At 21.4% CAGR, the surgical robot market size is worth USD

PUNE, India, Aug. 09, 2022 (GLOBE NEWSWIRE) — The global surgical robot market will derive growth from recent technological advances that have enabled minimally invasive surgeries. According to a report published by Fortune Business Insights, “Surgical Robots: Global Market Analysis, Insights and Forecast, 2019-2026”, the market was valued at US$1,463.0 million in 2018. Fortune Business Insights forecasts that the market will reach 6,875.1M by 2026, registering a CAGR of 21.4% during the forecast period.

Surgical robots are used to perform computer-assisted surgeries in the presence and guidance of experienced surgeons. Surgical robots were created to enable magnified images and efficient surgical interventions within the intricate human anatomy. The ability of surgical robots to perform precise hand movements without having to deal with deficiencies such as fatigue, instability, and distraction has enabled efficient surgical procedures in less time. This in turn has led to a worldwide increase in the spread of surgical robots. The need for zero or minimal error has opened the doors to innovation and created growth potential for the global surgical robot market through the development of highly efficient products. In addition, surgical robots help surgeons operate with the greatest possible stability and improved movements while dealing with neurological parts of the body, which in turn minimizes damage to healthy tissue. The above factors will contribute to increase the global Surgical Robots market value and help the market to grow significantly in the years to come.

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Surgical robot market Scope and segmentation of the report:

report coverage details
forecast period 2019 to 2026
Forecast period 2019 to 2026 CAGR 21.4%
Value prognosis 2029 $6875.1 million
base year 2018
Market size in 2018 $1463.0 million
Historical data for 2015 to 2017
number of pages 125

Introduction of procedure-specific robots to increase market growth

The demand for surgical robots has increased significantly in recent years due to the demand to improve surgical effectiveness and an increasing number of clinical studies. The manufacture of procedure-specific surgical robots has experienced high demand over the past decade, which in turn is likely to fuel the growth of the global surgical robot market. In February 2019, Intuitive Surgical Inc. received approval for use of its Ion system from the Food and Drug Administration (FDA). The device assisted surgeons in performing minimally invasive biopsies within the inner layers of the lungs. The lung-specific device has enjoyed great popularity among surgeons and the FDA clearance of this product has contributed to the growth of the global surgical robot market. Furthermore, increasing demand for surgical robots by medical professionals and surgeons will favor the growth of the global market in the coming years.

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Increasing focus on R&D of surgical robots for cancer treatment to enable growth of Asia Pacific market

The growing investment in research and development of surgical robots for treating cancer has created tremendous growth opportunities for the surgical robot market in North America. According to the American Heart Association, around 98 million adults in the United States had some form of cardiovascular disease in 2016. The proliferation of cardiovascular devices will fuel the growth of minimally invasive surgeries using surgical robots. Fortune Business Insights states that the North American surgical robot market was valued at $1,045.5 million in 2018 and is likely to continue growing in the coming years.

Increasing regulatory approvals identified as key growth driver

Because surgical robots are essentially delicate body parts, regulators are reluctant to clear the products for use. However, recent advances in surgical robots and the emergence of high-precision products have resulted in several regulatory approvals. As a result, increasing regulatory approvals will favor the growth of the global surgical robot market. In 2019, Zimmer Biomet received approval from the Food and Drug Administration (FDA) to use its newest product, the Rosa One Brain Application. The system enables surgical navigation and positioning for operations on neurological parts of the body that require extremely precise methods. Fortune Business Insights predicts that advances in neurological surgery will drive significant growth in the global surgical robot market.

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Minimally invasive robotic surgeries will fuel the market growth

Recent advances in technology have enabled robotic surgical procedures whose efficiency and time to complete have not been matched by their human counterparts. The advent of minimally invasive surgical procedures due to the increasing demand for imaging using infrared technology has led to an increasing acceptance of surgical robots around the world. In April 2019, the Vanderbilt Institute for Surgery and Engineering (VISE) received an approximately $2 million grant to develop a surgical robot in a minimally invasive environment. The project revolved around prostate surgery and would involve surgeries using needle-sized robotic arms. Fortune Business Insights predicts that the increasing adoption of minimally invasive surgeries by surgical robots will minimize the use of surgical stitches, creating tremendous demand from both surgeons and end users around the world. The report examines the impact of product launches similar to VISE’s latest surgical robot and estimates the impact of these products on the global surgical robot market.

Fortune Business Insights profiles some of the companies operating in the global surgical robot market. Some of the leading companies operating in the market are Intuitive Surgical Inc., Medtronic, Stryker, Smith & Nephew, and Zimmer Biomet.

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Table of Contents:

  • introduction
    • scope of research
    • market segmentation
    • research methodology
    • Definitions and Assumptions
  • summary
  • market dynamics
    • market leader
    • Market Restrictions
    • market opportunities
  • Important Findings
    • Technological advances
    • Price analysis by key players
    • Detailed product mapping by key players
    • Major mergers and acquisitions
  • Global Surgical Robots Market Analysis, Insights and Forecasts, 2015-2026
    • Key Findings / Summary
    • Market analysis, insights and forecasts – by application
      • General operation
      • gynecology
      • urology
      • orthopedics
      • Other
    • Market analysis, insights and forecasts – by end user
      • hospitals
      • Ambulatory surgery centers
      • Other
    • Market analysis, insights and forecasts – by region
      • North America
      • Europe
      • Asia Pacific
      • rest of the world
  • Surgical Robots Market Analysis, Insights and Forecasts in North America, 2015-2026
    • Key Findings / Summary
    • Market analysis, insights and forecasts – by application
      • General operation
      • gynecology
      • urology
      • orthopedics
      • Other
    • Market analysis, insights and forecasts – by end user
      • hospitals
      • Ambulatory surgery centers
      • Other
    • Market analysis, insights and forecasts – by country

Continue…

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Frequently asked Questions :

  1. How big is the robotic surgery market?

The surgical robot market is expected to reach USD 6,875.1 million by 2026, growing at a CAGR of 21.4% between 2018 and 2026.

2. Who is the market leader in robot-assisted surgery?

Some of the leading companies operating in the market are Intuitive Surgical Inc., Medtronic, Stryker, Smith & Nephew, and Zimmer Biomet.

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