by The global Surgical Robots Market is estimated to be valued at US$ 1021.96 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surgical robots are robotic systems assisted by healthcare professionals to perform minimally invasive surgical procedures with high precision. They offer various advantages over traditional open surgeries such as less blood loss, shorter hospital stays, quicker recovery times, minimal scarring and reduced risk of sepsis. Surgical robots allow surgeons to perform complex procedures with enhanced dexterity, flexibility and control. They enable 3D visualization, increased surgical accuracy and reduced hand tremors.
Market key trends:
One of the major trends in the Global Surgical Robots Market is the increasing adoption of robotic-assisted surgeries. Factors such as minimal incisions, reduced pain and scarring, shorter hospital stays and quicker recovery times have increased the uptake of surgical robots across various surgical procedures such as urology, gynecology, general surgery and others. Furthermore, technological advancements like improved robot design and functionality, multi-specialty systems and expanded surgical applications are further propelling the demand for surgical robots. Newer generations of surgical robots provide enhanced dexterity, flexibility and control to surgeons along with features such as augmented reality assistance and cloud connectivity.
Porter’s Analysis
Threat of new entrants: The surgical robots market requires high capital investments for R&D and manufacturing which creates entry barriers for new players. The established players dominate a major market share leaving limited opportunities for startups.
Bargaining power of buyers: The bargaining power of buyers is low as they have limited options and switching costs are high. However, large healthcare institutions can influence pricing through high volume purchases.
Bargaining power of suppliers: A few large companies dominate the supply of key inputs like robot arms, surgical instruments etc giving them strong bargaining power over robot manufacturers.
Threat of new substitutes: Though new technologies are emerging, surgical robots currently have no cost effective substitutes for minimally invasive surgeries.
Competitive rivalry: The global surgical robots market is highly consolidated with few global players accounting for majority share. Intense competition exists in areas of technology and product innovation.
Key Takeaways
The global surgical robots market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing demand for minimally invasive surgeries.
North America currently dominates the market holding over 50% share due to high technology adoption and availability of skilled professionals. However, Asia Pacific is expected to be the fastest growing region owing to rising medical tourism and increasing healthcare spending.
Key players operating in the surgical robots market are Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. Intuitive Surgical dominates with over 70% market share mainly due to its da Vinci system. The remaining players are focusing on technology advancements to increase adoption.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
