Surgical Robot Market: Size, Share, Trends & Forecast (2024-2029)
The market report offers a detailed analysis segmented by Components (Robot Systems, Instruments & Accessories); by Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynecology Surgery, Urologic Surgery); by End User (Hospitals, Ambulatory Surgical Centers); by Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).
Outlook
- The surgical robot market is estimated to be at USD 9,786.03 Mn in 2024 and is anticipated to reach USD 18,340.11 Mn in 2029.
- The surgical robot market is registering a CAGR of 13.39% during the forecast period of 2024-2029.
- The global surgical robot market is driven by advancements in robotic technology, increasing demand for minimally invasive surgeries, and rising investments in healthcare infrastructure.
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Ecosystem
- The participants in the global surgical robot industry lead the market with their extensive product portfolios, continuous innovation, and strong global presence.
- These companies primarily focus on product innovation and differentiation to maintain a competitive edge. To increase market presence, companies are focusing on expanding their services in emerging markets and enhancing their global footprint.
- Several important entities in the surgical robot market include Intuitive Surgical, Inc.; Globus Medical, Inc.; Medtronic Plc; Microsure B.V.; Avateramedical GmbH; and others.
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Findings
| Attributes | Values |
|---|---|
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 9,786.03 Mn |
| Market Size (2029) | USD 18,340.11 Mn |
| Growth Rate | 13.39% CAGR from 2024 to 2029 |
| Key Segments | Components (Robot Systems, Instruments & Accessories); Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynecology Surgery, Urologic Surgery); End User (Hospitals, Ambulatory Surgical Centers); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | Intuitive Surgical, Inc.; Globus Medical, Inc.; Medtronic Plc; Microsure B.V.; Avateramedical GmbH |
| Key Countries | The US; Canada; Brazil; China; India; Japan; The UK; Germany; Italy; France |
| Largest Market | North America |
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Trends
- AI in Robotic Technology: Continuous innovations in robotic systems, including the development of AI-integrated and autonomous robots, are transforming surgical practices. These advancements enhance the capabilities of surgical robots, offering greater precision and expanding the range of procedures they can perform.
- Integration with Augmented Reality (AR): The integration of AR in surgical robots is becoming a trend, providing surgeons with enhanced visualization of surgical fields and anatomical structures. This technology aids in planning and executing complex procedures with greater accuracy. In 2023, Medtronic unveiled a new AR-assisted robotic platform designed to improve outcomes in spine surgeries.
- Deployment of Flexible Robotics: Innovations in flexible and soft robotics are enabling more delicate and less invasive procedures. In 2023, researchers at MIT developed a new type of soft robotic gripper that can handle delicate tissues with minimal damage, potentially revolutionizing minimally invasive surgeries.
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Catalysts
- Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and obesity is boosting the demand for surgical interventions, thereby driving the market for surgical robots. In 2023, the World Health Organization (WHO) reported a significant rise in cancer-related surgeries worldwide, many of which utilized robotic systems for better outcomes.
- Government Initiatives: Governments and healthcare organizations are increasingly investing in advanced surgical technologies, including robotic systems, to improve healthcare outcomes. In 2023, the European Union allocated 109.29 million USD for the development and adoption of robotic surgery technologies across member states.
- Minimally Invasive Surgeries: The growing preference for minimally invasive surgeries, which offer benefits such as reduced pain, shorter recovery times, and a lower risk of complications, is a major driver for the surgical robot market. These procedures are increasingly popular among patients and healthcare providers.
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Restraints
- Adoption of Surgical Robots Due to High Costs: The high cost of acquiring, maintaining, and operating surgical robots presents a significant challenge. These costs can be prohibitive for smaller hospitals and clinics, limiting the widespread adoption of robotic systems.
- Technical Challenges: Technical issues, such as system malfunctions and complex setup procedures, can hinder the seamless operation of surgical robots. In 2023, several hospitals reported operational challenges with new robotic systems, leading to delays and increased procedure times.
- Ethical Concerns: The use of robotic systems in surgery raises ethical and liability concerns, particularly in cases of malfunctions or surgical errors. In 2023, a study published in the Journal of Medical Ethics highlighted the growing debate over accountability and liability in robotic-assisted surgeries.
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Table of Contents
| 1.       Introduction 1.1.    Research Methodology 1.2.    Scope of the Study 2.       Market Overview / Executive Summary 2.1.    Global Surgical Robot Market (2018 – 2022) 2.2.    Global Surgical Robot Market (2023 – 2029) 3.       Market Segmentation 3.1.    Global Surgical Robot Market by Components 3.1.1. Robot Systems 3.1.2. Instruments & Accessories 3.2.    Global Surgical Robot Market by Application 3.2.1. Orthopedic Surgery 3.2.2. Neurosurgery 3.2.3. General Surgery 3.2.4. Gynecology Surgery 3.2.5. Urologic Surgery 3.3.    Global Surgical Robot Market by End User 3.3.1. Hospitals 3.3.2. Ambulatory Surgical Centers 4.       Regional Segmentation 4.1.    North America 4.1.1. The US 4.1.2. Canada 4.1.3. Mexico 4.2.    South America 4.2.1. Brazil 4.2.2. Argentina 4.2.3. Colombia 4.2.4. Chile 4.2.5. Rest of South America 4.3.    Asia Pacific 4.3.1. China 4.3.2. India 4.3.3. Japan 4.3.4. South Korea 4.3.5. Rest of Asia Pacific 4.4.    Europe 4.4.1. The UK 4.4.2. Germany 4.4.3. Italy 4.4.4. France 4.4.5. Spain 4.4.6. Rest of Europe 4.5.    The Middle East 4.5.1. Turkey 4.5.2. UAE 4.5.3. Saudi Arabia 4.5.4. Rest of the Middle East 4.6.    Africa 4.6.1. Egypt 4.6.2. South Africa 4.6.3. Rest of Africa 5.       Value Chain Analysis of the Global Surgical Robot Market 6.       Porter Five Forces Analysis 6.1.    Threats of New Entrants 6.2.    Threats of Substitutes 6.3.    Bargaining Power of Buyers 6.4.    Bargaining Power of Suppliers 6.5.    Competition in the Industry 7.       Trends, Drivers and Challenges Analysis 7.1.    Market Trends 7.1.1.    Market Trend 1 7.1.2.    Market Trend 2 7.1.3.    Market Trend 3 7.2.    Market Drivers 7.2.1.    Market Driver 1 7.2.2.    Market Driver 2 7.2.3.    Market Driver 3 7.3.    Market Challenges 7.3.1.    Market Challenge 1 7.3.2.    Market Challenge 2 7.3.3.    Market Challenge 3 8.       Opportunities Analysis 8.1.    Market Opportunity 1 8.2.    Market Opportunity 2 8.3.    Market Opportunity 3 9.       Competitive Landscape 9.1.    Intuitive Surgical, Inc. 9.2.    Globus Medical, Inc. 9.3.    Medtronic Plc 9.4.    Microsure B.V 9.5.    Avateramedical GmbH 9.6.    Company 6 9.7.    Company 7 9.8.    Company 8 9.9.    Company 9 9.10.  Company 10 |
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Surgical Robot Market – FAQs
1. What is the current size of the surgical robot market?
Ans. In 2024, the surgical robot market size is $9,786.03 Mn.
2. Who are the major vendors in the surgical robot market?
Ans. The major vendors in the surgical robot market are Intuitive Surgical, Inc.; Globus Medical, Inc.; Medtronic Plc; Microsure B.V.; and Avateramedical GmbH.
3. Which segments are covered under the surgical robot market segments analysis?
Ans. The surgical robot market report offers in-depth insights into Components, Application, End User, and Geography.