency, and reduced costs and time remain major drivers for growth.
Rising technological advancements like more efficient motors, usage of light materials, and in-built safety mechanisms are prominent features of surgical robotic systems today. Moreover, power-backups, and sophisticated systems for operation continue to drive new innovation in the market.

View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/75203

Surgical Robots Market: Key Driving Factors

According to the study, the global surgical robots market showcases strong growth indicators, thanks to rise in youth population in emerging nations, and increasing emphasis on aesthetic surgeries due to changing lifestyle. The increasingly consumer driven culture in emerging nation places more emphasis on external beauty, and study continue to show that individuals perceived as more beautiful than peers, end with higher socioeconomic standing. These studies, peer pressure, and advertisement driven consumerist culture is making way for more aesthetic enhancements, and rise of robotic surgeries.

Additionally, rising accident fatalities, chaotic traffic conditions in developing countries, and large number of face debilitating accidents are also increasing the need for aesthetic surgeries. For example, in 2018, the WHO reported that India is home to 6% of the accidents in the world, despite having only 1% of its vehicle population. Moreover, the 467,044 cases in 2018 were a 1.5% jump from the previous year. The rising cases of accidents, and increased emphasis on beauty is likely to drive more growth in the surgical robots market in near future.

Analyze surgical robots market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.

Competition Landscape

Key players in the surgical robots market remain focused on improving efficacy of operations. The core area has remained a key competitive edge conventionally. In the near future, companies like Intuitive Surgical, Inc, Smith & Nephew plc, Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., TransEnterix Surgical, Inc are expected to pour in more investment towards conceptualization of better systems banking on new trends in 3D printing, AI, among others. The rising investment in research, increasing collaboration between multinational and regional players will likely open new avenues for growth.

Surgical Robots Market - Segmentation

Component Systems
Accessories & Consumables
Services

Application

Gynaecological Surgery
Urological Surgery
Neurosurgery
Orthopedic Surgery
General Surgery
Others

Method

Minimally Invasive
Open Surgery

End User

Hospitals
Ambulatory Surgical Centres

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Explore Transparency Market Research's award-winning coverage of the global pharmaceutical industry:

Medical Robotic Systems Market - Medical Robotic Systems Market was valued at US$ 6,458.0 Mn in 2017 and is projected to expand at a CAGR of 18.9% from 2018 to 2026. Increase in adoption and demand for surgical robots and rise in the number of products receiving regulatory approval are expected to boost the global medical robotic systems market from 2018 to 2026.

Minimally Invasive Surgery (MIS) Market - Rise in prevalence of various gastric diseases and cancers is anticipated to drive demand for M.I.S. (laparoscopic surgery, robotic surgery, EMR, ESD) surgeries during the forecast period to expand at a CAGR of 9.2% from 2018 to 2026.

Endoscopic Mucosal Resection Market - The market for endoscopic mucosal resection will gain newer demands at a notable CAGR during the forecast period of 2018 to 2026. This expanding demand will come from both treatment and diagnostic purposes.

Medical Automation Market - The future of the healthcare industry is increasingly being defined by the advent of faster, more accurate, and easy-to-use devices that are riding high on the wave of medical automation. With a massive number of people crossing the 60-year threshold, the healthcare industry is facing a pressing need to scale up resources and brace for a spike in healthcare needs. This is where automation is expected to be the real game changer.

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