Surgical Robots Market To Grow With Around 19% CAGR in Next Few Years, says P&S Intelligence

 NEW YORK, May 9, 2022 /PRNewswire/ -- The total revenue generated by the surgical robots market was $6,281.1 million in 2021, and it is likely to advance at a CAGR of around 19% in this decade, to reach $30,067.2 million by 2030, according to P&S Intelligence. The main reasons for the development of this market are the surging requirement for hip and knee replacement procedures and the ever-increasing technological advancements. Another key factor responsible for the market growth is the developing health infrastructure.

The neurology category is projected to observe the fastest growth in the surgical robots market in the coming years. This will be because of the technological advancements in robotic brain surgeries and the increasing usage of surgical robots for treating patients with tumors and other brain conditions. Furthermore, the market in this category is growing because of the rising prevalence of neurological disorders and the snowballing demand for minimally invasive procedures for performing sensitive brain surgeries.

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Key Findings of Surgical Robots Market Report

• North America is expected to dominate in the coming years in the market. This has a lot to do with the increase in the demand for minimally invasive procedures to decrease recovery time, the presence of multinational players, and constant robotics innovations.
• An increase in the number of satisfactory results with minimally invasive surgeries, briefer hospitalization, and quicker recovery are boosting the demand for robotic surgeries.
• Hospitals are the major end users of surgical robots because of the increasing number of surgeries performed in these healthcare facilities. With the increase in chronic disease cases, the number of surgeries rises in hospitals.
• The instruments and accessories category held the largest surgical robots market share in 2021. This is attributable to the increase in the volume of surgical procedures globally, which ultimately makes hospitals acquire instruments and accessories regularly.
• Surgical robots have advanced significantly in the recent past, and their application in routine surgeries, such as those of the neck shoulders, elbows, feet & ankles, and several other body parts, is also on the rise.
• The growing acceptance of minimally invasive surgeries, on account of their shorter hospital stays, less blood loss, and negligible pain, are providing chances for new industry players to introduce economical and advanced surgical robots.

The rising demand for surgical robots is because of the increasing count of knee replacement surgeries. Surgical robots assist doctors in the completion of intricate procedures with reduced pain, due to their better control, skill, and suppleness. Although eminence of traditional procedures is high, including robots in procedures provides a number of additional benefits for patients and doctors, including less time in operation and a reduced risk of infection.

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The stalwarts of the surgical robots market are participating in a number of collaborations to be ahead of their competition. For instance, Zimmer Biomet, in March 2021, introduced ZBEdge Connected Intelligence Suite for offering transformative insights, which are driven by data. Some of the other big names are Think Surgical Inc., Medrobotics Corporation, CMR Surgical, Corindus Vascular Robotics, Titan Medical Inc., Smith & Nephew plc, Medtronic plc, Stryker Corporation, and Intuitive Surgical Inc.

Surgical Robots Market Segmentation Analysis

By Product & Service

• RAS Systems
• Instruments and Accessories
• Services

By Application

• Orthopedics
• Neurology
• Urology
• Gynecology

By End User

• Hospitals
• Ambulatory Surgery Centers

By Region

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Spain
• Russia
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Singapore
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• Saudi Africa
• Saudi Arabia
• UAE

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SOURCE P&S Intelligence