Surgical Robotic Systems Market Size, Top Key Players, Latest Trends, Regional Insights and Global Industry Dynamics By 2027
Pune, Maharashtra, India, September 29 2020 (Wiredrelease) Allied Analytics –:The growth of the global surgical robotic systems market is majorly driven by surge in rapid technological advancements, increasing investments in R&D and its extensive application in critical surgeries such as cardiac, orthopedic and neurosurgery
surgical robotic systems market size was valued at $5,341.0 million in 2019, and is expected to reach $15,010.3 million by 2027 at a CAGR of 13.7% during the forecast period, Surgical robotic system is a technologically advanced surgical solution, used mainly during complicated surgical procedures. The surgical robotic system includes surgeons console, surgical arms and monitoring systems & software.
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The surgical robotic system market has gained prominence in the recent years owing to rapid technological advancements, increase in investments in R&D and its extensive application in critical surgeries such as cardiac, orthopedic and neurosurgery. Further, wide scope of applications in different surgeries, increasing demands for advanced medical facilities and rising incidence of diseases such as cancer and obesity, majorly supplement the growth of the global surgical robotic systems market. On the contrary, high costs of surgical robotic procedures, lack of awareness and inadequate presence of trained personnel are major factors impeding the surgical robotic system market growth.
Surgical Robotic Systems Market Competitive Analysis:
Leading market players Intuitive Surgical, Inc., Stryker Corporation, Titan Medical Inc., Transenterix, Inc., Johnson & Johnson, Globus Medical, Inc, Medtronic Plc., Siemens Ag (Siemens Healthineers), Smith & Nephew and Zimmer Biomet Holdings Inc, Provided in this report. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Covid-19 Impact on the Surgical Robotic Systems Market:
Surgical Robotic Systems Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2019-2026). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly.
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Surgical Robotic Systems Market Segmentation:
The global surgical robotics market is segmented into component, surgery type and region. Based on component, the market is segmented into systems, accessories, and services. The surgical robotics market based on surgery type is segmented into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery and others. Regionally the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In terms of revenue, the accessories in component segment accounted for the highest market share in 2017, owing to rising adoption of surgical robotic systems across Tier-1 hospitals, recurrent sales of accessories for these systems and demand for highly efficient replaceable components. Surgical robotic systems services would emerge as the lucrative segment since it is mandatory for every surgical robotic systems buyer to maintain the system’s performance. The services segment would exhibit the fastest growth rate, registering a CAGR of 15.7% during the forecast period.
Based on surgery type, the neurosurgery segment accounted for about one-sixth share of the total market in terms of value as well as volume and is expected to grow at a CAGR of 8.6% and 6.5% respectively during the forecast period. As robotic systems were primarily used for neurosurgeries and later widen its application. The need for precision during neurosurgery has led to an increase in adoption for surgical robotics.
Surgical Robotic Systems Market Regional Analysis:
The market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
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