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Surgical Robots Market Estimated to Experience a Hike in Growth by 2028

07-07-2023 08:01 AM CET | Health & Medicine

Press release from: The Insight Partners

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According to our new research study on "Surgical Robots Market to 2028 - COVID-19 Impact and Global Analysis - by Components, Application, and End User," the market is expected to reach US$ 17,647.82 million by 2028 from US$ 6,839.07 million in 2021. It is expected to grow at a CAGR of 14.8% during 2022-2028.

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Based on components, the market is segmented into instruments and accessories, robotic systems, and services. Instruments and Accessories to hold the largest share of the components segment in the global surgical robots market during 2022-2028 and is expected to be around US$ 9,673.90 million by 2028 from the US$ 3584.57 million in 2021; it is estimated to grow at a CAGR of 15.5% during 2022-2028.

The report highlights the key factors driving the surgical robots market and prominent players with their developments in the global surgical robots market. Rising expenditure to develop healthcare infrastructure coupled with rising research and development proficiencies to make advancements in healthcare technology is further propelling growth in the global surgical robots market value. Increasing patient preference for minimally invasive procedures and increasing personal disposable income are some other market growth determinants.

Surging Number of Surgical Procedures Drives Global Surgical Robots Market
There is a rise in the number of surgeries performed across the world. In the last 25 years, the incidence of cardiovascular diseases has increased globally. The rise in diabetic cases and lifestyle changes are leading to an increase in the number of cardiovascular surgeries and general surgeries. For instance, colorectal cancer is one of the most commonly found and lethal cancers developed in individuals due to the combined influence of genetic and environmental factors. According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with ~1.93 million global cases in 2020.

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Regarding the surgical procedure itself, the fewer the surgical team members, the lower the possibility of contamination. While robots-assisted surgery can lessen the risk of contamination, contactless remote robotic surgery, which can be performed with the patient's presence in the operating theatre, would be the ideal situation for preventing virus spread. This visionary environment would allow surgeons to continue operating during pandemic-like situations without fearing additional infection.

The report segments the global Surgical Robots Market as follows: Intuitive Surgical; Stryker; Zimmer Biomet; Smith+Nephew; Johnson & Johnson Services, Inc.; Siemens Healthineers; Renishaw plc; Asensus Surgical, Inc.; THINK Surgical, and Medtronic are some of the leading market players in the global surgical robots market.

The global surgical robots market is segmented on the basis of components, application, and end user. Based on components, the market is segmented into instruments & accessories, robotic systems, and services. Based on application, the market is segmented into urological surgery, orthopedic surgery, general surgery, gynecological surgery, neurosurgery, cardiothoracic surgery, and other applications. Based on end user, the market is segmented into hospitals, ambulatory surgical centers, and others.

Impact of COVID-19 Pandemic on global Surgical Robots Market:
The cost of overall healthcare is surging significantly in North America. The US health system incurred a direct cost of US$ 5.3 billion in 2020. The healthcare system contributed US$ 60 billion in addition to the overall annual costs of the US in 2020. Over 40% of the population in North America canceled their appointments in 2020, and 13% reported that they needed care but had not scheduled or received care.

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Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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