The surgical robots market has been witnessing significant growth owing to the growing adoption of minimally invasive surgeries and rising prevalence of chronic disorders globally. Surgical robots offer enhanced precision, miniaturization, 3D visualization, and increased dexterity and flexibility over open surgeries. Variables motion scaling and tremor filtration properties of surgical robot systems allow for improved outcomes for complex treatments across various therapy areas. The development of improved user interfaces for surgical robots is further simplifying complex surgeries and reducing surgeon fatigue.
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 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 new product launches, regulatory approvals, and expansion of manufacturing facilities to strengthen their global presence.
The surgical robots market is expected to witness significant opportunities owing to the rising need for automated and high-precision procedures. Market players are investing in R&D to develop surgical robots for new therapy areas such as cardiology, neurology, and gynecology.
Technological advancements including developments in artificial intelligence, miniaturization, 3D visualization, big data analytics, and versatile instrument mobility are further enhancing the capabilities of surgical robots. Next-gen surgical robot systems are expected to provide improved accuracy, dexterity, and efficiency over current systems.
Market Drivers
Growing geriatric population increasing the disease incidence of chronic illnesses globally. Older patients are more likely to require surgical interventions for conditions like cardiac disorders and orthopedic injuries.
Advantages of robotic-assistance over open and laparoscopic surgeries including better ergonomics, 3D high-definition visualization, increased dexterity and precision, and miniaturized surgical capabilities are driving the adoption of surgical robots.
Increasing investments by hospitals and ambulatory surgical centers to acquire advanced surgical equipment in order to provide minimally invasive treatment options. Robotic surgery programs are helping healthcare facilities attract more patients and specialists.
Current Challenges in Surgical Robots Market
The surgical robots market is facing several challenges currently. High costs associated with surgical robots is a major challenge restricting their widespread adoption. Surgical robots are extremely expensive to purchase initially and also involve high maintenance costs. Hospitals and healthcare facilities in many countries are unable to bear such high capital expenditures. Training surgeons to operate surgical robots is another challenge as it requires extensive hands on practice and certifications. Lack of experienced robotic surgeons is causing delays in procedures sometimes. Technical difficulties and reliability issues are other current problems. Surgeons have faced technical glitches during procedures requiring switching to manual mode.
SWOT Analysis
Strength: Surgical robots offer superior vision and precision over manual laparoscopic techniques. They enable minimally invasive surgeries reducing recovery time.
Weakness: High costs associated with purchase and maintenance of surgical robots. Lack of experienced robotic surgeons in many regions.
Opportunity: Rising geriatric population and increasing demand for minimally invasive surgeries will drive market growth. Entering emerging markets presents opportunities.
Threats: Ongoing technical issues and reliability concerns pose threats. Shift to affordable alternative technologies can impact market growth.
Geographical Regions
North America accounts for the largest share of the surgical robots market currently in terms of value. This is due to early adoption of robotic technologies and presence of major players in the region. The U.S. leads the North American market attributable to factors such as increasing surgical volumes and favorable reimbursement policies. Asia Pacific is poised to be the fastest growing regional market for surgical robots over the forecast period driven by China, India and Japan. Rising medical tourism, increasing healthcare expenditures and growing elderly population are fueling demand.
Fastest Growing Region
Asia Pacific region is projected to witness the fastest growth in the surgical robots market during 2024 to 2031. This is owing to rapidly developing healthcare infrastructure, growing medical tourism and rising adoption of advanced technologies in major APAC countries. Rising incidence of chronic diseases, increasing healthcare accessibility and expansion of private healthcare sectors are boosting surgical robot systems adoption across Asia Pacific nations. China, India and Japan are expected to significantly contribute to the Asia Pacific surgical robots market growth over the coming years.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it