May 18, 2024
Surgical Robots Market

Surgical Robots Market is Estimated to Witness High Growth Owing to Rising Adoption in Hospitals for Minimally Invasive Surgeries

Surgical robots are robotic systems that assist surgeons during complex surgical procedures through minimally invasive techniques. They are enabled with advanced visualization systems and small wristed instruments that help surgeons perform complex operations, such as cardiac, gastrointestinal and urological procedures with high precision and flexibility. The minimally invasive aspect of these robots result in reduced risks of surgical site infections, lesser blood loss, shorter hospital stays and faster recovery times for patients.

The Global Surgical Robots Market Size is estimated to be valued at US$ 1,177.3 million  in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period between 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Surgical Robots Market are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono, Inc., Pfizer Inc., Novartis AG. These players are focusing on developing innovative surgical robot technologies and expanding their offerings to drive market growth.

Key opportunities: The increasing uptake of robotic assisted surgeries, growing demand for minimally invasive surgeries (MIS) and speedy recovery are expected to create significant opportunities for players in the surgical robots market over the forecast period.

Global expansion: Major players in the market are investing heavily in R&D to develop technologically advanced products and expanding their presence across various countries worldwide to capitalize on the large untapped opportunities, especially in emerging markets.

Market drivers: The rising adoption of surgical robots in hospitals for performing minimally invasive surgeries is one of the major factors accelerating the growth of this market. Minimally invasive robotic surgeries result in reduced scarring, shorter hospital stay, lesser post-operative pain and faster recovery for patients as compared to open surgeries.

PEST Analysis
Political: Regulations around the use of surgical robots are still evolving. However, safe and ethical use of these technologies in healthcare is being encouraged and new guidelines are addressing related concerns.
Economic: The high costs associated with surgical robot systems is still prohibitive for many hospitals. However, increased market competition and technological advancements are helping drive down equipment and maintenance costs over time.
Social: Surgical robots allow for less invasive procedures and may enable some patients access to highly specialized surgeons regardless of location. However, some concerns remain around its use replacing experienced surgeons or limited healthcare budgets.
Technological: Advancements continue in robotics, computer vision, AI and other related technologies. New systems offer improved surgeon ergonomics, precision, visualization and allow for new procedures. However, fully autonomous operation remains a challenge and often still require human oversight and control.

Geographical regions with high concentration
North America accounts for the largest share of the surgical robots market in terms of value currently, due to supportive regulatory environment, advanced healthcare infrastructure and high adoption rate among medical facilities. Asia Pacific is expected to see increased focus and investments by market players considering growing medical tourism and demand for minimally invasive surgeries in major countries.

Fastest growing region
The Asia Pacific region is expected to witness the highest growth over the forecast period owing to increasing geriatric population, growing incidence of chronic diseases, rising healthcare spending, increasing number of hospitals and developing healthcare infrastructure in emerging countries of China, India and Southeast Asia. Local governments are also prioritizing healthcare development which is positively impacting the uptake of new surgical technologies.

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