Surgical Robotics Market Size To Rise USD 36.37 Bn By 2032

The global surgical robotics market size is expected to hit around USD 36.37 billion by 2032, growing at a CAGR of 16.4% from 2023 to 2032.

This device enables a surgeon to perform complex surgical procedures with higher precision. They are mainly used in orthopedic, general neurosurgeries, gynecological procedures, urological procedures and other minor invasive procedures. Growth in this sector is mainly driven by the advantages of artificially assisted surgery. Advancement in technological devices and increased support of robots help to achieve better and accurate results. These facilities are mainly supported by the increase in the funding for artificial intelligence to boost the upcoming market.

Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1729

Market Highlights

The introduction of surgical robots into the medical system helps to increase the accuracy and provide better facilities to the patients who required surgical intervention. But at the same time, introduction of surgical robots leads to tremendous increase in the total cost of the surgical procedure which thus makes it unaffordable for the common man. This is the major factor which may lead to the decline of the surgical robotics market in the future. In order to provide better facilities to the patient surgical robots are the best possible option provided by the global market to the masses. Pandemic situations caused by the COVID-19 were dealt with easily by the use of surgical robots for urgent procedures which needed to be carried out. This helped improving the efficacy of the surgical robots and thus helped the growth of the market of surgical robots.

Table of Contents

Report Scope of the Surgical Robotics Market

Report Coverage	Details
Market Size in 2023	USD 9.27 Billion
Market Size by 2032	USD 36.37 Billion
Growth Rate from 2023 to 2032	CAGR of 16.4%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Component, Surgery Type, End User, Geography

Surgical Robotics Market Dynamics

Drivers

The increased need for better facilities and faster procedures acts as a driving force for the introduction of surgical robots in the medical system. The introduction of surgical robotics leads to the increase in accuracy of complex surgical procedures with minimal chances of error. Increase in the number of complex diseases and surgical procedures lead to the increase in the demand of surgical robots. Introduction of surgical robots reduces the cost of the accessory facilities required while performing a surgery. Chances of human error can be ruled out by the introduction of surgical robots into complex surgical procedures. Surgical procedures carried on during the pandemic of COVID-19 provided to be a driving force for boosting the market of surgical robots. Operations of individuals infected by the virus will be carried out safely with minimal errors without infecting the health care workers.

Restraints

In addition, the annual maintenance cost is around $125,000 which adds to the total cost of the surgery. The rising cost of the procedures due to the use of these robots is thus expected to curtail the growth of the medical robotics market. The total cost of the Surgical procedures Is increased due to the introduction of surgical robots which makes it unaffordable for the common man. Thus, a decline may be seen in the global market of surgical robots. The geriatric age group of patients who have a lower income will not be able to afford such surgical procedures where robots are involved and hence the market loses on this group of people.

Opportunities

The ambulatory surgery centers are freestanding facilities mainly for diagnostic and preventive procedures that do not necessitate admission. The cost saving procedures provided significant savings for the government patients and third-party payers. Research conducted by Healthcare Bluebook and HealthSmart concludes that ambulatory surgery centers decrease the expense of outpatient surgery by $38 billion annually since they offer a lower cost compared to a hospital. Owing to these benefits there has been an increase in the number of procedures performed by this system and the visits of the patient to the hospitals have reduced. Hence there has been a tremendous shift from in-patient to out-patient settings for complex surgical procedures which are performed in the hospital. The situation caused due to the pandemic of COVID-19 Led to the increase in the use of surgical robots to perform Unemployable surgical procedures especially of the infected individuals where there was a high risk of infection to other health care workers.

Challenges

Surgical robots are very expensive which creates a challenge for the hospitals to make the surgical procedures affordable for the patients. The cost effectiveness of introduction of the surgical robots into the surgical system is the greatest challenge that the market will face during its growing years. The rising cost of health care facilities and insurance policies also adds on to the factors that can lead to the decline of the surgical robot market. In the geriatric age group who requires greater number of surgeries won’t be able to afford such expenses.

Recent Developments

The release of Omnibotics 2.7 was announced by Corine Group It shall be used in the total knee anthroplasty which is an upgraded robotic assisted platform. The announcement was made in January 2021.
Surgeries with excelsius GPS, inter body solutions for the first time was announced by the Globus medical with the announcement of this surgery in November 2020. The company’s name has been enhanced in spinal robotics and computer assisted surgeries.

Key Market Players

Medrobotics
Renishaw plc.
TransEnterix Surgical, Inc.
Intuitive Surgical
Medtronic plc.
THINK Surgical Inc.
Zimmer Biomet Holdings Inc.
Smith & Nephew Plc. (Blue Belt Technologies, Inc.)
Auris Surgical Robotics, Inc. (Hansen Medical Inc.)
Intuitive Surgical, Inc.
KUKA AG
Stryker Corporation (MAKO Surgical Corp.)
Mazor Robotics

Market Segmentation:

By Component

Systems
Accessories
Services

By Surgery Type

Gynecology Surgery
Urology Surgery
Neurosurgery
Orthopedic Surgery
- Knee
- Hip
- Spine
- Others
General Surgery
Other Surgeries

By End User

Hospitals
Ambulatory surgical centers

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa