Global Surgical Robots Market Forecast to Grow 10.1 Percent Annually Over the Next Five Years

The global surgical robots market size was valued at $5.4 billion in 2018 and is expected to witness a CAGR of 10.9 percent through 2024, according to VynZ Research. Technological advancements, several advantages of surgical robots, increasing neurological disorders, increasing research and development activities, and increasing geriatric population are driving the growth of the surgical robots market.
 
The Da Vinci Surgical System is the Most Used Surgical Robot Worldwide
Some of the key surgical robotic systems available in the market include The Da Vinci Surgical System by Intuitive Surgical Inc.; Renaissance and Mazor X by Mazor Robotics Inc. (Acquired by Medtronic plc); Mako Surgical Arm by Stryker Corporation; Rosa Surgical Robot by Medtech SA (Zimmer Biomet); and CyberKnife by Accuray Incorporated.
 
The Da Vinci Surgical System is the most commonly used surgical robotic system used across the globe. The category accounts for more sales than all other categories combined, which is primarily due to the strong position of the company in the market. The brand has the early mover advantage and the constant effort from its maker to keep it up to date are the key factors leading to the high demand of the category.
 
Benefits of Surgical Robotic Systems
There are several benefits of robotic surgery, which is leading to the increase in adoption by hospitals and ambulatory surgical centers. Robotic surgery offers several benefits to the surgeon such as an enhanced visual field, superior dexterity, and reach to inaccessible or hard-to-reach places during the surgery.
 
Similarly patients benefit from better clinical outcomes, shorter hospital stays, precision in surgery, lesser pain, early discharge and shorter recovery time. The robotic surgery also causes smaller incision and therefore reduces the risk of getting infection post-surgery. Compared to conventional surgery, robotic surgery leaves a small incision and allows the surgeon to operate in very tight spaces with precision using robotic arms.
 
Instrument and Accessories Segment Hold the Largest Market Share
Based on component, the surgical robots market is categorized into robotic systems, instruments and accessories, and services. Of all, instruments and accessories segment hold the largest share in the market, globally. The largest share of the category is attributed to the repeat purchase and increasing number of robot-assisted surgeries across the globe. The market for the surgical robot services market is anticipated to witness the fastest growth during the forecast period due to the intensive maintenance work required for the robotic systems.

Surgical robots find applications in general surgery, gynecological surgery, orthopedic surgery, cardiology, neurology, among others. Of all the applications, general surgery followed by gynecological surgery accounted for the largest demand for surgical robotic systems, accessories and services. The surgical robots market for gynecological surgery is anticipated to observe the fastest growth during the forecast period as more and more surgeon are adopting surgical robots and services for gynecology as robots have proven their efficiency and precision with less ill effects.
 
Based on end-users, the surgical robots market is segmented into hospitals and ambulatory surgical centers. Of both the categories, hospitals account for the larger demand for surgical robot systems and services due to the advancements in the technology, and inclusion for gynecology, orthopaedic surgery, and general surgery. Different companies are investing for the development of miniaturized surgical robots for penetration in ambulatory surgical centers.
 
Although Asia-Pacific lags behind North America and Europe in terms of the number of surgical robots installed in the region, by the end of the forecast period, the region will account for a higher share in the global surgical robots market than Europe. Some of the key factors fuelling the growth of the Asia-Pacific market are the developing infrastructure, investment in healthcare sector, immergence in large numbers of private healthcare providers, and penetration by the number of the large global healthcare providers in the region.
 
Also, the North American surgical robots market will remain the largest during the forecast period. The region is further predicted to observe significant growth during the forecast period in the global market owing to technological upgrades and large capital invested in research and development activities.
 
Large Medical Technology Players are Trying to Enter the Market by Acquiring the Innovators
Globally, different medical technology companies are entering the market by acquiring the innovators in the market. For instance, in April 2019, Johnson & Johnson announced that Ethicon Inc., has completed the acquisition of Auris Health Inc. for approximately $3.4 billion in cash and an additional contingent payments of up to $2.35 billion, in the aggregate, may be payable upon reaching certain predetermined milestones. With Auris Health’s robotic platform technology, currently used in diagnostic and therapeutic procedures in the lung, Johnson & Johnson will advance its commitment to combatting lung cancer and expand its digital surgery portfolio across multiple surgical specialties.
 
Some of the key players operating in the surgical robots industry are Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics Inc., (Acquired by Medtronic plc), Medtech SA (Acquired by Zimmer Biomet), Accuray Incorporated, Smith & Nephew plc, Renishaw plc, Auris Health, Inc. (Acquired by Johnson & Johnson), Medrobotics Corporation, Varian Medical Systems, Stereotaxis Inc., Titan Medical Inc., Think Surgical Inc., and TransEnterix Inc.
 
U.S. Surgical Robots Market Analysis and Forecast to 2024
The U.S. surgical robot market is expected to grow at a compound annual growth rate (CAGR) of 9.5 percent during the forecast period with its market size predicted to reach $4.43 billion by 2024. The U.S. surgical robots market is primarily driven by technological advancements, the high prevalence of neurological disorders, high healthcare expenditures, benefits of surgical robots, increasing number of research and development activities, increasing geriatric population, and presence of large number of industry players. The Da Vinci Surgical System, Renaissance Surgical System, and Mazor X are the key brands primarily adopted in the U.S. market.

Global Image-Guided Surgery Devices Market Analysis and Forecast to 2024
The global image-guided surgery devices market is predicted to grow at 7.1 percent CAGR during the forecast period with the market size reaching $6.3 billion by 2024. Image-guided surgery is also known as navigation surgery, it visually correlates intraoperative anatomy with preoperative CT scan. Image-guided surgery devices are used for guiding surgeons during the surgery. It enhances accuracy during the surgery, decreases procedure time, reduces complexity, and insignificant surgical scar.

Global MRI Guided Neuro Ablation Devices Market Analysis and Forecast to 2024
The global MRI guided neuro ablation devices market is predicted to grow at 5.3 percent CAGR during the forecast period with the market size reaching $175.6 million by 2024. Different products such as MRI guided RF ablation system, MRI guided focused ultrasound systems, and MRI guided laser therapy system are majorly contributing to the MRI guided neuro ablation devices market size. The market has witnessed significant demand for MRI guided RF ablation system over the last few years due to mounting awareness of minimally invasive surgery.

VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing insights on various technology verticals such as chemicals, automotive, transportation, energy, consumer durables, healthcare, ICT, and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that include comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends and technologies arising across wide range of industries.