An extensive study of the product application and services conducted by subject matter experts assessing the Surgical Robots market will help product owners to make a wise decision.
New York, United States – May 27, 2020 /MarketersMedia/ —
According to the current analysis of Reports and Data, the global Surgical Robots Market was valued at USD 3.74 billion in 2018 and is expected to reach USD 8.26 billion by the year 2026, at a CAGR of 10.3%. Surgical Robots include surgery assisted by robots added with the systems to reduce human errors like trembling while doing operations. It is a technological advancement that has a concern to shift over to minimally invasive surgical procedures. Surgical Robots has a tremendous potential to grow, as the physical presence of the surgeon is not necessary. In Surgical Robots, the primary market driver is technological advancement, and a hike in road accidents is expected to fuel the market growth during the forecast period. For instance, according to the numbers given by the Association for Safe International Road Travel (ASIRT) in 2018, about 20-30 million get injured or disabled in road accidents every year.
This report covers the recent COVID-19 incidence and its impact on Surgical Robots Market. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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The global Surgical Robots market is highly fragmented with major players like Intuitive Surgical, Stryker, Mazor Robotics, Smith & Nephew, Hansen Medical, Renishaw, Transenterix, Think Surgical, Medtech, and Zimmer Biomet.
Furthermore, the rise in the geriatric population and upsurge in demand for minimally invasive surgical procedures over the traditional methods of surgical procedures are anticipated to fuel the industrial growth in the coming years. In addition, the surge in the initiatives taken by the government for awareness regarding such procedures and an increase in the spending capacity of an individual is expected to help the industry to gain traction in the near future.
For the purpose of this report, Reports and Data has segmented the Surgical Robots market on the basis of components, applications, end-use & regional classification:
Components Outlook (Revenue in Million USD; 2016–2026)
• Robotic Systems
• Instruments & Accessories
• Services
Applications Outlook (Revenue in Million USD; 2016–2026)
• Orthopedic Surgery
• Neurosurgery
• Gynecologic Surgery
• Cardiothoracic Surgery
• Urology
• General Surgery
• Plastic Surgery
• Others
End-Use Outlook (Revenue in Million USD; 2016–2026)
• Hospitals
• Ambulatory Surgical Centers
• Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• The global leaders are competing to innovate the products to have the largest share in the market. For instance, in December 2017, Think Surgical Inc. announced that the U.S. Food and Drug Administration had granted clearance for it to market the TSolution One system for total knee replacement in the U.S. The robot had earlier received CE Marking, and surgeons have used it in more than 550 procedures in the Asia-Pacific and European markets.
• The competition in Surgical Robots is very high due to the increase in the need for minimally invasive procedures. The companies now are making agreements for penetration in the market. For instance, In May 2018, Stereotaxis Inc. and Acutus Medical declared collaboration and signed an agreement to integrate the Niobe Magnetic Navigation System with Acutus Medical AcQMap, a High-Resolution Imaging and Mapping System. This technology integration helps the patient to allow better improvement of patient care and physician experience.
• According to the World Health Organization in 2019, it is observed that there were about 703 million people aged 65 years and above in the world in 2019 and is estimated to double to 1.5 billion by 2050. The increasing geriatric population would owe to push up the growth of Surgical Robots, especially in the orthopedic segment of the application.
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