Surgical Robotics Market to Reach a Market Size of $98 Billion by 2024 - KBV Research

Surgical Robotics Market to Reach a Market Size of $98 Billion by 2024 - KBV Research

PR Newswire

NEW DELHI, December 19, 2018

NEW DELHI, December 19, 2018 /PRNewswire/ --

According to a new report Surgical Robotics Market (2018-2024), published by KBV Research, the Surgical Robotics market is expected to attain a market size of $98 billion by 2024, growing at a CAGR of 8.4% during the forecast period. Robotics based surgery is at the cutting edge of precision in the realm of surgery. This is attributed to the phenomenal advancement in the medical devices made since few decades. The market has gained traction in the recent years owing to the growing preference of minimal invasive surgeries and advent of automation across the healthcare industry.

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Geographically, the market is dominated by North American region owing to the fostering adoption of surgical robotics by hospitals and the availability of robotic devices based on complexity of surgeries to be performed across the region. Additionally, the Asia Pacific and Latin America, Middle East and Africa (LAMEA) are the potential areas for market expansion throughout the forecast period. Emergence of better healthcare facility and rise in government initiative for upgrading healthcare infrastructure has spurred the demand for surgical robotics in the region. Moreover, increasing incidence of chronic diseases such as cancer, cardiovascular diseases and others along with the rise in disposable income have added boost to the market growth.

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The accessories segment dominated the Global Surgical Robotics Market by component in 2017, and would continue to represent the same trend till 2024, growing at a CAGR of 7.4% during the forecast period. The recurring revenue businesses models by disposable or replaceable instruments have contributed to the much larger and ongoing demand of accessories in the robotic based surgeries and have remarkably contributed to the market growth.

The increasing incidence of gynecological complications have contributed to rise in the number of Robotic based gynecological surgeries performed worldwide. The gynecology surgery segment accounted for the largest share in 2017, witnessing a CAGR of 6.8% during the forecast period. The revolutionized gynecological surgeries for past few decades with the advent of robotic devices leading to reduced postoperative pain, shorter hospital stay, faster recovery and decreased blood loss have catered to the market dominance.

The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global Surgical Robotics Market have been discussed in the report along with the elaborated company profiles of Stryker Corporation, Intuitive Surgical, Inc., Mazor Robotics, THINK Surgical Inc., Smith & Nephew Plc. (Blue Belt Technologies, Inc.), KUKA AG, Zimmer Biomet Holdings Inc., Medtronic Plc, Renishaw Plc and Auris surgical robotics Inc.

Stryker had made a major strategic move by acquiring MAKO Surgical Corp., which was a pioneer in the advancement of robotic arm assisted surgery in orthopedics. This has led to the more predictable surgical experience while performing joint replacement surgery, making Stryker as a key innovator in Surgical Robotics Market. Nevertheless, Intuitive Surgical, Inc., which is a world class robotic surgical systems manufacturer.  The da Vinci Surgical System offered by the company is the most preferred system globally. Newly in 2017, the company has got approval for novel da Vinci X Surgical System that provides lower-cost, robotic-assisted surgical option for hospitals, surgeons, sustaining its dominance in the market.

Surgical Robotics Segmentation 

By Component 

By Surgery Type 

By Geographies 

Companies Profiled 

Unique Offerings from KBV Research 

Related Reports: 

Global Surgical Equipment Market

Global Operating Room Equipment Market

Global Robotics Technology Market

Global Industrial Robotics Market

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