Surgical Robots Market Size, Growth | 2022 - 27

Market Snapshot

Study Period:	2018 - 2026
Base Year:	2021
Fastest Growing Market:	Asia Pacific
Largest Market:	North America
CAGR:	11.4 %

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Market Overview

The surgical robots market was valued at USD 4,437.1 million in 2020. It is expected to reach USD 9,592.2 million by 2026, registering a CAGR of 11.4% during the forecast period (2022-2027).

The COVID-19 pandemic has impacted multiple layers of society, including frontline workers and, in particular, those in direct contact with patients exposed to major risks. Medical services have been primarily restricted, including the cancellation of elective surgeries, to combat pathogen spread and protect healthcare workers and patients. This factor is posing a considerable burden for patients and immense economic loss for several hospitals. Using the robot as a shielding layer separating the healthcare worker and the patient is expected to be a significant tool to combat the fear of pathogens and maintain surgical volumes.

There was massive stress on the healthcare system during the pandemic, particularly on surgical facilities, respirators, and intensive care unit (ICU) beds. These resources are limited in a hospital that may face a sudden patient influx, resulting in the reorganization of ICU beds and the cancelation of elective procedures. There was also the risk of infectious spread among healthcare providers and patients.
The rising demand for automation in the healthcare sector, growing incidences of chronic diseases, increasing geriatric population, the complexity of surgical procedures, and the growing demand for non-invasive surgeries with more precision and flexibility are driving the market studied.
High installation costs and concerns regarding safety and integration issues are challenging the market’s growth. However, innovations in the surgical robots landscape are expected to reduce the cost of the systems over the coming years. Thus, the market penetration is projected to increase over the forecast period.
According to NIOSH, healthcare workers have the most hazardous industrial jobs in the United States, with the highest number of non-fatal occupational injuries and illnesses. Approximately 6,000 surgical robots performed a million operations globally in the previous years. Reputed organizations, such as the University of Michigan and MIT, have been working on the technology to deliver small and compact robots to the medical sector.

Scope of the Report

A surgical robot is a combination of equipment, accessories, and software. It involves partial interference or dependence on specially devised machines to carry out surgical operations. The advanced robotic technology is enhancing the surgery through improved precision, stability, and agility. The study provides an in-depth analysis of the major segments like components and areas of surgery. The study also includes the impact of COVID-19 on the market.

Component
		Surgical System
		Accessory
		Service

Area of Surgery
		Gynecological Surgery
		General Surgery
		Urology
		Other Areas of Surgery

Geography
		United States

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Key Market Trends

General Surgery to Hold Significant Market Share

Cholecystectomy, gastric bypass, adrenalectomy, bowel resection, and oesophagostomy are performed with robotic surgeries and have a high potential for gaining a considerable share in the market. The general robotic surgery market is expected to benefit from the growing incidence of disorders like abdominal and esophagus diseases.
Single-incision robotic adrenalectomy (SIRA) combines the merits of robotic surgery with single-incision laparoscopic techniques. The surgical process is safe, feasible, and oncologically effective for the resection of adrenal masses in well-selected pediatric patients. However, this new technique still needs improvement.
While robot-assisted adrenalectomy is considered a reasonable alternative to adrenal gland resection, it is yet to become the gold standard for such operations in most countries, including the United States, due to the popularity of laparoscopic adrenalectomy over robot-assisted adrenalectomy.
According to the National Institute of Diabetes and Digestive and Kidney Diseases, approximately 60-70 million people are affected by digestive diseases. Intuitive Surgical's robotic system performs various general surgeries, including colorectal surgery, hernia repair, cholecystectomy, bariatric surgery, and thoracic surgeries, with fewer side effects.

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Asia-Pacific to Witness the Highest Growth

Asia-Pacific is projected to record the highest CAGR due to the increasing demand in India, China, and Japan and the growth of the region's overall robotics market. In China, the demand for surgical robots is mainly among a niche group of wealthier patients who can afford the expensive procedures. However, the advent of domestic versions has decreased the prices, which is expected to drive the deployment.
Asian countries, particularly Japan, China, and South Korea, with substantial investment in technological advancements, serve as new revenue pockets for the medical robotic systems markets.
The healthcare industry is increasingly benefitting from the introduction of novel surgical robots since these machines have been gaining clinical approval for challenging surgical operations. According to a survey conducted by the IEEE (an association for electronic engineering), surgical robots are gaining increased acceptance by millennial parents in Asian countries compared to the individuals in the United States and the United Kingdom. This trend is well justified as Asia-Pacific is anticipated to witness aggressive growth during the forecast period.
Minimally invasive surgical robots are widely used in urology, cardiothoracic surgery, gynecology, general surgery, and other fields due to their simple operation, high surgical accuracy, and adequate postoperative results.
Manufacturers are collaborating with technologists to improve the efficacy of robots that contribute to better patient outcomes. Companies are increasing their AI and machine learning effectiveness to make surgical robots a mainstream technique in operating rooms worldwide.

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Competitive Landscape

The surgical robot market gained a competitive edge in recent years. The major players with a prominent share in the market are focusing on expanding their customer bases across foreign countries. The companies are leveraging strategic collaborative initiatives and mergers and acquisitions to increase their market shares and profitability.

February 2020 - Intuitive Surgical Inc. acquired Orpheus Medical Ltd and its wholly-owned subsidiaries to deepen and expand the company’s integrated informatics platform. Orpheus Medical provides hospitals with information technology connectivity and expertise in processing and archiving surgical videos.

Major Players

Intuitive Surgical Inc., Stryker Corporation, Johnson & Johnson , Renishaw PLC, CMR Surgical, Accuray Incorporated, Think Surgical Inc., Titan Medical Inc.

Recent Developments

September 2020 - Stryker Corporation released the Mako Total Hip 4.0. With CT-based 3D modeling and new planning features, this SmartRobotics system provides unprecedented information. The new software of Mako Total Hip 4.0 is designed to enhance the user experience with approach-specific, region-based pelvic registration. Its new features allow surgeons to plan a patient’s implant position while considering changes in pelvic tilt in the patient’s sitting, standing, and supine poses. Surgeons can now visualize the femur-to-pelvis and component relationship to help detect the risk of potential impingement.
June 2020 - Accuray Incorporated launched the CyberKnife S7 System, an innovative device that combines speed, advanced precision, and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments in 15 minutes. The CyberKnife S7 System is the next-generation CyberKnife platform, a robotic, non-invasive radiation therapy device capable of treating cancerous and benign tumors throughout the body and neurologic disorders.

1. INTRODUCTION
1. 1.1 Study Assumptions and Market Definition
2. 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
1. 4.1 Market Overview
2. 4.2 Industry Value Chain Analysis
3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis
  1. 4.3.1 Bargaining Power of Buyers/Consumers
  2. 4.3.2 Bargaining Power of Suppliers
  3. 4.3.3 Threat of New Entrants
  4. 4.3.4 Threat of Substitute Products
  5. 4.3.5 Intensity of Competitive Rivalry
4. 4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
1. 5.1 Market Drivers
  1. 5.1.1 Increasing Volume of Surgical Procedures and Growing Demand for Minimally Invasive Surgical Procedures
  2. 5.1.2 High Precision and Accuracy Compared to Conventional Procedures
2. 5.2 Market Restraints
  1. 5.2.1 Safety Concerns Associated with the Use of Surgical Robots
  2. 5.2.2 High Initial and Maintenance Costs of the Equipment
6. MARKET SEGMENTATION
1. 6.1 Component
  1. 6.1.1 Surgical System
  2. 6.1.2 Accessory
  3. 6.1.3 Service
2. 6.2 Area of Surgery
  1. 6.2.1 Gynecological Surgery
  2. 6.2.2 General Surgery
  3. 6.2.3 Urology
  4. 6.2.4 Other Areas of Surgery
3. 6.3 Geography
  1. 6.3.1 United States
7. COMPETITIVE LANDSCAPE
1. 7.1 Company Profiles
  1. 7.1.1 Intuitive Surgical Inc.
  2. 7.1.2 Stryker Corporation
  3. 7.1.3 Johnson & Johnson
  4. 7.1.4 Renishaw PLC
  5. 7.1.5 CMR Surgical
  6. 7.1.6 Accuray Incorporated
  7. 7.1.7 Think Surgical Inc.
  8. 7.1.8 Titan Medical Inc.
  9. 7.1.9 Medtronic PLC
  10. 7.1.10 Smith & Nephew PLC
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET

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Frequently Asked Questions

What is the study period of this market?

The Surgical Robots Market market is studied from 2018 - 2026.

What is the growth rate of Surgical Robots Market?

The Surgical Robots Market is growing at a CAGR of 11.4% over the next 5 years.

Which region has highest growth rate in Surgical Robots Market?

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Which region has largest share in Surgical Robots Market?

North America holds highest share in 2021.

Who are the key players in Surgical Robots Market?

Intuitive Surgical Inc., Stryker Corporation, Accuray Incorporated, CMR Surgical, Renishaw PLC are the major companies operating in Surgical Robots Market.

Surgical Robots Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)