Surgical Robots Market to surpass US$ 16,875.6 Mn by end of 2028, Says Coherent Market Insights

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Oct 21, 2021, 12:30 ET

SEATTLE, Oct. 21, 2021 /PRNewswire/ -- Surgical robots are kinds of surgical practices which are carried out using specialized robotic surgical systems. Robotic surgery was first developed in order to overcome the shortcomings of manual-assisted surgery and to improve the capabilities of surgeons doing open surgery without any assistance. It is used to perform the more difficult cases such as those involving spinal cord injuries, brain surgeries, etc. One type of this surgical robot is a vascular robot. These are vascular robots that allow the surgeon to create artificial arteries with the use of a robotic arm. In addition, it also allows the surgeon to seal off the artificial artery with the use of another robotic arm. These instruments have a very high rate of success in eliminating various kinds of tissue disorders and most especially nerve disorders. Because of this, more hospitals are now using these robots to carry out different kinds of surgeries. Another type of surgical robot used today is the one that constructs the incision while a surgeon is holding the actual tools. This type of robot can be programmed to make specific kinds of incisions and also to limit bleeding during surgery.

The global surgical robots market is estimated to account for 16,875.6 Mn in terms of value by the end of 2028.

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Market Drivers:

Growing demand for minimally invasive surgical procedures is a prime factor driving growth of the surgical robots market. They are highly preferred in minimally invasive surgeries. According to the American Society of Plastic Surgeons (ASPS), 13.3 million Cosmetic minimally invasive procedures were performed in 2020: top 5 were - Botulinum toxin type A (4.4 million procedures), Laser skin resurfacing (997,245 procedures), Chemical peel (931,473 procedures), soft tissue fillers (3.4 million procedures), and Intense Pulsed Light (IPL) treatment (827,409 procedures)

Advancement in surgical products and technologies is projected to drive demand for surgical robots. This in turn fostering growth of the market. Moreover, increasing regulatory approval for the introduction of surgical robots is again anticipated to accelerate growth of the market. For instance, in March 2021, the U.S. FDA has approved the marketing of the Hominis Surgical System, a new robotically-assisted surgical device (RASD) that can help facilitate transvaginal hysterectomy in certain patients. It is intended for benign hysterectomy (removal of the uterus for non-cancerous conditions) with salpingo-oophorectomy (removal of one or both fallopian tubes and ovaries).

Market Opportunities:

A growing number of gynecology surgeries is expected to provide enormous growth opportunities to the market of surgical robots. For instance, in July 2021, Medtronic plc, the global marketer in medical technology announced the first gynecological (GYN) procedures with the Hugo™ robotic-assisted surgery (RAS) system.

The rising prevalence of chronic disease and increasing healthcare spending are expected to bring bright market opportunities. According to the U.S. Centers for Medicare & Medicaid Service, U.S. health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.

Market Trends:

Growing number of partnerships and collaboration among key players to raise the adoption of surgical robots is one of the major trend in the market. For instance, in January 2021, Freehand, a UK-based MedTech company, has announced a partnership with Imperial Medical Solutions (IMS), a clinician-led healthcare consultancy, to support the adoption of its surgical robots by hospitals in India, Sri Lanka, Malaysia, and the Caribbean

Key players are focusing on upgrading robotic instruments and accessories with advanced features. This is another major trend in the market. For instance, in January 2019, SS Innovations launched its SSI multi-arm novel telerobotic assistance surgical system.

Competitive Landscape:

Think Surgical
TransEnterix
Zimmer Biomet
Stryker Corporation
Smith & Nephew plc
Medrobotics Corporation
Intuitive Surgical

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Market segmentation:

Global Surgical Robots Market, By Product Type:

Instrument & Accessories
Robotic Systems

Da Vinci Surgical
ROSA
MAKO RIO
ROBODOC
Others

Global Surgical Robots Market, By Surgery:

Gynecology Surgery
General Surgery
Urology Surgery
Cardiovascular Surgery
Neurosurgery
Orthopedic Surgery
Other Surgery

By Geography:

North America
Europe
Asia Pacific
Latin America
Middle East
Africa

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