The global surgical robot market was valued at USD 2.37 billion in 2020 and is expected to grow at a CAGR of 21.9% during the forecast period. The growing adoption of nominal invasive surgeries is the key factor driving market growth across the globe. It delivers advantages such as low-cost medical treatment owing to cost-efficient and flexible surgery options for the patients.
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Several companies operating in the segment have been approved by FDA for advanced R&D in robotics automation and image-guided surgery using high-end technological assistance is anticipated to fuel the growth over the forecast period.
Industrial advancement in the field of data recorders, data analytics, high-definition microscope, 3D imaging, motion sensors, and remote navigations has contributed to significant changes in surgical robots. This is projected to create an application for established as well as new market platforms boosting the growth of surgical robots over the coming years.
Notwithstanding the widespread popularity, the risk associated with robotics surgery is the same as traditional open surgery consists of a cardiopulmonary threat of anesthesia and probable infection among the patients. Additionally, failure of mechanical system during the surgery is the major concern in the use of robotics which acts as a restraint for the market growth.
The market is primarily segmented on the basis of product and services, end use industry, application, and geographic region.
By Product & Services
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The robotics systems segment was the market leader in the year 2020, owing to the increasing demand for minimally invasive surgeries considering its numerous advantages such as fewer cuts during critical operations, lesser scarring on the operating surface, faster recovery period, and higher safety. It permits repeatability with the same precision, greater accuracy, and efficiency.
The instruments & accessories segment is projected to witness higher market growth owing to its high replacement frequency due to continuous wear and tear. Its price is lower than the robotics system and hence gaining market attraction as a cost-efficient alternative.
In 2020, Ambulatory surgery centers (ASCs) dominated the market in terms of revenue. These are self-supporting services without the need for hospital admission for the patients. It allows cost saving for the third-party players, governments, and patients. Data from a study conducted by a Healthcare BlueBook which is an information provider for healthcare amenities suggested that it assist in saving near about USD 38 billion annually with its low-cost operations.
Medicare saves more than USD 2.6 billion each year with a reduction in the process cost with the ambulatory surgery center. Rising awareness about the cost savings at ASCs is causing growth in the number of operations to perform at outpatient services. Major medical facilities are shifting towards the adoption of ASCs which is further anticipated to boost its market demand over the forecast period.
Neurosurgery was the leading market segment in the year 2020, with growing health conditions such as stroke, brain aneurysm, and neurological dysfunction among the population across the globe. The segment is projected to show significant growth over the coming years owing to the adaptation of robotics in surgery for its control, precision, and accuracy.
Orthopedic surgery is anticipated to account for a larger growth over the forecast period driven by the growing implementation of surgical robots in surgeries for knee replacement. In the U.S. around 700,000 knee surgeries are carried out each year among which most of them utilize surgical robots. This growing need for surgery for joint replacement will act as a catalyst for market development across the globe.
The market competition for orthopedic surgery is expected to grow over the coming years as a key market player in the manufacturing of surgical robots, Stryker Corp., acquire MAKO Surgical Corp. to introduce new advanced robots in the market.
In 2020, the North America surgical robots industry accounted for a significant share of the global market. Key elements contributing to the growth are, ascending number of medical facilities that are selecting robotics surgery over traditional one, growing robotics investment in the region, high healthcare spending by the U.S. government, etc.
Data provided by the FDA shows that the utilization the robotics in the U.S. has shown significant growth from the year 2005 to 2012. According to National Cancer Institute, about 80% of prostatectomies were performed using robotics in the year 2014. Increasing implementation of new technology in the healthcare sector is expected to drive the market over the coming years.
Key players operating in the market for surgical robots are Medtronic (Ireland), Stryker Corporation (US), Smith & Nephew (UK), Zimmer Biomet (US), and Intuitive Surgical (US) among others. The market for surgical robots is dominated by few major players and prominent market players are investing in new technologies and innovations to gain a competitive edge.
Stryker Corp. acquired OrthoSensor in January 2021 which is a privately held company operating in smart medical devices. This acquisition has empowered the organization in expanding the product portfolio with innovative solutions for the healthcare sector. Intuitive surgical acquired Orpheus Medical to strengthen the data analytics of the organization.