Surgical Robots Market worth $18.4 billion by 2027

(IT-NEWSWIRE.COM, June 12, 2023 ) The report "Surgical Robots Market by Product & Service (Instruments, Robotic Systems, Services), Application ( General Surgery, Gynecological Surgery, Orthopedic Surgery, Neurosurgery), End User (Hospitals, Ambulatory Surgery Center) - Global Forecasts to 2027", is projected to reach USD 18.4 billion by 2027 from an estimated USD 8.5 billion in 2022, at a CAGR of 16.6% during the forecast period. The increasing adoption of surgical robots, and the increase in funding for medical robot research are the factors attributing to the growth of surgical robots.

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The robotic systems segment accounted for the second largest share of the surgical robots market

By product & service, the surgical robots market has been segmented into robotic systems, instruments & accessories, and services. In 2021, the robotic systems segment accounted for the second largest share of the surgical robots market. The growing focus on adopting technologically advanced surgical robots and instruments among end users has fueled the market growth in this segment.

The orthopedic robotic system segment is expected to register the highest growth during the forecast period

By robotic systems, the surgical robots market has been segmented into laparoscopy robotic systems, orthopedic robotic systems, neurosurgical robotic systems, and other systems. The orthopedic robotic system segment is expected to register the highest growth during the forecast period. Increasing prevalence of obesity, and rising demand for robotic orthopedic surgeries among hospitals and surgeons are expected to increase the adoption of orthopedic robotic systems.

The general surgery segment is expected to register the highest growth during the forecast period

By application, the surgical robots market has been segmented into general surgery, urological surgery, gynecological surgery, orthopedic surgery, neurosurgery, and other applications. The general surgery segment is projected to register the highest growth during the forecast period. Increasing number of general surgical procedures such as bariatric surgery, cholecystectomy, transoral surgery, heller myotomy, gastrectomy, hernia repair, and pancreatectomy is expected to increase the demand for surgical robots.

The hospitals & clinics accounted for the largest share of the surgical robots market

Based on end users, the market has been segmented into hospitals & clinics and ambulatory surgery centers. In 2021, the hospitals & clinics accounted for the largest share of the market. The increasing number of robotic assisted surgical procedures across the globe is expected to increase the adoption of surgical robots in hospitals & clinics.

Asia Pacific is to witness the highest growth during the forecast period

The Asia Pacific surgical robots market is expected to grow at the highest CAGR during the forecast period of 2022-2027. The adoption of new technologies and advancements in the healthcare sector, government’s focus on improving healthcare infrastructure, increasing adoption of surgical robots, technological advancements, and the large patient pool in the region are the are key factors driving the growth of the surgical robots market in the APAC region.

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Intuitive Surgical (US), Stryker Corporation (US), Medtronic Plc (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (US), Siemens Healthineers (Germany), CMR Surgical (UK), Johnson & Johnson (US), and Renishaw Plc. (UK) are key players in the surgical robots market.

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Surgical Robots Market worth $18.4 billion by 2027