The ****** Surgical Robots Market size is expected to reach USD 14.0 billion by 2028, registering a CAGR of 21.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness and adoption of Minimally Invasive Surgeries (MIS) due to the potential benefits provided by them is boosting the growth of the market. Furthermore, the increasing penetration of international players is further bolstering the market growth.
The COVID-19 pandemic has negatively impacted the overall market and resulted in a reduction in surgical activities to minimize nosocomial contamination. For instance. Smith & Nephew reported a decline of 11.2% in overall revenue and a decline of 13.7% in revenue of the orthopedics segment in 2020 as compared to 2019. The challenges posed by the COVID-19 pandemic include but are not limited to cancellation as well as a decline in the number of elective procedures at various medical facilities and the resultant increase in commercial execution risk, disruptions in supply & other commercial activities owing to travel on exports, and disruptions at manufacturing facilities.
Furthermore, rising acceptance for robotic & laparoscopic procedures, technological advancements in medical imaging, and increasing prevalence of lung cancer, tumors, spine disorders, & other conditions are some of the major factors anticipated to boost the product adoption over the forecast period. However, a restricted rate of product adoption in underdeveloped and developing economies owing to untrained doctors and limited healthcare spending may hinder the growth of the market.
Surgical Robots Market Report Highlights
- The ****** market is anticipated to witness significant growth owing to the rising adoption of minimally invasive surgeries due to increased awareness about the potential benefits provided by them
- In 2020, the others application segment accounted for the highest revenue share. This segment mainly includes the usage of surgical robots in laparoscopy, oncology, and various other general surgeries
- The segment growth is attributed to the high demand for minimally invasive laparoscopic surgeries
- In addition, reduction in limitations associated with traditional surgery procedures and enhancement in delivering successful outcomes through the utilization of robotic technologies is fueling the product adoption and growth
- North America dominated the market in 2020 owing to the presence of international players along with the lineup of many products for FDA clearance, ongoing developments in robotics, and the demand for minimally invasive surgeries to reduce the post-operative period
- Furthermore, R&D initiatives pertaining to ergonomically designed workstations to improve learning curves and speed up clinical adoption coupled with improvements in miniaturization of instruments are the other factors boosting the regional market growth