Surgical Robots Market Size Projected to Rise Lucratively during 2021 to 2028: Grand View Research Inc.

 Surgical Robots Market Growth & Trends

The global surgical robots market size is expected to reach USD 14.04 billion by 2028 and is expected to expand at a CAGR of 21.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness and adoption of minimally invasive surgeries due to the potential benefits provided by them is impacting the growth positively. Furthermore, the increasing penetration of international players is further bolstering revenue growth over the forecast period.

Furthermore, rising acceptance for robotic procedures and laparoscopic procedures, technological advancements in medical imaging, and increasing prevalence of lung cancer, tumors, spine disorders, and other conditions are some of the major factors anticipated to boost the adoption and acceptance of surgical robots over the forecast period. However, the restricted rate of adoption of surgical robots in underdeveloped and developing economies owing to untrained doctors and limited healthcare spending may hinder the growth of the market.

Based on application, the market is segmented into neurology, orthopedics, urology, gynecology, and others. In 2020, the others segment accounted for the highest revenue share. This segment mainly includes the usage of surgical robots in laparoscopy, oncology, and various other general surgeries. This growth is attributed to the increasing demand for minimally invasive laparoscopic surgeries and the growing usage of surgical robots in cancer. In addition, reduction in limitations associated with traditional surgery procedures and enhancement in delivering successful outcomes through the utilization of robotic technologies is further fueling the adoption and growth.

North America dominated the market with a revenue share of 51.3% in 2020 owing to the significant presence of international players along with the lineup of many products for FDA clearance, ongoing developments in robotics, and the demand for minimally invasive surgeries to reduce the post-operative period. Furthermore, R&D initiatives about ergonomically designed workstations to improve learning curves and speed up clinical adoption in the region, coupled with improvements in miniaturization of instruments, are the other factors boosting the growth in the region.

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Surgical Robots Market Report Highlights

• The growing awareness about minimally invasive surgeries and their rising adoption due to the potential benefits are the key factors fueling the market growth
• The others segment dominated the global market in 2020, owing to increasing demand for minimally invasive laparoscopic surgeries and growing usage of surgical robots in cancer
• The North America region dominated the global market for surgical robots with a revenue share of 51.3% in 2020, owing to the significant presence of international players along with the lineup of many products for FDA clearance, ongoing developments in robotics, and the demand for minimally invasive surgeries to reduce the post-operative period

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Surgical Robots Market Segmentation

Grand View Research has segmented the global surgical robots market based on application and region:

Surgical Robot Application Outlook (Revenue, USD Million, 2016 - 2028)

• Orthopedics
• Neurology
• Urology
• Gynecology
• Others

Surgical Robot Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • Italy
  • France
  • Spain
  • Russia
• Asia-Pacific
  • Australia
  • China
  • Japan
  • South Korea
  • India
  • Singapore
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players in the Surgical Robots Market

• Medrobotics Corporation
• Smith and Nephew
• Transenterix, Inc
• Intuitive Surgical
• Renishaw, plc
• Medtronic
• Stryker Corporation
• Zimmer Biomet
• Think Surgical, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.