Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSNovember 2021- Medtronic announced that it will launch robotic assisted surgery procedures in the Indian market, with the aim of improving access to quality healthcare for patients.
February 2019- Johnson & Johnson acquired California-based surgical robot startup Auris Health for USD 3.4 billion in cash to expand its digital surgery business.
Global Robotic Surgery Market Highlights Over 2022 - 2031
The global robotic surgery market is estimated to garner a sizeable revenue by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing healthcare expenditure across the globe, and growing private and venture funding for medical robot research. According to the World Health Organization, the global spending on health reached USD 2.3 trillion in 2018, or 10% of the global GDP. Along with these, robotic platforms facilitate the uptake of minimally invasive procedures that provide lesser complications associated with low surgical site infection, minimal blood loss, less pain, faster recovery, and minimal scarring. This is also expected to be a crucial factor driving market growth in the forthcoming years. Furthermore, rise in penetration of surgical robots in ambulatory surgical centers is projected to offer lucrative opportunities to the market in the near future.
The market is segmented by application into urology, gynecology, general surgery, thoracic surgery, cardiac surgery, neurosurgery, and others, out of which, the neurology segment is anticipated to observe robust growth in the global robotic surgery market. This can be accounted to the fact that robotic neurosurgery procedures are able to deliver successful outcomes with reduced limitations as compared to traditional neurological methods. Apart from this, the urology segment is predicted to grab the largest share by 2030 owing to the increasing number of prostatectomy procedures performed worldwide. Additionally, on the basis of end user, the hospitals segment is assessed to acquire the largest share during the forecast period, which can be credited to the availability of advanced infrastructure and highly-trained professional surgical teams in hospitals. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Robotic Surgery Market Regional Synopsis
Regionally, the global robotic surgery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing demand for surgical robots in China and India, and rising advancements in surgical systems in the region. Moreover, the market in Europe is expected to gather the largest share during the forecast period ascribing to the favorable reimbursement policies in publicly funded hospitals in the region. In addition, high spending in the development of robots, and strong presence of market players are also projected to drive market growth in the region in the coming years. As per the European Union Stats, 7% of the enterprises in the European Union employ at least 10 persons used industrial or service robots. Also, enterprises more commonly use industrial robots (5%) than service robots (2%).
The global robotic surgery market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global robotic surgery market includes the following segments:
By Component
By Application
By End User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing healthcare expenditure across the globe, and growing private and venture funding for medical robot research.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022-2031.
The major players in the market are Accuracy Inc., Intuitive Surgical, Inc., Auris Surgical Robotics, Medtech SA, Stryker Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, end user, and by region.
The urology segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of robotic systems is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing demand for surgical robots in China and India, and rising advancements in surgical systems in the region.
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