Surgical Robotics Market is expected to reach US$ 28.54 Billion by 2031

Instruments and Accessories Held Largest Share in Surgical Robotics Market in 2023   

According to our new research study on "Surgical Robotics Market Forecast to 2031 – Global Analysis – by Type, Application, Material, and End User," the market was valued at US$ 10.25 billion in 2023 and is projected to reach US$ 28.54 billion by 2031; it is anticipated to record a CAGR of 13.7% from 2023 to 2031. The market report emphasizes trends prevalent in the global market, along with drivers and deterrents affecting its growth. The surging number of surgical procedures and the growing prevalence of chronic diseases are among the prominent factors fueling the surgical robotics market growth. However, the high cost of robotic surgeries and installation of surgical robots hampers the growth of the market. The incorporation of AI-based features in surgical robots is expected to bring new surgical robotics market trends in the coming years.

Surging Number of Surgical Procedures Propels Surgical Robotics Market Growth

The number of surgeries performed across the globe is growing owing to the surge in the geriatric population and the rise in the prevalence rate of chronic diseases. The adoption of surgical robots improves the outcomes of the surgeries as it reduces post operative pain, offers minimally invasive surgical options, lowers complications, and offers faster recovery. Thus, to enhance patient care, reduce the burden on surgeons, and improve surgical outcomes, many healthcare organizations are adopting surgical robots.  

Surgical Robotics Market, by Region, 2023 (%)

Source: The Insight Partners Analysis

As per the American College of Rheumatology, every year, ~790,000 total knee replacements and 544,000 hip replacements are performed in the US; the figure is expected to grow with the rise in the geriatric population in the country. In complex cases, a robotic-assisted joint replacement offers an improved balance in the soft tissues around the joint as well as better aligns it compared to traditional surgery. Furthermore, hysterectomy is another common procedure conducted by surgical robots. A traditional hysterectomy requires open surgery with a large incision in the lower abdominal area, several days in the hospital, and weeks or months of recovery. However, with robotic surgery technology, hysterectomies are completed through a one-inch incision in the abdomen. Single-site hysterectomy offers significant advantages for patients, including quicker recovery, shorter hospital stay, less blood loss, less pain, lower risk of complications, reduced need for narcotic pain medicine, and smaller incisions resulting in minimal scarring. As per the Centers for Disease Control and Prevention (CDC), in 2021, 14.6% of women aged 18 and older had undergone hysterectomy. The percentage of women who have had a hysterectomy increased with age, from 2.8% for women aged 18–44 to 22.1% for women aged 45–64, 35.0% for women aged 65–74, and 41.8% for women aged 75 and older.

According to Healthcare Cost and Utilization Project data and the US Food and Drug Administration 2022, ~611,000 ventral and 1 million inguinal hernia repairs are performed every year in the US. These surgeries are estimated to be ~20 million a year, making hernia repair one of the most commonly performed general surgery procedures across the globe. Robotic surgery can repair hernias or can rebuild the entire abdominal wall. Thus, the growing number of surgeries drives the market for surgical robotics.

The surgical robotics market analysis has been carried out by considering the following segments: type, application, material, end user, and geography. Based on type, the surgical robotics market is segmented into instruments and accessories, robotic systems, and services. The instruments and accessories segment is further segmented into energy instruments, forceps, needle drivers, clip appliers, irrigators, and others. The robotic systems segment is subsegmented into laparoscopy robotic systems, orthopedic robotic systems, neurological robotic systems, and others. The instruments and accessories segment held the largest surgical robotics market share in 2023. By application, the market is segmented into general surgery, urological surgery, gynecological surgery, orthopedic surgery, cardiovascular surgery, thoracic surgery, neurosurgery, and others. The general surgery segment accounted for the largest share of the market in 2023. By material, the market is segmented into plastics, metal, and aluminum. The metal segment accounted for the largest share of the market in 2023. Based on end user, the surgical robotics market is segmented into hospitals, ambulatory surgical centers, and specialty clinics. The hospitals segment dominated the market in 2023. 

The geographic scope of surgical robotics market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, North America accounted for the largest surgical robotics market share in 2023. The US is the world's most important market for surgical robotics procedures and systems. The surgical robotics market in the US is expected to grow owing to a receiving approval of technologically advanced products in the market. For instance, in March 2024, Intuitive, a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, announced that the US Food and Drug Administration (FDA) provided 510(k) clearance for da Vinci 5—the company’s next-generation multiport robotic system. Similarly, in June 2024, Moon Surgical, a French-American pioneer in surgical innovation, received clearance from the FDA for the commercial version of its unique Maestro surgical system. In addition, the presence of various market leaders operating in the US contributes notably to the expansion of the surgical robotics market size.

Competitive Landscape

STERIS, Stryker, Medtronic, Renishaw, Johnson & Johnson, CMR Surgical, Smith & Nephew Plc, Zimmer Biomet, Intutive Surgical Inc, THINK Surgical Inc, Titan Medical Inc., Vicarious Surgical, Asensus Surgical Inc, Moon Surgical, Momentis Surgical, Virtual Incision, and EndoQuest Robotics Inc. are among the leading companies profiled in the surgical robotics market report. These companies implement both organic (product launches, expansions, product approvals, etc.) and inorganic (collaborations and partnerships) strategies to stay competitive in the market.       

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