Surgical robots are advanced systems that comprise computer-controlled mechanical arms with surgical tools attached at their end. They assist surgeons in performing complex procedures like hysterectomy, prostatectomy, transoral surgery, and cardiac surgery with precise finesse. Surgical robots provide a steady hand, greater control over surgical instruments, a 3D visualization of the surgical area, and allow surgeons to operate through small incisions. They offer superior visualization and enhanced dexterity over traditional laparoscopy. With growing acceptance in urological, gynecological, cardiac, and general surgical procedures, the demand for surgical robots is surging.

The Global Surgical Robots Market is estimated to be valued at US$ 7,268.9 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Surgical Robots are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono, Inc., Pfizer Inc., Novartis AG. Surgical robots offer various advantages like improved outcomes, faster recovery, and reduced risk of surgical site infections. With rising obesity rates and greater emphasis on minimally invasive procedures, the demand for surgical robots is growing rapidly. Major players are expanding their geographical footprint into emerging markets which is expected to further accelerate the sales of surgical robots.

Market key trends

Surgical Robots Market share is witnessing a major trend with the increasing adoption of refurbished robotic systems. As the costs of new surgical robotic systems are significantly high, hospitals and ambulatory surgical centers are opting for refurbished robotic systems as an affordable alternative.Original equipment manufacturers (OEMs) are involved in the refurbishment process to certify the quality and safety of used robotic systems before remarketing them at lower costs. This is allowing more healthcare facilities, especially in developing countries, to integrate robotic technology into their surgical offerings which is fueling the adoption of surgical robots.

Porter's Analysis

Threat of new entrants: High capital requirements for R&D and manufacturing pose barriers to entry.

Bargaining power of buyers: Large healthcare providers and group purchasing organizations can negotiate lower prices.

Bargaining power of suppliers: Specialized components like robot arms require specific expertise limiting supplier power.

Threat of new substitutes: New minimally invasive surgical techniques pose threats but robotics also enable newer procedures.

Competitive rivalry: Intense competition between large medical device incumbents driving continued innovation.

Geographical Regions

Surgical Robots Market Regional Analysis shows that North America currently accounts for the largest share of the surgical robots market in terms of value, driven by advanced healthcare infrastructure and greater access and affordability in countries like the United States.

The Asia Pacific region is expected to grow the fastest during the forecast period due to rising medical tourism, increasing generic treatment in countries like India and China, and growing demand for advanced surgical procedures.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)