Surgical Robots Is Estimated To Witness High Growth Owing To The Increasing Application For Minimally Invasive Surgeries

Global Surgical Robots Market

The Surgical Robots market is estimated to be valued at US$ 1021.96 Mn or Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview
Surgical robots are medical robots that assist surgeons in carrying out complex procedures with improved precision, flexibility, and control. The rising prevalence of chronic diseases such as cancer, neurological disorders, gastrointestinal problems is driving the demand for minimally invasive surgeries which in turn propels the growth of surgical robots market.

Market Dynamics
The Global Surgical Robots Market is driven by the increasing application for minimally invasive surgeries and the rising number of initiatives taken by various organizations promoting robotic surgery. Minimally invasive surgery reduces blood loss, pain, hospital stay and recovery time when compared to conventional open surgeries. Various initiatives involving conferences, educational programs, and funding are taken by organizations such as American College of Surgeons, Society of American Gastrointestinal and Endoscopic Surgeons to promote robotic surgery which in turn boosts the adoption of surgical robots.

SWOT Analysis (This is heading keep it unchanged)
Content (Write in 250 words long SWOT analysis for given market name. Ex. Strength: explain in three sentence explanation; Weakness: explain two weakness in three sentence long explanation; Opportunity: explain two opportunity in three sentence long explanation; Threats: explain two threats two sentence explanation).

Strength: The surgical robots offer superior accuracy, visualization, and access to complex surgical areas with their precise maneuverability. They allow surgeons to perform surgeries with a high level of precision. Their three-dimensional visualization capability helps perform even complex surgical procedures with improved clinical outcomes.

Weakness: The high costs associated with the purchase, maintenance, and operations of surgical robots limit their adoption. In addition, the lack of competency and expertise among medical staff to operate these robots is also a challenge faced.

Opportunity: The growing geriatric population and the subsequent rise in chronic diseases and surgical procedures present significant growth prospects. Furthermore, there is potential for surgical robots in emerging markets with the rising healthcare expenditures.

Threats: The presence of alternative minimally invasive surgical techniques poses significant competition to surgical robots. Additionally, the stringent regulatory framework for the approval of robotic surgical systems prolongs the time taken to enter new markets.

Key Takeaways:

The global surgical robots market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for minimally invasive surgical procedures. Growing geriatric population suffering from chronic diseases, rising healthcare expenditure in developing countries, and technological advancements in robot-assisted surgical systems are fueling the market growth.

Regionally, North America currently dominates the global surgical robots market due to the high adoption of advanced medical technologies and rising healthcare spending. Europe and Asia Pacific are also lucrative and fastest growing markets due to the increasing medical tourism, government investments, and initiatives to modernize healthcare infrastructure.

Key players operating in the surgical robots market are Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. Intuitive Surgical currently dominates the global market with its da Vinci surgical system installed across hospitals globally. Companies are investing heavily in R&D to develop innovative next-gen robots integrated with AI, AR/VR, and other technologies.