Surgical Robots Market Size, Share & Trends Analysis Report By Application (Urology, Orthopedics, Neurology, Gynecology), By Region (Asia Pacific, North America, Europe, MEA), And Segment Forecasts, 2021 - 2028

Report Overview

The global surgical robots market size was valued at USD 2.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 21.6% from 2021 to 2028. Growing adoption and acceptance of Minimally Invasive Surgeries (MIS) owing to benefits, such as shorter hospital stays, and the introduction of cost-effective & flexible surgical robots by new players are some of the key factors driving the growth of this market. In addition, the increasing penetration of international players is positively impacting the market growth. Furthermore, the rising number of knee and hip replacement surgeries performed due to the high prevalence of arthritis, bone-degenerative diseases, osteoporosis, and related injuries is projected to drive the market growth.

According to the Agency for Healthcare Research and Quality, more than 450,000 total hip replacement surgeries are carried out every year in the U.S. As per the statistics provided by the Australian Institute of Health and Welfare (AIHW), the rate of total knee replacements for osteoarthritis increased by around 38% from 2005-06 to 2017-18. Thus, an increasing number of surgeries performed is expected to boost the market growth during the forecast period. The COVID-19 pandemic has negatively impacted the market due to government-imposed stay-at-home or quarantine orders and a decline in the number of surgical procedures.

Intuitive Surgical, Inc. reported a 3% decline in its revenue in 2020 compared to 2019 and a decrease of 19.0% in the volume of procedures in the second quarter of 2020. These factors have led to a decline in the growth of the overall market across the globe during the COVID-19 pandemic. The emergence of COVID-19 strains coupled with recommended deferrals of elective medical procedures is anticipated to impact market growth by decreasing product demand, owing to the prioritization of COVID-19 treatment.

In addition, an increasing number of approvals from regulatory authorities, such as the FDA, to the companies is one of the prominent factors aiding the growth. In 2019, Ion, the robotic surgical system provided by Intuitive Surgical, Inc., received 510(k) clearance from the FDA. Moreover, the growing adoption of robot-assisted surgeries, rising usage of robotic systems for surgical interventions, and constant technological R&D are other factors supporting the market growth. Furthermore, strategic initiatives by international, established players are driving the market.

For instance, in 2019, Johnson & Johnson’s subsidiary, Ethicon, acquired Auris Health, a developer of a robotic technology platform. This acquisition is expected to support the company’s commitment to combat lung cancer and would help in expanding its digital surgery portfolio across multiple surgical specialties. In 2019, Stryker Corp. acquired OrthoSpace, Ltd. This acquisition helped in strengthening the surgical portfolio of Stryker Corp. Hence, such initiatives are likely to propel product visibility and adoption, thereby augmenting market growth during the forecast period.

Surgical robots have witnessed a paradigm shift in recent years due to technological advancements in the 3D imaging field, data recorders, data-analytic systems, microscopic cameras with high definition, remote navigation technology systems, motion sensors, robotic-controlled catheters, and other accessories utilized for surgeries. Such advancements are helpful in the development of newer applications for existing platforms and creating disruptive technologies that would be beneficial in driving the market.

Although robotic surgery systems are marketed as a safer alternative to traditional surgeries, there are various risks associated with these systems, including mechanical and human errors. These systems have multiple components and could malfunction, leading to more complications. However, technological advancements and betterments in the systems that would help in reducing the errors can lead to positive outcomes and boost the market growth during the forecast period.

Application Insights

On the basis of application, the market is segmented into neurology, gynecology, urology, orthopedics, and others. The others segment accounted for the highest revenue share of more than 36% in 2020. Other applications mainly include laparoscopy, oncology, and various other general surgeries. Increasing demand for minimally invasive laparoscopic surgeries and growing usage of surgical robots in cancer-related surgeries are the major factors driving the segment growth.

The neurology segment is expected to register the fastest CAGR during the forecast period. The remarkable credentials associated with the neurosurgery procedures deliver successful outcomes and reduce the limitations associated with traditional neurosurgery methods. Owing to these factors, the usage of robots in this field has increased.

Moreover, the growing product usage for treating patients suffering from tumors and other brain conditions, due to technological advancements in robotic brain surgeries, is anticipated to drive the segment over the forecast period. For instance, as per an article published in Robotics Industries Association (RIA), in 2019, a remote brain surgery using robotic assistance and 5G technology was carried out. Such instances signify the growth potential of robotics in the neurosurgery segment.

Regional Insights

North America dominated the global market with a revenue share of over 52% in 2020 and will retain the leading position growing at a steady CAGR over the forecast period. The presence of international players with the lineup of many products for FDA clearance, ongoing developments in robotics, and the demand for minimally invasive surgeries to reduce the post-operative period are the key factors driving the regional market.

Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period. Improvements in the development of instruments are likely to permit efficient working conditions for surgeons and are expected to fuel market growth. In addition, the rising adoption of robotic technologies in the region, coupled with increasing awareness levels regarding robotic surgeries and their benefits, is expected to boost the market growth.

Key Companies & Market Share Insights

The competition is high among existing players due to the rise in demand for minimally invasive procedures coupled with technological advancements. The rising product demand, fueled by increasing acceptance and awareness regarding robotic surgeries, is likely to promote the entry of new companies in the future. Furthermore, strategic mergers and acquisitions by companies are the factors expected to intensify the competition and fuel market growth.

For instance, in February 2020, Medtronic acquired Digital Surgery, a privately-owned surgical AI company. The company specialized in data analytics, digital education, and training. This acquisition helped Medtronic in strengthening its robot-assisted platform in surgery and broaden the portfolio of these companies with the addition of a new robotic system named Hugo. Some of the key players operating in the global surgical robots market are:

• Medrobotics Corp.

• Smith and Nephew

• Transenterix, Inc.

• Intuitive Surgical

• Renishaw, plc

• Medtronic

• Stryker Corp.

• Zimmer Biomet

• Think Surgical, Inc.

Surgical Robots Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global surgical robots market report on the basis of application and region:

• Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

  • Orthopedics

    • Hip

    • Knee

    • Spine

    • Others

  • Neurology

  • Urology

  • Gynecology

  • Others

• Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Italy

    • France

    • Spain

    • Russia

  • Asia Pacific

    • Australia

    • China

    • Japan

    • South Korea

    • India

    • Singapore

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East Africa

    • South Africa

    • Saudi Arabia

    • UAE