The global surgical robotics market is anticipated to witness tremendous growth over the forecast period primarily due to the increasing prevalence rate of chronic disorders, growing global population coupled with the geriatric population, improving reimbursement policies, and public initiatives and funding to develop technologically advanced products. Surgical robotic systems primarily include surgical systems (capital equipment), instruments and accessories (consumables), and services (maintenance and up-gradation).
In the past decade, the definition of these advanced technologies has expanded, involving the use of these systems for multiple surgical procedures ranging from general surgeries to orthopedic surgeries. The ongoing trend of rising demand for surgical robotic systems is anticipated to continue in the future with the implementation of technological innovations and advancements in minimally invasive surgical procedures.
The global surgical robotics market was valued at $5.5 billion in 2020 and is anticipated to grow to $15.4 billion by the end of 2030, growing at a projected CAGR of 10.3% during the forecast period 2021-2030. Several companies such as Johnson & Johnson, Smith & Nephew plc, Curexo Inc., and SS Innovations China Co. Ltd. have been launching their surgical robotic systems.
Impact of COVID 19
The COVID-19 pandemic had a huge impact on elective surgical procedures in the first half of 2020. The COVID-19 pandemic has drastically impacted the daily hospital routine services on the global level. During the initial phase of the pandemic, hospitals greatly reduced or canceled conducting elective surgical procedures for patient safety and to prioritize the care treatments for patients with COVID-19.
Market Size and Forecast based on Region
The global surgical robotics market is currently in its growth phase. North America (60.9%) followed by Europe (18.3%) held the major share of the global market (in terms of value) in 2020. Furthermore, the surgical robotics market in the North America region is expected to retain the leading position throughout the forecast period 2021-2031.
North America medical device market is the early adopter of the latest technologies, and the region has now turned into a technological hub for the companies offering advanced solutions to the healthcare market.
Market Shares of Key Competitors in the Global Surgical Robotics Market
Intuitive Surgical Inc. dominated the global surgical robotics market by holding highest percentage of the market share in 2020. This market dominance was attributed to the company’s presence within the market and huge market penetration in different regions. Currently, the company offers its fourth-generation surgical robotic platform, first commercialized in 2014 (da Vinci Xi Surgical System).
Key players in the Surgical Robotics market includes
Asensus Surgical, Inc., avatera medical GmbH, CMR Surgical Limited, Corin Group, Curexo, Inc., Globus Medical, Inc., Intuitive Surgical, Inc., Johnson & Johnson, Medicaroid Corporation, Medrobotics Corporation, Medtronic plc, meerecompany, Inc., Monteris Medical Corporation, Neocis, Inc., PROCEPT BioRobotics Corporation, Renishaw plc, Siemens Healthineers AG, Smith & Nephew plc, Stereotaxis, Inc., Stryker Corporation, THINK Surgical, Inc., Titan Medical, Inc., Venus Concept, Inc., Vicarious Surgical, Inc., Virtual Incision Corporation, and Zimmer Biomet Holdings, Inc
Hidden Factors that are Driving the Global Surgical Robotics Market through the Iceberg Analysis
Factors such as substitution of invasive modalities, data analytics for deep insight and guidance, augmentation of care team capabilities, and advanced tools are some of the hidden factors driving advancements in the surgical robotics market. Efficiently leading to better care team experience, lower total cost of care, better surgical/clinical outcomes, and better surgical/clinical outcomes, these factors are expected to continue driving innovation in the space.
Competitive Landscape
The total market was valued at $5,460.5 million in 2020 with Intuitive Surgical, Inc. dominating the global surgical robotics market by holding 79.82% of the market share in 2020. This market dominance was attributed to the company’s presence within the market and huge market penetration in different regions. Currently, the company offers its fourth generational surgical robotic platforms, first commercialized in 2014 (da Vinci Xi Surgical System). Stryker Corporation was responsible for 9.09% of the global market share in 20202, second only to Intuitive Surgical, Inc. BIS Research anticipates that Intuitive Surgical will hold nearly 52.06% of the total market by the end of 2031.
In the past four years, i.e., (January 2017 to March 2021), the market has witnessed approximately 85 regulatory and legal developments, 56 funding activities, 51 partnerships, alliances, and business expansions, 15 mergers and acquisitions, and nine product offerings and upgradations. Currently, most market players are involved in conducting regulatory and legal activities in the market, as is evident from the shares of funding activities and new offerings. There is a potential for mergers and acquisitions activities in the future as more and more start-ups enter the market targeting specific surgical applications and key players of the conventional surgical robotics market look to consolidate.
Funding Scenario for the Surgical Robotics Market
The market witnessed an influx of huge funding of more than billions from January 2005- April 2020, highlighting the tremendous scope lying in this domain. Several private and public manufacturers are funded by various investment firms such as Partner Fund Management, L.P., Shanghai Jugu Equity Investment Fund Co. Ltd., and ABB Technology Ventures. This funding is aimed at advancing surgical robotics systems to increase their dominance in the market. In addition, this funding is aimed to support the development of novel robotic-assisted surgical systems and their commercialization process.
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BIS healthcare vertical offers intelligence in the healthcare technology market for precision medicine, robotics and imaging, life sciences and biopharma, medical devices, digital health, and other emerging healthcare technologies, covering the entire industry spectrum. In the past eight years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating ‘Top 25 Voices’ in precision medicine on its InsightMonk platform for the past two years successfully.
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