Global Surgical Robotics Market Expected to See Rapid Expansion
Surgical Robotics Market
Surgical robots are computer-controlled robotic systems used to assist in complex surgical procedures by facilitating precision, minimally invasive movements that cannot be achieved by human hands alone. The sophistication of these systems allows surgeons to perform procedures with higher accuracy, flexibility and control. Surgical robots are used majorly in gynecology, urology and general surgeries as they enable minimally invasive procedures through narrow openings resulting in minimal blood loss, less pain and scarring and shorter hospital stays. The use of HD cameras and 3D visualization provides surgeons with an up-close view of the surgical site during procedures. Surgical robots enable new levels of precision through small incisions resulting in faster recovery times for patients.
The Global Surgical Robots Market is estimated to be valued at US$ 5.35 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024-2029.
Key players operating in the Surgical Robots Market are Intuitive Surgical, Stryker Corporation, Medtronic and Smith & Nephew
Key Takeaways
Key players: Intuitive Surgical continues to dominate the market with its da Vinci surgical system. Stryker has entered the market with its MAKO platform for orthopedic surgeries. Medtronic has gained approval for its Hugo RAS system and Smith & Nephew acquired Corindus for entry into surgical robotics.
Growing Demand: Rising geriatric population suffering from chronic diseases, increasing adoption of minimally invasive surgeries and Surgical Robotics Market Demand for accuracy and improved patient outcomes are fueling the uptake of surgical robots.
Global Expansion: Key players are expanding geographically through regulatory approvals and collaborations to meet the growing global demand for surgical robotics platforms. Intuitive Surgical recently received approval to market and sell the da Vinci surgical system in India.
Market key trends
Telepresence and automation: Players are focusing on developing surgical robots integrated with augmented reality, virtual reality and artificial intelligence. This allows surgeons to perform robot-assisted remote surgeries through telepresence. Automation of certain routine tasks is aimed towards improving workflow and efficiency in the operating room. System miniaturization to facilitate natural orifice surgery is another emerging trend. These advancements will further the realization of precise, minimally invasive surgery through surgical robotics.
Porter's Analysis
Threat of new entrants: High capital requirement for infrastructure and R&D acts as a barrier for new companies. Regulations around medical devices add more barriers.
Bargaining power of buyers: Mostly large hospitals have control over capital equipment purchases. They negotiate on price and trade-offs.
Bargaining power of suppliers: Key components come from limited suppliers increasing their bargaining power. Intellectual property around robot technology impacts competition.
Threat of new substitutes: Alternate minimally invasive procedures pose competition but high switching costs reduce impact in short term.
Competitive rivalry: Few large global players dominate the market. Continuous innovation and expanded applications create differentiation.
Geographical Regions
North America accounts for the major share currently due to mature healthcare infrastructure, higher healthcare spending and rapid adoption of new technologies. Procedural volumes are also higher in the region.
Asia Pacific is poised to grow at the fastest rate led by countries like China, India and Japan. Favorable government policies, expansion of private healthcare and increasing affordability is driving the surgical robot market in the region. Population statistics also support future growth potentials.
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