Surgical Robotics Systems Market Size to Reach $15.01 Billion by 2027: AMR
Rise in need for automation in healthcare market, rising R&D activities, reduced hospital stays and cost, shifting trends toward advanced robotic minimally invasive surgeries have boosted the growth of the global surgical robotics systems market. The market across Asia-Pacific is anticipated to manifest the highest CAGR of 14.4% during the forecast period.
Portland, OR, Nov. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the surgical robotics systems market generated $5.34 billion in 2019, and is anticipated to hit $15.01 billion by 2027, growing at a CAGR of 13.7% from 2020 to 2027.
Rise in need for automation in healthcare market, rising R&D activities, reduced hospital stays and cost, shifting trends toward advanced robotic minimally invasive surgeries have boosted the growth of the global surgical robotics systems market. However, high cost associated with surgical robotic systems and surgeries, and growing death toll and injuries due to robotic surgeries hamper the market. On the contrary, untapped potential in the emerging economies and surge in use of surgical robotic systems in diverse applications are expected to create new opportunities for the market players in the coming years.
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Several hospitals and healthcare centers have been assigned to treat with patients suffering from Covid-19. Moreover, government has advised people to undergo for emergency surgeries. Thus, the demand for surgical robotics systems has decreased.
The funding for R&D activities in the field of surgical robotics has stopped as majority of the funding is funneled toward developing vaccine for Covid-19.
The global surgical robotics systems market is segmented on the basis of component, surgery type, and region. Based on component, the market is divided into systems, accessories, and services. The services segment is anticipated to manifest the highest CAGR of 14.6% during the forecast period. However, the accessories & instrument segment held the largest share in 2019, contributing to more than half of the market.
On the basis of surgery type, the market is classified into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery and other surgeries. The orthopedic surgery segment is anticipated to register the fastest CAGR of 14.5% during the forecast period. However, the gynecology surgery segment held the largest share in 2019, accounting for more than one-fourth of the market.
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The global surgical robotics systems market is analyzed across various regions such as Asia-Pacific, North America, Europe, and LAMEA. The market across Asia-Pacific is anticipated to manifest the highest CAGR of 14.4% during the forecast period. However, the market across North America held the lion’s share in 2019, contributing to more than half of the market.
The global surgical robotics systems market report includes an in-depth analysis of the major market players including Stryker Corporation, Intuitive Surgical, Inc., Transenterix, Inc., Titan Medical Inc., Globus Medical, Inc, Johnson & Johnson, Siemens Ag (Siemens Healthineers), Medtronic Plc., Smith & Nephew and Zimmer Biomet Holdings Inc.
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