The global surgical robots market is expected to reach USD 8.24 billion by 2025, growing at a CAGR of 22.3%over the forecast period, according to a new report by Grand View Research, Inc. Increasing adoption of minimally invasive surgeries among patients owing to its added benefits such as need for shorter hospital stays by patients, compared to traditional surgery, introduction of flexible and cost-effective surgical robots by new manufacturers and increasing approvals for new medical conditions are some factors responsible for driving the surgical robots market.
In addition, advances in medical imaging, increase in surgeon/patient acceptance for laparoscopic and robotic procedures, increasing number of patients suffering with tumors, spine disorders, lung cancer and others are expected to drive the adoption of surgical robots over the forecast period. However, limited adoption rate of surgical robots in developing/underdeveloped economies due to untrained doctors, limited spending on healthcare infrastructure may hinder the market growth.
On the basis of application, the market is classified into orthopedics, neurology, urology, gynecology and others. The others segment includes oral surgeries, thoracic surgeries, and general laparoscopic surgeries. The other application segment dominated the market in 2018, with a revenue of USD 748.5 million and is also expected to grow at the fastest rate over the forecast period. This is owing to a large number of general laparoscopic surgeries being conducted and increasing number of medical approvals for treatment of new medical conditions.
North America dominated the surgical robots market with a revenue of USD 1.03 billion in 2018, owing to the presence of leading manufacturers such as Stryker Corporation, Medtronic, Intuitive Surgical and others in the region. Moreover, increasing approval by the FDA for new robotic systems has led to rise in the number companies in the market which has increased the competition in the region. On the other hand, the region is also anticipated to witness fastest growth during the forecast period, as large number of hospitals are becoming the adopters of this technology.
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Further Key Findings from the report suggest:
- North America dominated the market in 2018 with a revenue of USD 1.03 billion, owing to factors such as presence of major manufacturers in the region, growing investments and high healthcare expenditure
- The others segment dominated the market in 2018, owing to a high prevalence of general and laparoscopic surgeries, and increasing approval for treatment of new medical conditions.
- Some of the key players operating in this space are Intuitive Surgical, Stryker Corporation, Medtronic, Smith & Nephew and others