Yahoo Finance Surgical Robotics Market Size to Hit US$ 21.3 Billion by 2030
According to Precedence Research, the global surgical robotics market size is projected to hit around US$ 21.3 billion by 2030 and expanding growth at a CAGR of 16.57% from 2022 to 2030.
Ottawa, May 23, 2022 (GLOBE NEWSWIRE) -- The global surgical robotics market size was valued at US$ 5.36 bn in 2021. 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.
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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.
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Scope of the Report
Report Attributes | Details |
Market Size in 2020 | USD 5.36 Billion |
Revenue Forecast by 2030 | USD 21.3 Billion |
Base Year | 2021 |
Forecast Data | 2022 to 2030 |
Companies Covered | Renishaw plc., Medrobotics, TransEnterix Surgical, Inc., Intuitive Surgical, THINK Surgical Inc., Zimmer Biomet Holdings Inc., Medtronic plc., Smith & Nephew Plc. (Blue Belt Technologies, Inc.), Auris Surgical Robotics, Inc. (Hansen Medical Inc.) |
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.
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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
To enhance the ortho market of Mako robots, in January 2021 Stryker acquired OrthoSensor and its Verasense intraoperative sensor.
CE Mark approval was granted to TransEnterix in January 2021 for its intelligent surgical unit that adds capabilities and enables machine vision.
To introduce Versius across New Zealand and Australia, after the regulatory process CMR Surgical signed an agreement with LifeHealthcare
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
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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