Surgical Robots Market expected to witness the fastest CAGR of 9.5% from 2024 to 2030.

Surgical Robots Industry Overview

The global surgical robots market size was estimated at USD 3.92 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030. Shortage of physicians and surgeons across the globe and increasing adoption of automated instruments used for surgery are major factors driving market growth. Furthermore, growing prevalence of bone degenerative diseases and rising number of hip knee replacement surgeries due to increasing cases of arthritis osteoporosis are anticipated to drive growth. For instance, according to the Agency for Healthcare Research and Quality report, over 4,50,000 hip replacement surgeries are performed annually in the U.S.

Gather more insights about the market drivers, restrains and growth of the Global Surgical Robots Market

Detailed Segmentation:

Market Dynamics

An increasing number of knee and hip replacement surgeries is one of the key factors anticipated to drive the adoption of surgical robots in healthcare industry. Some major disorders that affect joints are various types of arthritis, bone degenerative diseases, and osteoporosis. Rising prevalence of these conditions has led to an increase in the number of patients requiring knee and hip replacement surgeries.

End-use Insights

Inpatient facilities segment accounted for the largest revenue share of 53.21% in 2023. Inpatient facilities, such as hospitals, usually have the financial resources and high patient volume to justify the investment in costly surgical robotic systems. In addition, they possess the infrastructure and skilled personnel necessary to operate and maintain these advanced technologies. Trust and credibility associated with hospitals also significantly attract patients and surgeons toward robotic-assisted surgeries, consolidating the dominance of inpatient facilities in the market.

Regional Insights

North America held the largest share of 49.9% in 2023, mainly due to improvements in surgeries and healthcare facilities for various disorders. Higher favorable outcomes as compared to open surgeries and shorter periods of hospitalization recovery for children are boosting the demand for robotic-assisted surgeries, which is expected to boost market growth. Furthermore, improvements in the miniaturization of instruments may allow optimal working conditions in limited space, which is expected to fuel market growth.

Application Insights

Other applications segment, which includes surgical robots used in oncology, laparoscopy, and other general surgical procedures, accounted for the largest revenue share of 44.76% in 2023. Growing usage of robots for cancer treatment procedures and increasing demand for minimally invasive laparoscopic surgeries are key factors contributing to the segment’s high share.

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Key Companies Market Share Insights

Key companies are increasingly focusing on introducing innovative technologies and entering into various strategic collaborations with orthopedic centers other industry players to acquire new capabilities in surgical robots to maintain their competitive edge. Companies are also undertaking other strategies, such as new product launches and collaborations partnerships. Moreover, rising demand for automated surgical instruments globally is likely to promote the entry of new companies into the market. For instance:

In January 2021, DePuy Synthes (Johnson Johnson) received FDA approval for its VELYS robotic system, improving its offerings with the ATTUNE TOTAL knee system. The entry of DePuy Synthes into the robotics surgical domain indicates a continuous and promising trend in the adoption of robotics for joint replacement surgeries
In January 2022, Smith Nephew acquired Engage Surgical, which is involved in manufacturing cementless knee systems in the U.S. This acquisition improved its position in meniscal tear solutions and other knee arthroscopy devices
In August 2023, Stryker launched a direct patient marketing campaign aimed at enhancing patient engagement and education. The campaign is designed to reach patients directly provide information about Stryker's innovative medical solutions, focusing on joint replacement procedures. By fostering better patient understanding awareness, Stryker aims to empower individuals to make informed decisions about their healthcare, ultimately improving their overall experience and outcomes

Segments Covered in the Report

Grand View Research has segmented the global surgical robots market based on application, end-use, and region:

Surgical Robots Application Outlook (Revenue, USD Million, 2018 - 2030)