The Robotic Surgical Procedures Market size was USD 11.69 Billion in 2023 and is expected to reach USD 56.26 Billion by 2031 and grow at a CAGR of 21.7% over the forecast period of 2024-2031.
The Robotic Surgical Procedures Market refers to the market for surgical procedures that are performed using robotic systems. Robotic surgery is a minimally invasive surgical technique that utilizes robotic systems to assist surgeons in performing complex procedures with precision and control. Robotic surgical systems typically consist of a robotic arm or multiple robotic arms controlled by the surgeon, a camera system that provides a 3D view of the surgical site, and specialized surgical instruments. The surgeon operates the robotic system from a console, where they manipulate the controls that translate their hand movements into precise movements of the robotic arms.
Get More Information on Robotic Surgical Procedures Market - Request Sample Report
The robotic surgical procedures market has witnessed significant growth in recent years due to several advantages offered by robotic surgery over traditional open surgery or laparoscopic surgery. These advantages include improved precision, enhanced dexterity, better visualization of the surgical site, reduced trauma to patients, shorter hospital stays, and faster recovery times. The market for robotic surgical procedures encompasses various medical specialties, including urology, gynecology, general surgery, orthopedics, cardiothoracic surgery, and neurosurgery. The adoption of robotic surgery has been particularly prominent in urological and gynecological procedures, such as prostatectomy and hysterectomy, respectively.
The rising frequency of bone degenerative illnesses, as well as the rising number of hip and knee replacement procedures due to increased occurrences of arthritis and osteoporosis, are expected to drive market growth. As Agency for Healthcare Research & Quality, about 4,54,450 hip replacement procedures are conducted in the U. S every year.
The market for robotic surgical procedures is expected to continue growing as technology advances, more surgical procedures become amenable to robotic assistance, and the benefits of robotic surgery become more widely recognized. However, it is important to note that the availability and adoption of robotic surgical systems can vary across different regions and healthcare settings.
DRIVERS:
Key Players Introduce Advanced Robotic Surgical Systems to Drive Market Growth in this market.
Patients will need surgical procedures as the prevalence of chronic disorders rises.
The increased frequency of chronic illnesses such as cancer, cardiovascular disease, and orthopaedic issues creates a big pool of individuals requiring surgical treatments throughout the world. Furthermore, the growing number of senior patients suffering from chronic diseases, as well as the fast adoption of sedentary lifestyles, is a prominent component largely responsible for age and lifestyle-related chronic disorders. As a result, the need for robotic surgical methods for emergency care is rising.
RESTRAIN:
Several rival robotic systems from various manufacturers compete in the robotic surgical operations industry.
The higher acquisition and maintenance costs of robotic surgical systems will limit their use in developing countries.
The purchase and maintenance expenses of robotic surgical equipment are greater. The yearly service and maintenance cost of the surgical system, for example, runs from USD 100,100 to USD 150,200. Furthermore, various clinical studies indicate that the cost of a robotic surgical operation is around USD 3,100 to USD 6,200 greater than the cost of a similar surgery conducted using the laparoscopic approach.
OPPORTUNITY:
Collaborative robotics, commonly known as cobots, are robotic devices that operate in tandem with surgeons. These systems can help in suturing, retraction, and instrument placement.
Expanded surgical applications may provide a significant opportunity for this sector.
The number of surgical procedures that can benefit from robotic aid is constantly growing. While urology and gynecology have had success with robotic surgery, there are chances to investigate its uses in other specialities such as general surgery, cardiothoracic surgery, orthopedics, and neurosurgery. As surgeons acquire competence and new robotic systems are created, robotic surgery may be extended to increasingly sophisticated and difficult procedures.
CHALLENGES:
The exorbitant prices of robotic surgical devices make their widespread implementation difficult. The initial financial outlay necessary to acquire the robotic system, as well as continuous maintenance, instrument costs, and training costs, can be substantial.
Good skills and professional people are required to run the robotic surgical system.
Robotic surgery necessitates extensive training and expertise. To become skilled in operating robotic systems, surgeons must go through extensive training programs. The learning curve for robotic surgery can be severe, necessitating devoted time and resources. The availability of training programs and access to skilled surgeons may be limited, limiting the widespread use of robotic surgery.
Ukraine contributes 0.78% of overall healthcare items exports to the country, whereas the United States accounts for 2.6 %. In fiscal year 21, the Asian country exported medicines worth $25.5 billion USD. Asian countries shipped almost US$ 593 million in healthcare items to Russia in FY21, a nearly 6.85% increase over the previous year, while Ukraine contributed nearly US$ 182 million in FY21, a nearly 45% increase over the previous year. With rising Russia-Ukraine tensions, the Indian healthcare sector may face disruptions in total medication and intermediate exports. A weaker currency may assist export-oriented industries such as medicines. Russian bank sanctions may have an impact on remittances of outstanding trade receivables from that country. Considering all these things, one thing emerges there is a possibility of a decrease in robotic surgical procedures market demand in both countries due to Russian Ukraine war.
IMPACT OF ONGOING RECESSION
According to experts, medical device businesses are positioned to weather an economic recession even as they continue to suffer pandemic-related challenges such as ongoing supply chain issues and workforce shortages. While gadget makers are not immune to possible recessionary headwinds, an RBC Capital Markets analyst believes the industry will be rather resilient to a prolonged slump. The firm has a lot of puts and takes to consider, but there is undoubtedly a lot of opportunity given the defensive factor in healthcare and medtech. Zimmer Biomet and Stryker are more sensitive to an economic downturn since hip and knee replacement surgeries are deemed more deferrable but required at some time. According to the analyst, hospital funding may also dry up during a recession, making higher-cost technologies like robotic systems more vulnerable.
Moreover, in today's time, the awareness among the people has increased a lot, as a result of which the demand for getting life insurance has increased among the people. The impacts of the ACA might be a role in more steady procedure volumes. According to the Department of Health and Human Services, more than 36 million individuals had ACA insurance in early 2022, and 29 million were uninsured in the fourth quarter of 2021.
By Application
Gynaecology
Surgery
Orthopaedics
Urology
Others
REGIONAL ANALYSIS
North America: North America is expected to maintain its dominance in the worldwide robotic surgical procedure market in 2023. The market in this area was valued at US $ 4150 Million in 2023, and it is expected to expand as more robotic surgical tools and systems are adopted. North American nations have a higher penetration of robots than other areas. This is anticipated to generate prospects for the industry to develop in the future years.
Asia Pacific: Asia-Pacific is expected to develop at the fastest rate due to rising demand in India, China, & Japan, as well as the expansion of the region's overall robotics market. In China, the demand for surgical robots is mostly among a wealthy subset of patients who can afford costly operations. However, the introduction of domestic models has reduced pricing, which is likely to promote deployment. With significant investments in technical breakthroughs, Asian nations, notably Japan, China, and South Korea, serve as fresh income pockets for the medical robotic systems industries.
Do You Need any Customization Research on Robotic Surgical Procedures Market - Enquire Now
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major players in Robotic Surgical Procedures Market are Avateramedical GmbH, Smith & Nephew, Zimmer Biomet; Medtronic, THINK Surgical, Accuray Incorporated, Intuitive Surgical, CMR Surgical Ltd., Stryker, Johnson & Johnson Services, Inc., and other players.
Stryker: In 2022, Stryker one of the world's most innovative medical technology businesses, has announced the establishment of Stryker's Global Technology Centre (SGTC) at the International Tech Park in Gurgaon. The 150,000-square-foot building will assist expedite innovation in India and throughout the world, as well as support the company's aim to improve healthcare.
CMR Surgical: In 2022, CMR stated that their Versius Surgical Robotic System has been used in 5,000 surgical operations throughout the world. Dr. Patrick Bagan and his colleagues successfully executed the 5,000th surgery at Argenteuil Hospital, a public health centre in Paris, France, where they performed a lung bisegmentectomy for cancer.
Accuray Incorporated: In 2021 Accuray Incorporated reported that more than two decades of clinical data from throughout the world support the use of its CyberKnife robotic radiotherapy technology for the delivery of stereotactic radiosurgery (SRS) treatments for neurological illnesses.
Report Attributes | Details |
Market Size in 2023 | US$ 11.69 Bn |
Market Size by 2031 | US$ 56.26 Bn |
CAGR | CAGR of 21.7% From 2024 to 2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Application (Gynaecology, Surgery, Orthopaedics, Urology, Others) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Company Profiles | Avateramedical GmbH, Smith & Nephew, Zimmer Biomet; Medtronic, THINK Surgical, Accuray Incorporated, Intuitive Surgical, CMR Surgical Ltd., Stryker, Johnson & Johnson Services, Inc. |
Key Drivers | • Key Players Introduce Advanced Robotic Surgical Systems to Drive Market Growth in this market. • Patients will need surgical procedures as the prevalence of chronic disorders rises. |
Market Restraints | • Several rival robotic systems from various manufacturers compete in the robotic surgical operations industry. • The higher acquisition and maintenance costs of robotic surgical systems will limit their use in developing countries. |
Ans. The CAGR growth of Robotic Surgical Procedures Market over the forecast period is 21.7%.
Ans. The Robotic Surgical Procedures market size is to reach USD 56.26 Bn by 2031.
Ans. Asia Pacific is the fastest-growing region of the Robotic Surgical Procedures Market.
Ans. The higher acquisition and maintenance costs of robotic surgical systems will limit their use in developing countries.
Ans. The advantages of robotic-assisted surgery, technical developments in surgical robots, rising surgical robot adoption, and higher funding for medical robot research are driving the growth of the Surgical Robots Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of ongoing recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Robotic Surgical Procedures Market Segmentation, by Application
8.1 Gynaecology
8.2 Surgery
8.3 Orthopaedics
8.4 Urology
8.5 Others
9. Regional Analysis
9.1 Introduction
9.2 North America
9.2.1 North America Robotic Surgical Procedures Market by Country
9.2.2 North America Robotic Surgical Procedures Market by Application
9.2.3 USA
9.2.3.1 USA Robotic Surgical Procedures Market by Application
9.2.4 Canada
9.2.4.1 Canada Robotic Surgical Procedures Market by Application
9.2.5 Mexico
9.2.5.1 Mexico Robotic Surgical Procedures Market By Application
9.3 Europe
9.3.1 Eastern Europe
9.3.1.1 Eastern Europe Robotic Surgical Procedures Market by Country
9.3.1.2 Eastern Europe Robotic Surgical Procedures Market by Application
9.3.1.3 Poland
9.3.1.4.1 Poland Robotic Surgical Procedures Market by Application
9.3.1.4 Romania
9.3.1.4.1 Romania Robotic Surgical Procedures Market by Application
9.3.1.5 Hungary
9.3.1.5.1 Hungary Robotic Surgical Procedures Market by Application
9.3.1.6 Turkey
9.3.1.6.1 Turkey Robotic Surgical Procedures Market by Application
9.3.1.7 Rest of Eastern Europe
9.3.1.7.1 Rest of Eastern Europe Robotic Surgical Procedures Market by Application
9.3.2 Western Europe
9.3.2.1 Western Europe Robotic Surgical Procedures Market by Country
9.3.2.2 Western Europe Robotic Surgical Procedures Market by Application
9.3.2.3 Germany
9.3.2.3.1 Germany Robotic Surgical Procedures Market by Application
9.3.2.4 France
9.3.2.4.1 France Robotic Surgical Procedures Market by Application
9.3.2.5 UK
9.3.2.5.1 UK Robotic Surgical Procedures Market by Application
9.3.2.6 Italy
9.3.2.6.1 Italy Robotic Surgical Procedures Market by Application
9.3.2.7 Spain
9.3.2.7.1 Spain Robotic Surgical Procedures Market by Application
9.3.2.8 Netherlands
9.3.2.8.1 Netherlands Robotic Surgical Procedures Market by Application
9.3.2.9 Switzerland
9.3.2.9.1 Switzerland Robotic Surgical Procedures Market by Application
9.3.2.10 Austria
9.3.2.10.1 Austria Robotic Surgical Procedures Market by Application
9.3.2.11 Rest of Western Europe
9.3.2.11.1 Rest of Western Europe Robotic Surgical Procedures Market by Application
9.4 Asia-Pacific
9.4.1 Asia Pacific Robotic Surgical Procedures Market by Country
9.4.2 Asia Pacific Robotic Surgical Procedures Market by Application
9.4.3 China
9.4.3.1 China Robotic Surgical Procedures Market by Application
9.4.4 India
9.4.4.1 India Robotic Surgical Procedures Market by Application
9.4.5 Japan
9.4.5.1 Japan Robotic Surgical Procedures Market by Application
9.4.6 South Korea
9.4.6.1 South Korea Robotic Surgical Procedures Market by Application
9.4.7 Vietnam
9.4.7.1 Vietnam Robotic Surgical Procedures Market by Application
9.4.8 Singapore
9.4.8.1 Singapore Robotic Surgical Procedures Market by Application
9.4.9 Australia
9.4.9.1 Australia Robotic Surgical Procedures Market by Application
9.4.10 Rest of Asia-Pacific
9.4.10.1 Rest of Asia-Pacific Robotic Surgical Procedures Market by Application
9.5 Middle East & Africa
9.5.1 Middle East
9.5.1.1 Middle East Robotic Surgical Procedures Market by Country
9.5.1.2 Middle East Robotic Surgical Procedures Market by Application
9.5.1.3 UAE
9.5.1.3.1 UAE Robotic Surgical Procedures Market by Application
9.5.1.4 Egypt
9.5.1.4.1 Egypt Robotic Surgical Procedures Market by Application
9.5.1.5 Saudi Arabia
9.5.1.5.1 Saudi Arabia Robotic Surgical Procedures Market by Application
9.5.1.6 Qatar
9.5.1.6.1 Qatar Robotic Surgical Procedures Market by Application
9.5.1.7 Rest of Middle East
9.5.1.7.1 Rest of Middle East Robotic Surgical Procedures Market by Application
9.5.2 Africa
9.5.2.1 Africa Robotic Surgical Procedures Market by Country
9.5.2.2 Africa Robotic Surgical Procedures Market by Application
9.5.2.3 Nigeria
9.5.2.3.1 Nigeria Robotic Surgical Procedures Market by Application
9.5.2.4 South Africa
9.5.2.4.1 South Africa Robotic Surgical Procedures Market by Application
9.5.2.5 Rest of Africa
9.5.2.5.1 Rest of Africa Robotic Surgical Procedures Market by Application
9.6 Latin America
9.6.1 Latin America Robotic Surgical Procedures Market by Country
9.6.2 Latin America Robotic Surgical Procedures Market by Application
9.6.3 Brazil
9.6.3.1 Brazil Robotic Surgical Procedures Market by Application
9.6.4 Argentina
9.6.4.1 Argentina Robotic Surgical Procedures Market by Application
9.6.5 Colombia
9.6.5.1 Colombia Robotic Surgical Procedures Market by Application
9.6.6 Rest of Latin America
9.6.6.1 Rest of Latin America Robotic Surgical Procedures Market by Application
10. Company Profile
10.1 Avateramedical GmbH
10.1.1 Company Overview
10.1.2 Financials
10.1.3 Product/Services Offered
10.1.4 SWOT Analysis
10.1.5 The SNS View
10.2 Smith & Nephew
10.2.1 Company Overview
10.2.2 Financials
10.2.3 Product/Services Offered
10.2.4 SWOT Analysis
10.2.5 The SNS View
10.3 Zimmer Biomet
10.3.1 Company Overview
10.3.2 Financials
10.3.3 Product/Services Offered
10.3.4 SWOT Analysis
10.3.5 The SNS View
10.4 Medtronic
10.4 Company Overview
10.4.2 Financials
10.4.3 Product/Services Offered
10.4.4 SWOT Analysis
10.4.5 The SNS View
10.5 THINK Surgical
10.5.1 Company Overview
10.5.2 Financials
10.5.3 Product/Services Offered
10.5.4 SWOT Analysis
10.5.5 The SNS View
10.6 Accuray Incorporated
10.6.1 Company Overview
10.6.2 Financials
10.6.3 Product/Services Offered
10.6.4 SWOT Analysis
10.6.5 The SNS View
10.7 Intuitive Surgical
10.7.1 Company Overview
10.7.2 Financials
10.7.3 Product/Services Offered
10.7.4 SWOT Analysis
10.7.5 The SNS View
10.8 CMR Surgical Ltd.
10.8.1 Company Overview
10.8.2 Financials
10.8.3 Product/Services Offered
10.8.4 SWOT Analysis
10.8.5 The SNS View
10.9 Stryker
10.9.1 Company Overview
10.9.2 Financials
10.9.3 Product/Services Offered
10.9.4 SWOT Analysis
10.9.5 The SNS View
10.10 Johnson & Johnson Services, Inc.
10.10.1 Company Overview
10.10.2 Financials
10.10.3 Product/Services Offered
10.10.4 SWOT Analysis
10.10.5 The SNS View
11. Competitive Landscape
11.1 Competitive Benchmarking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
13. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Stomach Cancer Treatment Market Size was valued at USD 4.96 billion in 2023, and is expected to reach USD 14.67 billion by 2032, and grow at a CAGR of 12.8% over the forecast period 2024-2032.
The Hospital Services Market size was estimated at USD 4.38 trillion in 2023 and is expected to reach USD 6.74 trillion by 2032 at a CAGR of 5.08% during the forecast period of 2024-2032.
The Specialty PACS Market Size was valued at USD 3.3 billion in 2023, and expected to reach USD 5.29 billion by 2031, and grow at a CAGR of 6.1% over the forecast period 2024-2031.
The Period Panties Market Size was valued at USD 111.40 Million in 2023 and is expected to reach USD 420.77 Million by 2032 and grow at a CAGR of 16.81% over the forecast period 2024-2032.
The Wound Closure Market size was estimated USD 17.81 billion in 2023 and is expected to reach USD 28.6 billion by 2031 at a CAGR of 6.1% during the forecast period of 2024-2031.
The Healthcare Workforce Management Systems Market Size was valued at USD 1.8 billion in 2023, and is expected to reach USD 4.88 billion by 2031, and grow at a CAGR of 13.3% over the forecast period 2024-2031.
Hi! Click one of our member below to chat on Phone