Surgical Robots Market size is projected to record a CAGR of 18.94% to realize USD 19,596.61 Million by 2024.

Market Dynamics

Hospitals need to invest in surgical robots is expected to boost the global demand. The equipment can assist doctors in performing minimally invasive procedures that enable patients to recover more quickly and easily than conventional procedures. The current technical signs of progress are expected to aid in the creation of surgical robot tools. The recovery rate of minimally invasive surgery is expected to increase surgical robot market share during the forecast period. The overall industry is expected to benefit from increased funding for research that can boost their performance. The global economy is expected to be driven by increased acceptance of progressive technology as a result of improved performance and understanding.

Incorporating synergies is expected to support the global economy in the near future. Increased acceptance of minimally invasive surgeries by patients due to added benefits such as shorter hospital stays for patients compared to conventional surgery, launch of versatile and cost-effective surgical robots by new manufacturers, and growing approvals for new medical conditions are all contributing to the development. The increasing number of FDA approvals given to surgical robotic companies for R&D in image-guided robotic surgery and robotic automation are also contributing to market development. Furthermore, the rising adoption of robot assisted hysterectomies and other surgical procedures, as well as the growing number of surgical robotic systems, are all contributing to this development. In developing countries, improvements in healthcare facilities and the adoption of innovative medical technologies are also projected to make system implementation easier.

Patients' apprehension about being run by robots could delay adoption in the forecast period. The demand for intelligent surgical robots is being fueled by longer waiting lists for operations due to a rise in the number of patients with ailments requiring surgical intervention. Another important factor driving the demand for surgical robots, especially in this pandemic, is the scarcity of trained doctors who can perform such specialized operations. The demand for robot-assisted surgical systems is based on the fact that robots can conduct parts of an operation independently, but under the supervision of a doctor who is present during the procedure. Until robots can be widely deployed in hospitals, further expansion is needed. High-tech knowledge and the manufacturing industry's approach to achieving the best results are expected to play a key role in the creation and implementation of surgical robots in future operating rooms.

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Segmental Analysis

The surgical robots industry has been segmented into product type, application, end user, and control mechanism.

Based on the segment which is product type,, the market is categorized on the basis of cardiac surgery, colorectal surgery, general surgery, gynecologic surgery, head and neck surgery, and urologic surgery. The instruments & accessories segment controlled a significant share of the market in 2019.

The global market for surgical robots is further segmented based on application into robotic systems, services, and instrument & accessories. The general surgery segment is anticipated to flourish at a maximum rate throughout the forecast period.

Furthermore, the market, on the basis of control mechanism is segmented into direct telemanipulator and computer control. The direct telemanipulator segment is estimated to take the lead in the forecast period.

Based on the segment which is end user, the market is categorized on the basis of hospitals and ambulatory surgical centers. The hospital segment is estimated to take the prime position in leading the market.

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Regional Analysis

The Americas are expected to account for the majority of the global surgical robot market. The market is expected to be dominated by the North American region, owing to hospitals' increasing financial ability to invest in robotic systems, planned partnerships with other companies, increasing patient acceptance of surgical robots in medical practices leading to better healthcare outcomes, and a growing general understanding of computer-assisted surgeries.

Europe is expected to account for the second-largest market share during the forecast period. The need for automation in the healthcare sector, as well as the growing demand for minimally invasive surgeries and miniature robotics, are driving market growth in this area.

Due to a large patient population, an increasing number of hospitals, and rapid technological advancements to support the growth of the robotic surgery devices industry, the Asia Pacific regional market is expected to be the fastest growing in the overall market.

Competitive Analysis

Key competitors in the surgical robots market include Hansen Medical, Mazor Robotics, TransEnterix, Stryker Corporation, Google Life Sciences, Johnson & Johnson, Medtronic plc, and Intuitive Surgical Inc.