Global Surgical Robots Market 2023: Report Position, Recent Developments, Trends and Future Forecast Until 2028
A report by the Global Market Studies has revealed that the Surgical Robots Market is estimated to grow to $18.5 billion by 2028, growing at a CAGR of over 15%
LAS VEGAS, NEVADA, UNITED STATES, February 15, 2023 /EINPresswire.com/ — Originally Posted : https://www.globalmarketstudies.com/global-surgical-robots-market/
A recent report by the Global Market Studies has revealed that the Surgical Robots Market is estimated to grow to USD 18.5 billion by 2028, growing at a CAGR of over 15%. This growth is driven by factors such as increasing demand for minimally invasive surgeries, advancements in technology, and growing support from healthcare providers and insurance companies. The growing demand for minimally invasive surgeries, in particular, is driving the growth of the surgical robots market, as surgical robots are increasingly being used to perform complex surgeries with greater precision and accuracy.
The Surgical Robots Market refers to the market for robots and robotic systems used in surgical procedures. Surgical robots allow doctors, through the use of technology, to perform complex surgical procedures with precision, flexibility and control to an extent that may not be possible with conventional or manual surgical techniques. Robotic surgery is usually associated with minimally invasive surgery — procedures performed through tiny incisions. Surgical robots are mainly used in laparoscopic surgeries as they are minimally invasive in nature.
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MARKET DYNAMICS
1) Drivers:
i. Increased Demand: The growing demand for minimally invasive surgeries is a major driver of the Surgical Robots’ Market. Minimally invasive surgeries offer several benefits over traditional open surgeries, including smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, quicker recovery periods.
ii. Precision and Advancement: Advances in technology are driving the development of more sophisticated and user-friendly surgical robots. The improvements in robotic systems are making them more accessible and affordable, and increasing their adoption among healthcare providers and patients. Surgical robots provide greater dexterity to surgeons on account of advanced mobility and 360-degree rotations. Surgeons are also able to get a detailed view of the operating area on account of greater visual capabilities.
iii. Healthcare Providers and Government: Healthcare providers are increasingly recognizing the benefits of surgical robots and are supporting their use in clinical practice. This growing support is promoting the growth of the surgical robots market. Government support in the form of funding and regulatory approval is promoting the growth of the Surgical Robots Market. Governments are investing in the development of new surgical robots and are promoting their use in clinical practice through favourable regulatory policies.
iv. Awareness: Patients are increasingly demanding minimally invasive surgical procedures, and healthcare providers are recognizing the benefits of surgical robots in improving patient outcomes.
2) Restraints:
i. High Cost: Surgical robots are relatively expensive compared to traditional surgical instruments, which can limit their adoption among healthcare providers and patients. The high cost of surgical robots includes the initial investment in the robot, as well as ongoing maintenance and repair costs.
ii. Limited Reimbursement: Reimbursement policies for surgical robots vary by country, and in some cases, the cost of using a surgical robot is not fully covered by insurance, which can limit its adoption.
iii. Lack of Skilled Personnel: The use of surgical robots requires specialized training and expertise, which can be a barrier to their adoption. There is a shortage of skilled personnel trained to use surgical robots, which can limit their growth.
iv. Technical Challenges: Surgical robots are complex systems that require sophisticated technology, which can lead to technical issues that can impact their performance. Technical challenges include software errors, malfunctions, and compatibility issues with other medical devices.
v. Regulatory Challenges: The regulatory environment for surgical robots is complex, and there are many regulations that must be met before a surgical robot can be approved for use. The regulatory process can be time-consuming and costly, which can limit the development and commercialization of new surgical robots.
3) Opportunities:
i. ASCs: Ambulatory surgery centre are independent, stand-alone medical facilities specializing in surgical, diagnostic and preventive procedures with the sole aim of catering to ambulatory surgery, day surgery or same-day surgery. The policy objectives include providing substantial cost savings to government, third-party payers as well as patients, who save on co-payments when treated at ASCs. The industry has witnessed a rapid increase in ASC surgical procedures, which can provide an opportunity for surgical robots to grow their market.
ii. Emerging Markets: Emerging markets, such as Asia-Pacific and Latin America, present significant opportunities for the Surgical Robots Market. These regions are expected to experience significant growth in the number of surgeries performed using surgical robots in the coming years, driven by a growing demand for minimally invasive surgeries and increasing healthcare spending.
iii. Development of New Surgical Robots: Companies are continuously investing in research and development to improve the performance of their surgical robots and to develop new systems that can be used in a wider range of surgical procedures.
iv. New Applications: The development of new surgical robots specifically designed for neurological and orthopaedic surgeries procedures is expected to drive growth in these segments of the market.
v. Remote-Controlled Surgical Robots: Remote-controlled surgical robots enable surgeons to perform surgeries from remote locations, which is particularly useful in rural or remote areas. The development of new remote-controlled surgical robots is expected to drive growth in this segment of the market.
4) Challenge:
i. Errors: Surgical errors contribute significantly to patient deaths. As per data, surgical errors and unsafe procedures constitute almost 30% of case complications in patients. According to NCBI, approximately 4,000 surgical errors occur per year in the United States. This makes patients as well as the medical practitioner community hesitant to opt for a robotics approach.
ii. Complexity: Surgical robots require specialized training and skills to operate, which can be difficult for some healthcare providers to obtain. This technical complexity is also making it more difficult for healthcare providers to justify the cost of purchasing and using surgical robots.
iii. Limited Applications: Surgical robots are primarily used for gynaecologic, urologic, and general surgeries, but they have limited use in other surgical specialties. The development of new surgical robots specifically designed for other surgical specialties is needed to expand the market.
RECENT DEVELOPMENTS:
i. Advancements in AI and ML: These technologies are being integrated into surgical robots to improve accuracy, speed and overall performance of surgical procedures.
ii. Improved surgical robots: Companies are investing heavily in research and development to create new and improved surgical robots that offer greater precision and functionality.
iii. Expansion of application areas: The range of surgical procedures that can be performed using robots is continuously expanding. The latest surgical robots can perform complex procedures such as spine surgeries, heart surgeries, and gynaecological surgeries.
iv. Minimally invasive surgeries: The rise in the number of minimally invasive surgeries is driving the growth of the surgical robots’ market as these robots are designed to perform such procedures with greater precision and control.
v. Collaborations and partnerships: Companies in the surgical robots’ market are collaborating and partnering with healthcare providers and academic institutions to increase their reach and to develop new and improved surgical robots.
KEY PLAYERS:
i. Intuitive Surgical: Intuitive Surgical is a leading manufacturer of surgical robots and is known for its da Vinci surgical robot system.
ii. Stryker: Stryker is a medical technology company that offers a range of robotic-assisted surgical systems, including the Mako system for joint replacement surgeries.
iii. Johnson & Johnson: Johnson & Johnson is a multinational healthcare company that offers a range of surgical robots and technologies, including the Ethicon portfolio of surgical robotics.
iv. Medtronic: Medtronic is a medical device company that offers a range of minimally invasive surgical solutions, including the Mazor X surgical robot s system.
v. Smith & Nephew: Smith & Nephew is a medical technology company that offers a range of robotic-assisted surgical systems, including the Navio system for knee replacement surgeries.
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Global Market Studies
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