May 18, 2024
Surgical Robots Market

The Global Surgical Robots Market Is Estimated To Propelled By Adoption Of Robotic-Assisted Surgeries For Minimally Invasive Procedures

Surgical robots are advanced computer-controlled machines that allow surgeons to perform complex robotic-assisted surgeries with a high level of precision, flexibility, and control. Surgical robots are beneficial for performing minimally invasive procedures like urologic, gynecologic, cardiothoracic surgeries with greater accuracy, flexibility and control as compared to traditional open surgeries. The Global Surgical Robots Market Size is estimated to be valued at US$ 1177.3 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of Robotic-Assisted Surgeries for Minimally Invasive Procedures. Minimally invasive procedures performed using surgical robots offer various advantages over traditional open surgeries like less pain, shorter hospital stays, faster recovery, and reduced scarring. Surgical robots enable surgeons to perform complex minimally invasive procedures, which were earlier difficult to perform, with more precision and flexibility leading to their increasing adoption. Advancements in robotic technologies and rising investments by medical device companies to develop innovative surgical robots are supporting the adoption of robotic-assisted surgeries globally.

SWOT Analysis

Strength: Surgical robots offer enhanced precision, miniaturization, reduced post-operative pain and shorter recovery times compared to traditional open surgery. Their intricate anatomical maneuvers allow for reduced surgical incisions.

Weakness: High costs associated with purchase and maintenance of surgical robots limit their adoption. Steep learning curve for clinicians to get trained on new robotic surgical systems.

Opportunity: Growing demand for minimally invasive surgeries in emerging countries provides growth opportunities. Rise in chronic diseases and aging population globally increases need for surgical treatments.

Threats: Reimbursement issues in some countries pose challenges. Stringent regulatory norms also delay market approvals of new surgical robot technologies.

Key Takeaways

The global surgical robots market is expected to witness high growth over the forecast period of 2024 to 2031. The global Surgical Robots Market is estimated to be valued at US$ 1177.3 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

North America currently dominates the market due to fast adoption of minimally invasive surgical procedures backed by supportive healthcare infrastructure and insurance coverage. Presence of key players complimented by hospital investments in robotic surgery drive market growth in the region.

Asia Pacific is expected to grow at the fastest rate during the forecast period. Rising medical tourism in countries like India coupled with growing healthcare investments in China, Japan and Australia are major factors behind rapid expansion of surgical robots market in Asia Pacific. Growing middle class population accessing private healthcare further supplements regional market growth.

Key players operating in the surgical robots market are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono, Inc., Pfizer Inc., and Novartis AG. Strategic collaborations enable companies to expand their technological capabilities and geographic presence. Manufacturers are increasingly focused on developing innovative surgical robot platforms and complementary products.

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