Major surgical robot market players include Accuray Incorporated, Corin Group, Globus Medical Inc., Intuitive Surgical, Johnson & Johnson, Medtronic, Siemens Healthineers, Stryker, THINK Surgical, Inc. and Zimmer Biomet.
Selbyville, Delaware, May 24, 2021 (GLOBE NEWSWIRE) --
According to latest report “Surgical Robot Market by Component (Systems, Accessories & Instruments), Application (Orthopedic Surgery, Neurosurgery, General Surgery, Gynecology Surgery, Urologic Surgery), End-user (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of surgical robots will cross $13.8 billion by 2027. Increasing R&D investments and technological advancements in surgical robotics field for developing innovative and superior robots will foster the market growth.
There has been an increase in prevalence of chronic diseases leading to increased number of surgical procedures across the globe in recent years. Some of the surgical procedures that have increased in the last decade include cardiac surgery, cataract surgery, orthopedic surgeries, surgical intervention for cancer, etc. Also, the number of total knee replacement surgeries has grown significantly in the European region. In the U.S., every year, nearly 3 million people undergo cataract surgeries, about 1.3 million pregnant women deliver babies by C-section, and approximately 720,000 knee replacements and 330,000 hip replacements are performed. The complications associated with surgeries are better managed with highly precise and technologically advanced robotic systems. With the use of robotic surgery, there has been a significant reduction in post-surgical complications and recovery time which has positively impacted the industry growth. Thus, growing number of surgeries leading to increased adoption of robot-assisted procedures will prove beneficial for the industry.
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The systems segment in the surgical robot market accounted for around USD 1.3 billion in 2020 led by the increasing demand for robotics system for minimally invasive surgical procedures. These systems provide benefits such as improved accuracy, less errors, low risk of post-operative complications, and lesser recovery time. Moreover, their ability to perform critical procedures with utmost precision is expected to increase its demand over the coming years.
The surgical robot market for general surgery segment exceeded USD 1.3 billion in 2020. Surgical robots are being increasingly used in general surgeries owing to the number of benefits they provide over the traditional method. In addition, availability of a range of surgical robots for general surgery will further propel the segment growth.
The hospitals segment dominated more than 70% of the surgical robot market share in 2020 impelled by the cost of the surgical robots. Since, these systems are highly expensive, usually big hospitals are able to make a purchase or lease them. Also, operating these advanced systems require professional training and experience. Availability of such surgeons in hospitals thus further fuel its segment expansion.
Asia Pacific surgical robot market captured over 20% of revenue share in 2020 on account of the increasing adoption of robot-assisted surgeries along with rising investment in the development of healthcare infrastructure in countries such as China, Japan, and South Korea. Also, the growing need for general and orthopedic surgeries in several countries of APAC will contribute further to the regional growth.
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Some of the eminent companies functioning in the market include Accuray Incorporated, Corin Group, Globus Medical Inc., Intuitive Surgical, Johnson & Johnson, Medtronic, Siemens Healthineers, Stryker, THINK Surgical, Inc. and Zimmer Biomet. These industry players are focusing on developing innovative products that helps the company increase its market share internationally.
Some major findings of the surgical robot market report include:
The presence of favorable government policies, as well as growing healthcare expenditure in emerging countries, contribute positively to the market demand.
Leading market players are expanding their product portfolio with innovative robot systems and targeting developed countries to increase their installation base.
Notably, the Med-Tech giants have been making big moves to establish a presence in the surgical robotics sector, especially through merger and acquisition activities.
The COVID-19 pandemic will have a notable impact on the global market. During the financial year 2020, some companies operating in surgical robotics space reported a drop in revenue attributed to the consequent lockdowns and travel restrictions.
North America dominated the industry due to the presence of leading companies in the region and majority of installed base being in the U.S.
Table of Contents (ToC) of the report:
Chapter 3 Surgical Robot Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By component
3.4.2 By application
3.4.3 By end-user
3.5 COVID-19 impact analysis
3.6 Brand analysis, 2018 – 2020
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis, 2020
3.9 PESTEL analysis
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