November 6, 2024
Surgical Robots Market

Global Surgical Robots Market Is Estimated To Witness High Growth Owing To Advancements in Robotic-Assisted Surgical Procedures

The global Surgical Robots Market is estimated to be valued at US$5,721.6 million in 2022 and is expected to exhibit a CAGR of 13.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Surgical robots are innovative robotic systems used to assist surgeons during surgical procedures. These robots provide surgical precision, improved dexterity, and enhanced visualization, resulting in better patient outcomes. They are used in various surgical specialties such as gynecology, urology, general surgery, and orthopedics. The need for surgical robots arises from the growing demand for minimally invasive surgeries, increasing prevalence of chronic diseases, and advancements in technology. By enabling less invasive procedures, surgical robots reduce postoperative pain, scarring, and shorten hospital stay, leading to faster recovery.

Market Key Trends:

One key trend in the Surgical Robots Market is the increasing adoption of robotic-assisted surgical procedures. Robotic systems offer advantages such as increased accuracy, shorter operating times, reduced blood loss, and improved patient outcomes. For instance, Intuitive Surgical, a key player in the market, developed the da Vinci Surgical System, which has been widely used across various surgical specialties. The system provides magnified 3D high-definition vision and robotic arms with enhanced precision and range of motion. This trend is expected to drive the growth of the market as more healthcare providers recognize the benefits of robotic-assisted surgeries. 

Porter’s Analysis:

Threat of new entrants:

Low. The high capital investment required and the need for extensive regulatory approvals act as barriers to entry for new players in the surgical robots market.

Bargaining power of buyers:

Medium. Buyers have the power to negotiate prices based on their requirements and the availability of alternative options in the market.

Bargaining power of suppliers:

Low. Suppliers of key components and technology have limited bargaining power due to the presence of multiple suppliers in the market.

Threat of new substitutes:

Low. Surgical robots provide unique advantages over traditional surgical methods, such as improved precision and less invasiveness, which make them difficult to substitute.

Competitive rivalry:

High. The market is highly competitive with the presence of major players such as Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic.

Key Takeaways:

The global Surgical Robots Market is expected to witness high growth, exhibiting a CAGR of 13.4% over the forecast period. This growth can be attributed to factors such as increasing adoption of robotic-assisted surgical procedures, advancements in technology, and the benefits associated with minimally invasive surgeries. For example, robotic-assisted surgeries result in reduced postoperative pain, shorter hospital stays, and faster recovery for patients.

North America is expected to dominate the Surgical Robots Market due to the presence of well-established healthcare infrastructure, high healthcare expenditure, and increasing demand for minimally invasive surgeries. Additionally, Asia Pacific is expected to witness the fastest growth during the forecast period due to the rising geriatric population, increasing healthcare expenditure, and advancements in healthcare technology.

Key players operating in the global Surgical Robots Market include Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. These players focus on strategic partnerships, product launches, and technological advancements to maintain their market position and gain a competitive edge. For instance, Intuitive Surgical continuously invests in research and development to enhance its da Vinci Surgical System and expand its product portfolio.

the global Surgical Robots Market is poised for significant growth due to the increasing adoption of robotic-assisted surgical procedures. Advancements in technology and the benefits associated with minimally invasive surgeries are driving the market. North America is expected to dominate the market, while Asia Pacific is anticipated to witness the fastest growth. Key players in the market are focusing on strategic initiatives to maintain their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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