Robot-Assisted Surgery Market

Robot-assisted surgery is a type of minimally invasive surgical procedure that utilizes robotic systems to enhance the surgeon's precision, control, and flexibility during surgical procedures. The global robot-assisted surgery market has been witnessing significant growth in recent years, owing to advancements in technology, rising demand for minimally invasive surgical procedures, and increasing investments by healthcare organizations.

Current Market Size and Growth:

The global robot-assisted surgery market size was valued at USD 8.5 billion in 2022 and is projected to grow at a CAGR of 16.69% during the forecast period of 2023-2030. The market is expected to reach USD 29.17 billion by 2030, driven by the growing adoption of robot-assisted surgical systems in various medical specialties, such as gynecology, urology, orthopedics, and cardiology.

The global robot-assisted surgery market is driven by the following factors:

Increasing demand for minimally invasive surgical procedures: Robot-assisted surgery allows for smaller incisions, reduced pain, faster recovery time, and fewer complications, which is driving the demand for minimally invasive surgical procedures.

Advancements in technology: The development of advanced robotic systems, such as the da Vinci surgical system, which offers enhanced precision and control, is driving the adoption of robot-assisted surgery.

Rising prevalence of chronic diseases: The increasing prevalence of chronic diseases, such as cancer, cataract surgery, orthopedic surgeries, and cardiovascular diseases, is driving the demand for robot-assisted surgical procedures, which offer greater precision and accuracy during surgical procedures. Every year, approximately 3 million individuals undergo cataract surgeries. Also, the National Institutes of Health (NIH), National Eye Institute has projected that cataract cases will reach 38 million by 2030 in the U.S.

Growing geriatric population: The growing geriatric population, which is more prone to age-related health issues, is driving the demand for robot-assisted surgical procedures, as they offer a less invasive and less traumatic option for surgical intervention.

Increasing healthcare spending: The increasing healthcare spending by governments and private organizations is driving the adoption of advanced surgical technologies, such as robot-assisted surgery.

Shortage of skilled surgeons: The shortage of skilled surgeons in many regions of the world is driving the adoption of robot-assisted surgery, as it allows for more precise and controlled surgical procedures, even in the hands of less experienced surgeons.

Some of the key players operating in the Robot-Assisted Surgery Market include Intuitive Surgical, Inc., Stryker Corporation, Medtronic plc, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, Globus Medical, Inc., TransEnterix, Inc., and Renishaw plc.

In January 2022, Intuitive Surgical, Inc. announced the launch of its new robot-assisted surgical system, the da Vinci X, which is designed to provide a more affordable option for hospitals and surgery centers.

In September 2021, Medtronic plc announced the acquisition of Digital Surgery, a UK-based company that develops AI-powered surgical training and analytics tools.

Market Segments and Growth:

The global robot-assisted surgery market can be segmented based on application, product type, and region. Based on application, the market can be segmented into general surgery, gynecology, urology, orthopedics, and others. The orthopedics segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing incidence of orthopedic disorders and the growing demand for minimally invasive surgical procedures.

Based on product type, the market can be segmented into instruments and accessories, robotic systems, and services. The robotic systems segment is expected to dominate the market during the forecast period, owing to the growing adoption of robot-assisted surgical systems by hospitals and surgery centers.

Geographically largest/growing markets:

Geographically, the global robot-assisted surgery market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the high adoption of robot-assisted surgical systems, the presence of key market players, and the increasing investments by healthcare organizations in the region. However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for minimally invasive surgical procedures, growing healthcare infrastructure, and rising healthcare spending in countries such as China, India, and Japan.

Conclusion:

In conclusion, the global robot-assisted surgery market is expected to witness significant growth during the forecast period of 2023-2030, driven by the growing adoption of robot-assisted surgical systems, advancements in technology, and increasing investments by healthcare organizations. The market is highly competitive, with key players such as Intuitive Surgical, Inc., Stryker Corporation, and Medtronic plc, among others, operating in the market. The orthopedics segment is expected to grow at the highest CAGR during the forecast period, and North America is expected to dominate the market, although the Asia Pacific region is expected to grow at the highest CAGR.