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  • Published In : Apr 2024
  • Code : CMI496
  • Pages :172
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

Market Size and Trends

The surgical robots market is estimated to be valued at USD 7,268.9 Mn in 2024 and is expected to reach USD 17,863.4 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

Surgical Robots Market Key Factors

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Surgical robots offer several advantages over traditional open surgeries such as smaller incisions, fewer complications, less pain and blood loss, quicker recovery time and improved surgical outcomes. Their rising uptake in various procedures like gynecology, urology, orthopedic and neurosurgeries will support adoption. Similarly, increasing healthcare expenditure in developing nations creates new opportunities.

Market Driver – Increasing Inorganic Growth Strategies such as Collaborations

Increasing adoption of inorganic growth strategies, such as collaboration, among key market players is expected to drive the market growth over the forecast period. For instance, on February 14, 2024, THINK Surgical, Inc., an innovator in the field of orthopedic surgical robots, announced that it will enter into a new collaboration agreement with b-ONE Ortho Corporation, an original equipment manufacturer (OEM) as well a developer & marketer. Through this collaboration, THINK Surgical will add b-ONE Ortho implants, including the MOBIO Total Knee System, to THINK Surgical's ID-HUB, a proprietary data bank of implant modules for use with its TMINI Miniature Robotic System.

Market Concentration and Competitive Landscape

Surgical Robots Market Concentration By Players

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Increasing Complexity and Accuracy Requirements of Surgical Procedures

Advancements in medical science and technology have allowed doctors to perform increasingly complex surgeries to treat conditions that were previously considered inoperable or untreatable. Procedures such as deep brain stimulation for neurological disorders, minimally invasive surgery to repair heart valves, organ transplantation, and cancer surgeries often require tremendous precision, control and endurance from surgeons. Even a slight error can potentially jeopardize the outcome or the patient's life. At the same time, patients are demanding minimally invasive options to reduce post-surgical recovery time and complications. This has created the need for surgical systems that can augment a surgeon’s abilities and facilitate procedures with enhanced dexterity, accuracy, and precision even in small and constrained anatomical spaces. Robotic systems address this need through their scaled motion, tremor filtering, and three-dimensional visualizations. The instruments have wrist-like movements allowing surgeons to operate in areas not accessible by open surgery and suture tissues with greater precision. Some robots provide ten-fold magnifications of the surgical area on high-definition screens, integrate pre-operative scans, and allow surgeons to practice interventions through simulations. This enhances spatial understanding and procedural planning. The growing preference for minimally invasive approaches also drives the demand as robotic systems enable procedures through small incisions instead of open surgeries. 

Surgical Robots Market Key Takeaways From Lead Analyst

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Market Challenges – The High Cost of Robot-Assisted Surgery Limits its Adoption

The high cost of robot-assisted surgery limits its adoption, as robotic systems are much more expensive than traditional equipment. Robotic surgical systems are expensive to purchase with the price of a single robotic system ranging from US$ 1 million to US$ 2.5 million. Additionally, there are substantial costs involved with maintaining these robotic systems during the lifespan with annual service and maintenance contracts. The high capital expenditure required to purchase and maintain these robotic surgical devices is a major restraint for many hospitals and healthcare facilities, especially those in developing regions with budgetary constraints.

Market Opportunities – Increasing Investments by Key Market Players for the Development of Surgical Robots

Increasing adoption of inorganic growth strategies such as investments by key market players for the development of surgical robot offers lucrative opportunities in the global surgical robots market. For instance, in September 2023, CMR Surgical, UK-based surgical robotics company, announced that they had raised over US$ 165 mn in funding to continue the development of its Versius surgical robot. This latest investment brings their total raised to over $ 1 bn.

Surgical Robots Market By Product Type

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Insights, By Product Type: Technological Advancements Fuel the Growth of Robotic Systems

The product type segment includes instruments & accessories and robotic systems. The robotic systems sub-segment is estimated to hold 65.9% of the market share in 2024. Robotic systems enable sophisticated procedures through small incisions using advanced computer interfaces and miniature surgical tools. Constant upgrades to robotic systems allow surgeons to perform an ever-expanding range of minimally invasive surgeries. Leading manufacturers are developing new system models with improved robot arms, endoscope cameras, and surgical tools. The latest systems offer surgeons enhanced control, visualization, precision, and flexibility compared to older models. Advancements like 3D high-definition cameras and new instrument types enable procedures that were not previously possible robotically. As technology continues making robotic systems smarter, more dexterous and applicable to a wider variety of surgeries, their utilization and market leadership will only strengthen compared to other product types. Constant advancements in medical technology ensure robotic systems maintain their competitive advantage.

Insights, By Surgery: Cardiovascular Surgeries at the Forefront of Robotics Adoption

The surgery segment includes gynecology surgery, general surgery, urology surgery, cardiovascular surgery, neurosurgery surgery, orthopedic surgery, and others. The cardiovascular surgery sub-segment is estimated to hold 38.4% of the market share in 2024. Within the broad field of surgical robotics, cardiovascular procedures have pioneered adoption of the technology. Several key factors have driven cardiovascular surgery's prominence. Robotic systems are extremely well-suited to the exacting technical demands of cardio procedures. Their precision motion scaling, 3D visualization, and wristed instrument controls allow complex anastomoses and other delicate tasks to be performed via minimally invasive approach. This translates to reduced recovery times, lengths of stay, and complication risks for patients undergoing cardiac surgery. Government initiatives and research funding have also supported robotic innovations especially for cardiac applications due to disease burden. Public and private partnerships have accelerated U.S. Food and Drug Administration approval of new cardiovascular robotics systems and procedures. Reimbursement availability further entrenches robotics as a standard of care.

Regional Insights

Surgical Robots Market Regional Insights

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North America remains the dominant region in the global surgical robots market and is estimated to hold 39.1% of the market share in 2024 due to a strong presence of key industry players and early adoption of robotic technologies among healthcare facilities. The U.S. Food and Drug Administration (FDA) has approved the use of robotic surgical systems for a wide range of procedures, which has propelled their uptake across hospitals. Furthermore, increased healthcare spending along with supportive regulatory environment have boosted installations of surgical robots over the years in the region.

The Asia Pacific region, on the other hand, is poised to be the fastest growing surgical robotics market owing to increasing healthcare investments and rapidly developing healthcare infrastructure. Countries like China, India, Japan, and South Korea are at the forefront and are witnessing growth that is well above global averages. With growing income levels, patients in the region are opting for advanced treatments including robotic surgeries. Local manufacturers are also developing low-cost robotic systems and collaborating with multinational companies to gain foothold. Governments are offering subsidies and promoting adoption of medical robotics to enhance quality of care. This has encouraged both private and public healthcare providers to procure surgical robots. The regional market is also gaining from rising medical tourism alongside expanding applications of robotic systems beyond urology into areas such as gynecology and general surgery.

Market Report Scope

Surgical Robots Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 7,268.9 Mn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 13.7% 2031 Value Projection: US$ 17,863.4 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Instruments & Accessories and Robotic Systems (Da Vinci Surgical System, Rosa, Mako Rio, Robodoc, and Others)
  • By Surgery: Gynecology Surgery, General Surgery, Urology Surgery, Cardiovascular Surgery, Neurosurgery Surgery, Orthopedic Surgery, and Others 
Companies covered:

Stryker, Intuitive Surgical, Think Surgical, Inc., Asensus Surgical US, Inc., Zimmer Biomet, Smith & Nephew, Novus Health Products, Medtronic, Renishaw plc, Medrobotics Corporation, DePuy Synthes, TransEnterix Surgical, Inc., SpineGuard, and Johnson & Johnson Services, Inc.

Growth Drivers:
  • Increasing Inorganic Growth Strategies such as Collaborations
  • Increasing Complexity and Accuracy Requirements of Surgical Procedures
Restraints & Challenges:
  • The High Cost of Robot-Assisted Surgery Limits its Adoption
  • Lack of Competency in Robot-assisted Surgeries

Key Developments

  • On March 18, 2024, Intuitive Surgical, a medical device company, announced that it had received an approval from the U.S. Food and Drug Administration for its da Vinci Xi system, a next-generation surgical robotics system
  • On February 21, 2024, Medical Microinstruments, Inc., a developer of a robotic system, announced that that it raised US$ 110 million in a Series C financing round led Fidelity Management & Research Company to help commercialize its surgical robot. The company plans to use the funds to support the commercialization of its Symani surgical system in high-growth markets.
  • In November 2022, CMR Surgical, a U.K.-based surgical robotics company, announced a collaboration agreement with Ethicon, a subsidiary company of Johnson & Johnson Services, Inc., to expand choice across surgical robotics and advanced laparoscopic instruments. The targeted collaboration agreement will focus on select private hospitals in Italy, France, Germany, and Brazil and will enable Ethicon and CMR commercial teams to offer specific hospitals the advantages of their complementary portfolios together.
  • In June 2022, SpineGuard, an innovative company that deploys its Dynamic Surgical Guidance (DSG) sensing technology to secure and streamline the placement of bone implants, announced a new three-year collaboration program with two labs of Sorbonne University Centre National de la Recherche Scientifique (CNRS) and Inserm: the ISIR (Institute for intelligent systems and robotics), a multidisciplinary research laboratory, and Laboratory for biomedical imaging (LIB). This collaboration will associate the DSG Technology of SpineGuard with ultrasound and serve surgical robots.

*Definition: Surgical robots consist of a camera arm and mechanical arms with surgical instruments, which are controlled by surgeons on computer console that offers high definition and magnified 3-D view of the surgical site. Surgical robots aid in performing various complex surgical procedures with more flexibility, precision, and control than conventional surgical procedures.

Market Segmentation

  • Product Type Insights (Revenue, USD Mn, 2019 - 2031)
    • Instruments & Accessories
    • Robotic Systems
      • Da Vinci Surgical System
      • Rosa
      • Mako Rio
      • Robodoc
      • Others
  •  Surgery Insights (Revenue, USD Mn, 2019 - 2031)
    • Gynecology Surgery
    • General Surgery
    • Urology Surgery
    • Cardiovascular Surgery
    • Neurosurgery Surgery
    • Orthopedic Surgery
    • Others
  • Regional Insights (Revenue, USD Mn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • Stryker
    • Intuitive Surgical
    • Think Surgical, Inc.
    • Asensus Surgical US, Inc.
    • Zimmer Biomet 
    • Smith & Nephew
    • Novus Health Products 
    • Medtronic
    • Renishaw plc
    • Medrobotics Corporation
    • DePuy Synthes
    • TransEnterix Surgical, Inc.
    • SpineGuard
    • Johnson & Johnson Services, Inc.

Frequently Asked Questions

The CAGR of the surgical robots market is projected to be 13.7% from 2024 to 2031.

Increasing inorganic growth strategies such as collaboration and increasing complexity and accuracy requirements of surgical procedures are the major factors driving the growth of the surgical robots market.

The high cost of robot-assisted surgery limits its adoption and lack of competency in robot-assisted surgeries are the major factors hampering the growth of the surgical robots market.

In terms of product type, instruments & accessories is estimated to dominate the market revenue share in 2024.

Stryker, Intuitive Surgical, Think Surgical, Inc., Asensus Surgical US, Inc., Zimmer Biomet, Smith & Nephew, Novus Health Products, Medtronic, Renishaw plc, Medrobotics Corporation, DePuy Synthes, TransEnterix Surgical, Inc., SpineGuard, and Johnson & Johnson Services, Inc. are the major players.

North America is expected to lead the surgical robots market.

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