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Surgical robotics market forecast to reach almost $100 billion by 2024

The global market for surgical robotics is set to reach almost $100 billion by 2024, according to KBV Research.

According to a new report, Surgical Robotics Market, published by KBV Research, the Surgical Robotics market is expected to attain a market size of $98 billion by 2024, growing at an annual growth rate of 8.4 percent during the forecast period.

Robotics based surgery is at the cutting edge of precision in the realm of surgery. This is attributed to the phenomenal advancement in the medical devices made since few decades. 

KBV says the market has gained traction in recent years owing to the growing preference of the minimally invasive surgeries and the advent of automation across the healthcare industry.

Geographically, the market is dominated by North American region owing to the fostering adoption of surgical robotics by hospitals and the availability of robotic devices based on the complexity of surgeries to be performed across the region.

Additionally, the Asia Pacific and Latin America, the Middle East and Africa are the potential areas for market expansion throughout the forecast period.

The emergence of better healthcare facility and the rise in government initiative for upgrading healthcare infrastructure has spurred the demand for surgical robotics in the region.

Moreover, increasing incidence of chronic diseases such as cancer, cardiovascular diseases, and others along with the rise in disposable income has boosted market growth.

The accessories segment dominated the Global Surgical Robotics Market by component in 2017, and would continue to represent the same trend till 2024, growing at an annual growth rate of 7.4 percent during the forecast period.

The recurring revenue businesses models by disposable or replaceable instruments have contributed to the much larger and ongoing demand for accessories in the robotic-based surgeries and have remarkably contributed to the market growth.

The increasing incidence of gynecological complications has contributed to the rise in the number of Robotic based gynecological surgeries performed worldwide.

The gynecology surgery segment accounted for the largest share in 2017, witnessing an annual growth rate of 6.8 percent during the forecast period.

The revolutionized gynecological surgeries for past few decades with the advent of robotic devices leading to reduced postoperative pain, shorter hospital stay, faster recovery and decreased blood loss have catered to the market dominance.

The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with a country-wise analysis in each discussed region.

The key influencing factors of the global Surgical Robotics Market have been discussed in the report along with the elaborated company profiles, including of:

  • Stryker
  • Intuitive Surgical
  • Mazor Robotics
  • Think Surgical
  • Smith & Nephew
  • Blue Belt Technologies
  • Kuka
  • Zimmer Biomet
  • Medtronic
  • Renishaw
  • Auris Surgical Robotics

Stryker had made a major strategic move by acquiring Mako Surgical, which was a pioneer in the advancement of robotic arm assisted surgery in orthopedics.

This has led to the more predictable surgical experience while performing joint replacement surgery, making Stryker as a key innovator in Surgical Robotics Market.

Nevertheless, KBV says Intuitive Surgical is a “world-class robotic surgical systems manufacturer”. The da Vinci Surgical System offered by the company is “the most preferred system globally”.

New in 2017, the company has got approval for novel da Vinci X Surgical System that provides lower-cost, robotic-assisted surgical option for hospitals, surgeons, sustaining its dominance in the market.