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Surgical Robots Market worth $6.5 billion by 2023
The global Surgical Robots Market is expected to reach USD 6.5 billion by 2023 from USD 3.9 billion in 2018, at a CAGR of 10.4%.
According to the new market research report "Surgical Robots Market by Component (Surgical Robotic Systems, Accessories), Application (Gynecological Surgery, Orthopedic Surgery, Neurosurgery, General Surgery), End User (Hospitals, Ambulatory Surgical Centers) - Global Forecasts to 2023", published by MarketsandMarkets™, the global Surgical Robots Market is expected to reach USD 6.5 billion by 2023 from USD 3.9 billion in 2018, at a CAGR of 10.4%.
The major factors driving the growth of the Surgical Robots Market include increasing adoption of surgical robots by healthcare facilities, technological advancements in these robotic systems which can be utilized for varied surgical procedures.
The instruments & accessories segment is expected to account for the largest share of the Surgical Robots Market in 2018
On the basis of component, the global Surgical Robots Market has been segmented into systems, instruments & accessories and services. The instruments & accessories segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest CAGR. The high growth in this segment can be attributed to the increase in volume of robotic procedures performed worldwide and growing demand of instruments & accessories due to their recurring need per procedure.
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General surgery segment are expected to grow at the highest CAGR in the global Surgical Robots Market during the forecast period
On the basis of application, the global Surgical Robots Market has been segmented into gynecological surgery, urological surgery, neurosurgery, orthopedic surgery, general surgery, and other applications. The general surgery segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest CAGR. This can be attributed to the rise in application of surgical robots for various surgery types including bariatric surgery, heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy as well as increased procedural volume across the globe under the general surgery category.
Hospitals are expected to grow at the highest CAGR in the global Surgical Robots Market during the forecast period
Based on end user, the market has been segmented into hospitals and ambulatory surgical centers. The hospitals segment is expected to command the largest share of the market in 2018 and is estimated to grow with the highest CAGR. The large share and high growth of this segment can be attributed to factors such as availability of large funds with the hospitals and increased adoption of surgical robots for performing various types of surgical procedures.
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North America is expected to dominate the Surgical Robots Market during the forecast period
Geographically, North America is expected to dominate the Surgical Robots Market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to western partnerships to improve healthcare, development of surgical robots by domestic manufacturers as well as multiple collaborations of the government with regional universities for research and development purpose.
Major players operating in the Surgical Robots Market include Intuitive Surgical (US), Stryker (US) and Mazor Robotics (US). Other players involved in this market are TransEnterix (US), Smith & Nephew (UK), Renishaw (UK), Medrobotics (US), Hansen Medical (US) MedTech (France) and Think Surgical (US).
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