The Surgical Robots Market is estimated to be valued at USD 7,268.9 Mn in 2024 and is expected to exhibit a CAGR of 13.7% over the forecast period (2024-2031). The global surgical robots market is witnessing high growth owing to the increasing need for minimally invasive surgeries and rising demand for high precision treatments. Furthermore, technological advancements, such as improved user interface design and multi-specialty robotic platforms, are expanding the applications of surgical robots.
Market Dynamics:
The growth of the global surgical robots market is primarily driven by the increasing accuracy and precision provided by robotic-assisted surgeries. Surgical robots allow surgeons to perform complex procedures with enhanced vision, precision, and control over instruments as compared to traditional open surgeries. This leads to reduced intra-operative risks, minimal invasive surgeries, fewer complications, and shorter recovery times for patients. Growing investments by both public and private players in the medical robotics sector are promoting the development of next-generation technologies. Leading players are launching novel product lines with improved mobility, augmented intelligence, and multi-specialty capabilities. This is further broadening the applications of surgical robots.
Increasing Demand for Minimally Invasive Surgeries is Driving the Market Growth
Minimally invasive surgeries are associated with lesser pain, fewer complications, shorter hospital stays, and faster recovery times compared to open surgeries. With technological advancements, surgical robots are able to perform complex procedures through small incisions instead of large open incisions. This results in reduced scarring and trauma to the patient. The use of surgical robots also allows surgeons to perform procedures with better accuracy, flexibility, and control over endoscopes and instruments. It provides surgeons with enhanced vision, robotic instrument arms, motion scaling, and three-dimensional visualization during surgery. With growing awareness about the benefits of minimally invasive techniques, there is an increasing adoption of surgical robots among healthcare facilities globally.
Growing Geriatric Population Requiring Surgical Care
Older patients often have to undergo surgeries for conditions like neurological disorders, cancer, orthopedic disorders, and cardiac issues. At the same time, older patients tend to have less tolerance for invasive open surgeries and prefer minimally invasive treatments. Surgical robots enable surgeons to perform complex surgeries in elderly patients with more precision, flexibility, and control over tiny spaces. This reduces the risk of complications and improves clinical outcomes. With significant expansion in the global aging demographics, the surgical robots market stands to gain as geriatric patients increasingly opt for advanced robotic assistance during surgical procedures.
High Cost of Surgical Robotic Systems is a Major Market Restraint
Full-scale surgical robotic systems can cost over US$ 1-2 million to purchase initially. There are also added costs involved in multi-year service contracts, training of medical staff and sterile drapes for each procedure. The high capital expense and additional operational expenditures pose a major restraint, especially for public hospitals and small healthcare facilities in developing regions. Limited budgets for surgical equipment upgrades deter many hospitals from investing in robotic technologies. With robots accounting for only a small fraction of total surgeries presently, their high prices fail to generate worthwhile returns on investment for hospitals. This cost-related barrier continues to impede faster adoption rates and market expansion globally.
Lack of Robotic Skills Hampers Their Widespread Uptake
Insufficient training of surgeons in robotic techniques also acts as a significant market obstacle. While open and laparoscopic surgeries have been an integral part of medical curricula for decades, robotic training is still in a relatively nascent stage. There is a lack of standardized certifications and accreditations in many countries. Surgeon comfort level with robotics takes considerable time to develop due to their steep learning curve. This leads to hesitancy among many surgeons and healthcare facilities to induct robot-assisted surgery programs. Longer training periods also hike the costs for institutions. Unless proper educational infrastructure and accredited courses are implemented industry-wide, lack of hands-on experience will continue restricting the scope of adoption for surgical robots. More research and investments are needed to help overcome skill shortages in this field.
Rising Healthcare Expenditure in Emerging Nations Presents Lucrative Opportunities
One of the major market opportunities lies in developing regions experiencing rapid economic growth. Countries like China, India, Brazil, Mexico, South Africa, and others are investing heavily in upgrading and expanding their healthcare systems. With rising disposable incomes and growing insurance coverage in emerging nations, there is an increase in healthcare spend on new technologies. Governments and private insurers recognize the long-term cost-effectiveness of robotic surgeries over traditional techniques. This persuades them to spend more on advanced surgical tools including robots. The large and relatively untapped patient pools in developing markets with their massive unmet surgical needs, provide a huge potential for players. It is a lucrative avenue for the industry to introduce affordable robotic platforms and business models in these regions.
Advancement in Robot-Assisted Telesurgery to Gain Popularity
Another key opportunity area for the surgical robotics sector involves the development of next-gen systems enabling telesurgery and tele-mentoring. 5G cellular networks and cloud technologies are enabling the real-time exchange of high-definition audio-visual surgical data over long distances. This allows expert surgeons to mentor and guide less-experienced surgeons through complex cases remotely. It also facilitates conducting actual surgeries using robotics from afar. Such telemedicine applications are gaining ground especially in rural areas suffering from lack of skilled healthcare professionals.
Link - https://www.coherentmarketinsights.com/market-insight/surgical-robots-market-496
Key Development
- In April 2023, Apollo Cancer Centers, a centre of excellence in cancer care, announced that it had launched fourth generation Da Vinci Xi Robotic System, at the Robotic Colorectal Cancer Symposium organized by the Association of Colon and Rectal surgeons of India
- In June 2022, SpineGuard, an innovative company that deploys its Dynamic Surgical Guidance (DSG) sensing technology to secure and streamline the placement of bone implants, announced a new three-year collaboration program with two labs of Sorbonne University Centre National de la Recherche Scientifique (CNRS) and Inserm: the Institute for intelligent systems and robotics (LIB), a multidisciplinary research laboratory, and Laboratory for biomedical imaging (LIB). This collaboration will associate the DSG Technology of SpineGuard with ultrasound and serve surgical robots
- In May 2022, Kokilaben Dhirubhai Ambani Hospital, Mumbai, India announced the launch of its third da Vinci robotic surgical system, making it the first and only hospital in the country with three da Vinci robots
Key Players: Stryker, Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Smith & Nephew, Novus Health Products, Medtronic, Renishaw plc, Medrobotics Corporation, DePuy Synthes, TransEnterix Surgical, Inc., SpineGuard, and Johnson & Johnson Services, Inc.
