Growth in the surgical robots market is primarily driven by factors such as introduction of novel product and technologies in the market, increased funding for R&D, growing application, and rise in the adoption of surgical robots by hospitals and ambulatory surgical centers.
What the Market Looks Like?
Predicted to grow at a CAGR of 10.4 % during the forecast period, the global Surgical Robots Market is estimated to reach USD 27.5 Billion by the end of 2023. In 2018, North America is expected to dominate the surgical robots market during the forecast period.
Based on component, the global surgical robots market has been segmented into systems, instruments & accessories and services. The instruments & accessories segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest CAGR. The high growth in this segment can be attributed to the increase in volume of robotic procedures performed worldwide and growing demand of instruments & accessories due to their recurring need per procedure.
Based on application, the global surgical robots market has been segmented into gynecological surgery, urological surgery, neurosurgery, orthopedic surgery, general surgery, and other applications. The general surgery segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest CAGR. This can be attributed to the rise in application of surgical robots for various surgery types including bariatric surgery, heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy as well as increased procedural volume across the globe under the general surgery category.
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Based on end user, the market has been segmented into hospitals and ambulatory surgical centers. The hospitals segment is expected to command the largest share of the market in 2018 and is estimated to grow with the highest CAGR. The large share and high growth of this segment can be attributed to factors such as availability of large funds with the hospitals and increased adoption of surgical robots for performing various types of surgical procedures.
What Drives the Market?
The growth of the global market for Surgical Robots is primarily influenced by the following factors:
- Advantages Offered By Surgical Robots
- Technological Advancements
- Increase in Funding for Surgical Robot Research
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Geographical growth scenario of Surgical Robots Market
Geographically, the Surgical Robots market has been studied for North America. North America is expected to dominate the surgical robots market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to western partnerships to improve healthcare, development of surgical robots by domestic manufacturers as well as multiple collaborations of the government with regional universities for research and development purpose.
Leading market players and strategies adopted
The prominent players in the Surgical Robots market include Intuitive Surgical (US), Stryker (US), and Mazor Robotics (US). These companies have the largest installed base of surgical robotic systems across hospitals and ambulatory surgical centers. Other players involved in this market are Smith & Nephew (UK), Hansen Medical (US), Medrobotics (US), TransEnterix (US), Medtech (France), Renishaw (UK), and THINK Surgical (US).
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