Surgical Robotics Market Size 2021 Expected to Reach Worth US $98,737.0 Million at a 8.5% CAGR by 2025
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –: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. The surgical robotic system market is gaining prominence in the recent years owing to rapid technological advancements, increasing investments in research and development 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 musculoskeletal ailments & injuries, majorly supplement the growth of surgical robotics market. On the contrary, high costs of surgical robotic procedures, lack of awareness and inadequate presence of expertise professionals are major factors impeding the market growth.
Surgical Robots/Robotics Market By Component, and Surgery Type: Global Opportunity Analysis and Industry Forecast, 2019-2025,” the global surgical robots market growth was valued at $56.29 million in 2017, and is projected to reach $98.7 million by 2024, growing at a CAGR of 8.5% from 2019 to 2025. The orthopedic surgery dominated the market in terms of revenue and accounted for about one-fifth share of the global market.
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Increase in adoption of advanced robotic surgery over conventional open surgery, growing count of surgical procedures, and rising incidence rates of gynecological, neurological and urological disorders are the major factors boosting the market growth. However, high cost of surgical robotic systems and procedures is the major factor restraining the growth of the market. The surgical robotic procedures market is estimated to grow at a CAGR of 4.9% during 2015-2020, thereby, fostering the growth of the surgical robotics market.
In the component segment, systems and accessories jointly accounted for three-fourths of the surgical robotic systems market in 2014, and is forecast to maintain this trend throughout the forecast period. This is mainly attributed to the rising adoption of surgical robotic systems across Tier-1 hospitals and recurrent sales of accessories for these systems. However, system-related services are projected to be the fastest growing segment, owing to growing need for technical systems support, software upgrades, and product parts replacements.
Key Findings of Report:
– Surgical robotic systems market is projected to witness a two-fold increase in CAGR as compared to surgical robotic procedures market during the forecast period.
– Accessories segment is expected to maintain its foothold in the surgical robotic systems market throughout the analysis period.
– Orthopedic surgery is projected to be the fastest growing application segment in the surgical robotic systems market during the forecast period.
– In 2019, gynecology and urology surgery collectively accounted for about half of the surgical robotic systems market.Asia-Pacific is forecast to be one of the fastest growing markets, growing at a CAGR of 14.7% from 2019 to 2025, North America and Europe collectively accounted for around four-fifths of the world surgical robotic systems market revenue.
North America is anticipated to remain the highest revenue-generating region during the forecast period, owing to widespread adoption of surgical robotic systems among surgeons and patients. However, Asia-Pacific region is expected to grow rapidly during the forecast period, owing to growing awareness of robotic surgeries, increasing healthcare expenditure, and shifting trend towards adoption of technologically advanced procedures.
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The leading players in the surgical robotics systems market have adopted key strategies, such as partnerships and definitive agreement, to expand their market presence. For instance, Hansen Medical, Inc., signed a definitive agreement with AB Medica Sagl and China National Medical Device Co., Ltd. for the distribution of its robotic system in Switzerland and China, respectively. Prominent market players have adopted the acquisition strategy to increase their market share, which would lead to consolidation of the market in the coming years. For instance, Smith & Nephew recently acquired Blue Belt Technologies Ltd., in October, to consolidate its position in the surgical robotic systems market.
The key companies profiled in this report include Intuitive Surgical, Inc., Blue Belt Technologies Ltd., Think Surgical, Inc., Hansen Medical, Inc., MAKO Surgical Corp., Renishaw plc., Stanmore Implants Worldwide, Ltd., and Mazor Robotics Ltd., among others.
Frequently Asked Questions By Clients:
Question 1 :- What are the Key Industry Leaders opinion for the Surgical Robotics Market?
Answer :- Top companies such as, Surgical, Inc., KUKA AG, Stryker Corporation (MAKO Surgical Corp.), Mazor Robotics, Renishaw plc., Medtronic, THINK Surgical, Inc., and Zimmer Biomet Holdings.
Question 2 :- What are the key trends in the Surgical Robotics Market report?
Answer :- Growing number of surgical procedures, and rising incidence rates of gynecological, neurological and urological disorders.
Question 3 :- Which is the most influencing segment growing in the Surgical Robotics Market report?
Answer :- 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..
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