Surgical Robots Market Size, Share & Trends Report

Surgical Robots Market Size, Share & Trends Analysis Report By Application (Neurology, Urology, Orthopedics, Gynecology), By End-use (Inpatient, Outpatient), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-811-4
  • Number of Pages: 118
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the surgical robots market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for surgical robots market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of surgical robots market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Surgical Robots Market Categorization:

The surgical robots market was categorized into three segments, namely application (Orthopedics, Neurology, Urology, Gynecology), end-use (Inpatient, Outpatient), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The surgical robots market was segmented into application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The surgical robots market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; Spain; France; Italy; Denmark; Sweden; Norway; China; Japan; India; Australia; South Korea; Thailand; Brazil; Argentina; Mexico; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Surgical robots market companies & financials:

The surgical robots market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Stryker - Stryker Corporation is a medical device manufacturing company that offers powered surgical instruments, joint replacement solutions, micro & spine implant systems, trauma products, orthobiologics, endoscopic products, emergency equipment, surgical navigation systems, and patient handling equipment. Stryker Osteosynthesis is a subsidiary of Stryker and operates in craniomaxillofacial & traumatological products. The company has a market presence in over 100 countries.

  • Zimmer Biomet Holdings, Inc. - Zimmer Biomet is a medical device manufacturer specializing in musculoskeletal systems & solutions. The company offers products in various segments such as dental, biologics & biomaterials, bone healing, microfixation, orthopedics, spine, sports medicine, and trauma. In 2015, Zimmer acquired Biomet and was renamed Zimmer Biomet. It is a healthcare product provider in more than 100 countries.

  • Medtronic plc - Medtronic plc is a healthcare solutions company that develops medical devices. The company applies biomedical engineering in research, design, manufacture, and sale of products for alleviating pain, restoring health, & improving life. It serves patients, clinicians, physicians, and hospitals in over 140 countries worldwide. It operates under two major segments: cardiac & vascular group and restorative therapies groups.

  • Smith+Nephew - Smith+Nephew is a medical device manufacturer with diverse technologies for global customers enabling better outcomes for patients & healthcare systems. Operating across multiple continents, including Africa, the Americas, Asia, Australia, Europe, and the Middle East, the company plays a vital role in advancing medical innovation and providing healthcare solutions that have a positive impact on both patient well-being and the healthcare industry's overall performance.

  • Renishaw plc. - Renishaw plc is a leading developer, manufacturer, and seller of a range of products, including healthcare & precision measurement instruments. The company is a supplier of products & services across various applications, from wind turbines & jet engine manufacturing to brain surgery & dentistry. The company has a presence in the field of 3D metal printing. In healthcare, its products & services include analytical tools for identification & characterization of chemistry and structure of materials, engineering solutions in stereotactic neurosurgery, enabling dental laboratories to manufacture high-quality dental restorations, specialist design centers for craniomaxillofacial surgery, and supply of implants to hospitals. The Renishaw Group has a worldwide presence, with more than 75 offices across 36 countries.

  • INTUITIVE Surgical - Intuitive is a developer, manufacturer, and marketer of robotic products that are primarily designed to improve minimally invasive surgical procedures. The company has 20 years of experience in surgical technology aided by robotics. Its solutions are in line with its primary goal of promoting advancements in minimally invasive care. The company markets its products through direct sales in the U.S., South Korea, Japan, Taiwan, and India. It uses distributor networks in the remaining markets. The company’s sales team is divided into capital sales and clinical sales. The former is in charge of marketing da Vinci Surgical Systems, and the latter supports it. The company manufactures its robotic surgical systems in California, Mexico, and North Carolina.

  • Asensus Surgical US, Inc., formerly known as TransEnterix Surgical, Inc. - Asensus Surgical US, Inc., formerly known as TransEnterix Surgical, Inc., is a designer and developer of robotic medical devices for minimally invasive laparoscopic surgeries and catheter-based medical treatments. It is focused on utilization of robots to improve efficiency of minimally invasive surgeries and clinical & economic challenges with respect to the current laparoscopic & robotic options available in healthcare. Senhance Surgical System is the company’s key offering, which has 501(k) clearance by FDA. It is a robotic system that offers multiport access, which is beneficial for patients undergoing robotic surgeries, and provides surgeons state-of-theart technology. This system is available in the U.S., the EU, and other selective countries.

  • THINK Surgical, Inc. - THINK Surgical, Inc. is a developer, manufacturer, and seller of robotic surgical systems in orthopedic surgery. It offers The ROBODOC (TSolution One) Surgical System, which includes a 3D workstation for preoperative surgical planning, and Surgical Assistant, a computer-controlled surgical robot for accurate surface & cavity preparation for hip & knee replacement surgeries. It received the CE mark for Total Hip Arthroplasty and Total Knee Arthroplasty (TKA) in 2015 and 2017, respectively. The company offers products in the U.S., Japan, Korea, India, and European countries.

  • Medrobotics Corporation - Medrobotics Corporation, is a private company manufacturing surgical products and has primary expertise in robotics. The company provides access to a minimally invasive technology useful in surgical processes. Its flagship product, known as Flex Robotic System, is manufactured and marketed by the company. The system allows access and visualization of difficult-to-access anatomical locations. In July 2015, the company received FDA clearance to market the Flex Robotic System in the U.S. It received the European CE mark for Flex Robotic System in 2014.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Surgical Robots Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Surgical Robots Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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