Surgical Robotic Systems Market to Reach USD 15.01 Bn, Globally, by 2027 at 13.7% CAGR: Allied Market Research
Wednesday, September 23, 2020
Increase in need for automation in the healthcare industry and demand for advanced robotic minimally invasive surgeries drive the growth of the global surgical robotic systems market
PORTLAND, Ore., Sept. 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Surgical Robotic Systems Market by Component (Systems, Accessories and Services), and Surgery Type (Gynecology Surgery, Urology Surgery, Neurosurgery, Orthopedic Surgery, General Surgery and Other Surgeries): Global Opportunity Analysis and Industry Forecast, 2019-2027." According to the report, the global surgical robotic systems market size garnered $5.34 billion in 2019, and is estimated to reach $15.01 billion by 2027, witnessing a CAGR of 13.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in need for automation in the healthcare industry, demand for advanced robotic minimally invasive surgeries, and reduction in hospital stays drive the growth of the global surgical robotic systems market. However, high costs of the systems and lack of awareness among people from emerging countries hinder the market growth. On the other hand, surge in usage in various applications and increase in research and development activities create new opportunities in the coming years.
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-- Manufacturing and research & development activities have been disrupted
due to lockdown measures imposed by governments. Moreover, investments
have been locked by investors due to occurrence of economic turbulence.
-- Many hospitals and trauma centers have been closed temporarily due to
safety measures imposed by governments. Only emergency surgeries have
been carried out. So, demand for new surgical robotic systems has
The accessories & instrument segment to maintain its lead position during the forecast period
Based on component, the accessories & instrument segment accounted for the largest share in 2019, holding for more than half of the global surgical robotic systems market, and is expected to maintain its lead position during the forecast period. This is due to the short lifespan of instruments and stringent procedure guidelines, due to which, there is a need for re-purchasing of accessories and instruments. However, the services segment is estimated to portray the highest CAGR of 14.6% from 2020 to 2027, owing to efficient and timely services provided by the companies.
The gynecology surgery segment to maintain its dominant share during the forecast period
Based on surgery type, the gynecology surgery segment accounted for more than one-fourth of the global surgical robotic systems market in 2019, and is projected to maintain its dominant share during the forecast period. This is attributed to prevalence of gynecological conditions, increase in demand for robotics, advent of minimally invasive surgical procedures, and improved efficiency in procedures. However, the orthopedic surgery segment is estimated to grow at the highest CAGR of 14.5% from 2020 to 2027. This is due to increase in knee and hip replacement surgeries by the geriatric population and development of new biological substitutes.
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North America to maintain its leadership status by 2027
Based on region, North America held the highest market share of more than half of the global surgical robotic systems market in 2019, and is estimated to maintain its leadership status by 2027. This is due to need for automation in the healthcare industry along with development of simplistic surgical solutions. However, Asia-Pacific is expected to portray the highest CAGR of 14.4% from 2020 to 2027, owing to increase in incidence of chronic diseases, large pool of aging population, and improved healthcare infrastructure.
Leading market players
-- Intuitive Surgical, Inc.
-- Stryker Corporation
-- Titan Medical Inc.
-- Transenterix, Inc.
-- Johnson & Johnson
-- Globus Medical, Inc.
-- Medtronic Plc.
-- Siemens Ag (Siemens Healthineers)
-- Smith & Nephew
-- Zimmer Biomet Holdings Inc.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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