The report Surgical Robots Market is projected to reach USD 14.4 billion by 2026 from an estimated USD 6.4 billion in 2021, at a CAGR of 17.6%.
Major Growth Driving Factors:
The advantages of robotic-assisted surgery, technological advancements in surgical robots, the increasing adoption of surgical robots, and increased funding for medical robot research are some of the key factors driving the growth of this market. On the other hand, factors such as high cost of robotic systems is likely to negatively impact the market growth during the forecast period.
The COVID-19 pandemic has had a devastating global impact on the world’s population and economy. The pandemic has put a significant strain on healthcare systems. During this period, healthcare institutions and providers have been instructed to stop performing elective surgical procedures and medical examinations to minimize the possibility of transmission and conserve healthcare resources for COVID-19 patients. The pandemic has led to a temporary ban on elective surgeries across the globe, which resulted in the cancellations of elective surgeries worldwide posing a negative impact on the globe.
Instruments and Accessories segment expected to hold the largest share of the market in 2021
Based on product & service, the surgical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment accounted for the largest share of 53.8% of the market in 2020. This segment is also expected to grow at the highest CAGR during the forecast period. The recurrent purchase of instruments & accessories instead of robotic systems, which are a one-time investment are ket factor attributed to the large share and high growth of this market.
General surgery segment commanded the largest share of the market in 2020
The surgical robots market, based on application is segmented into general surgery, urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and other applications. The general surgery segment accounted for the largest share of 29.5% of the market in 2020. This segment is also expected to register the highest growth during the forecast period. Growth in this market segment can be attributed to the increased use of surgical robots in general procedures such as bariatric surgery, Heller myotomy, gastrectomy, hernia repair, cholecystectomy, transoral surgery, and pancreatectomy.
Geographical Growth Dynamics:
North America is expected to dominate the surgical robots market during the forecast period
North America dominated the surgical robots market, with a share of 63.6% in 2019, while the Asia Pacific region is expected to register the highest CAGR of 18.5% during the forecast period. The availability of funding for R&D in surgical robots in this region and the increasing adoption of surgical robots for pediatric surgeries in Canada and general surgery procedures in the US are some of the factors attributed to the largest share of this region.
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