Surgical Robots Market Trends, Analysis and Forecast - 2026
The global surgical robots market will derive growth from recent technological advancements that have enabled minimally invasive surgeries. According to a report published by Fortune Business Insights, titled “Surgical Robots: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 1,463.0 Mn in 2018. Fortune Business Insights predicts that the market will reach 6,875.1 Mn by 2026, thereby exhibiting a CAGR of 21.4% during the forecast period.
Surgical robots are used to perform computer-assisted surgeries in the presence and guidance of skilled surgeons. Surgical robots were manufactured to enable magnified images and efficient surgical operations within the intricate human anatomy. The ability of surgical robots to conduct precise hand movements without having to deal with shortcomings such as fatigue, instability, and distractions has enabled efficient surgical procedures within less time. This, in turn, has led to a rising uptake of surgical robots across the world.
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The need for zero or minimum margin of error has opened the doors for innovations and created a potential for growth of the global surgical robots market, through the development of highly efficient products. Furthermore, surgical robots help surgeons operate with the utmost stability and enhanced movements while dealing with neurological parts of the body, which in turn minimizes damage to healthy tissues. The aforementioned factors will contribute to an increase in the global surgical robots market value and will help the market grow at a considerable rate in the forthcoming years.
Key Takeaways for Surgical Robots Market
The surgical robot market is expected to grow significantly in the coming years, driven by advancements in technology, increasing demand for minimally invasive surgeries, and a growing ageing population.
The market is segmented into product type, application, and end-user, with the product type segment being further divided into instruments and systems. The instruments segment is expected to dominate the market due to the increasing use of robotic arms and other instruments in surgical procedures.
The application segment is segmented into general surgery, orthopaedic surgery, gynaecological surgery, urological surgery, and others. The general surgery segment is expected to dominate the market due to the increasing use of surgical robots in procedures such as laparoscopic surgery and thoracic surgery.
The end-user segment is segmented into hospitals, ambulatory surgical centres, and academic and research institutes. The hospital segment is expected to dominate the market due to the increasing adoption of surgical robots in these settings.
Key players in the surgical robots market include Intuitive Surgical, Stryker, Medtronic, Johnson & Johnson, and Smith & Nephew, among others. These companies are focusing on strategic partnerships and collaborations to expand their market presence and strengthen their product portfolio.
The advent of Procedure-specific Robots to Boost Market Growth
The demand for surgical robots has risen significantly in recent years due to the demand for improvement in surgical efficacies and an increasing number of clinical trials. The manufacture of procedure-specific surgical robots has witnessed high demand in the past decade, which in turn is likely to favour the growth of the global surgical robots market. In February 2019, Intuitive Surgical Inc. received usage approval from the Food and Drug Administration (FDA) for its Ion system.
The device helped surgeons conduct minimally invasive biopsies within the inner layers of the lung. The lung-specific device gained massive popularity among surgeons and the FDA approval for this product has aided the growth of the global surgical robots market. Additionally, the rising demand for surgical robots by medical professionals and surgeons will favour the growth of the global market in the forthcoming years.
Increasing Focus on R&D of Surgical Robots for Cancer Treatment to Enable Growth of the Asia Pacific Market
The growing investment in research and development of surgical robots aimed at the treatment of cancer has created massive growth opportunities for the surgical robot market in North America. According to the American Heart Association, around 98 million adults in the US were suffering from different types of cardiovascular disease in 2016. The high prevalence of cardiovascular devices will help the growth of minimally invasive surgeries through surgical robots. Fortune Business Insights states that the surgical robots market in North America was valued at US$ 1,045.5 Mn in 2018 and is likely to expand in the coming years.
Rising Regulatory Approvals Identified as Chief Growth Driver
As surgical robots are essentially dealing with sensitive parts of the body, regulatory authorities are somewhat reluctant to clear the products for usage. Having said that, recent advancements in surgical robots and the advent of high-precision products have churned out several regulatory clearances. Subsequently, increasing regulatory approvals will favour the growth of the global surgical robot market. In 2019, Zimmer Biomet received clearance from the Food and Drug Administration (FDA) for the usage of its latest product ‘The Rosa One Brain Application’. The system allows surgical navigation and positioning for operations related to neurological body parts, wherein extreme precision methods are required. Fortune Business Insights predicts that advancements in neurological surgeries will account for a significant amount of growth in the global surgical robots market.
Minimally Invasive Robot-assisted Surgeries Will Favor Market Growth
Recent technological advancements have enabled surgical operations through robots wherein the efficiency and time-to-completion have been unmatched by their human counterparts. The advent of minimally invasive surgical procedures due to the rising demand for imaging techniques through infrared technology has led to a rising uptake of surgical robots across the world. In April 2019, the Vanderbilt Institute for Surgery and Engineering (VISE) received a grant of approximately US$ 2 Mn for the development of a surgical robot within a minimally invasive environment. The project revolved around prostate surgeries and would include operations through needle-sized robotic arms. Fortune Business Insights predicts that increasing the adoption of minimally invasive surgeries through surgical robots will minimize the use of surgical stitches, thereby creating a huge demand among surgeons as well as end users across the world. The report studies the impact of product launches similar to VISE’s latest surgical robot and gauges the impact of these products on the global surgical robot market.
Fortune Business Insights profiles a few of the companies operating in the global surgical robots market. Some of the leading companies that are operating in the market are Intuitive Surgical Inc., Medtronic, Stryker, Smith & Nephew and Zimmer Biomet.
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