Global Surgical Robots Market Forecast 2020 Global Industry Analysis To 2026.

Pune, India -- (SBWire) -- 03/16/2020 --According to latest "Surgical Robots Market 2020 Report" published by Fortune Business Insights, The Global Surgical Robots Market was valued at USD 1,463.0 million in 2018 and is projected to reach USD 6,875.1 million by 2026. The Surgical Robots Market forecast period is set from 2020 to 2026 and market is expected to rise at 21.4% CAGR.

Major Surgical Robots Companies covered in the market report include Zimmer Biomet, THINK Surgical, Intuitive Surgical, Smith & Nephew, Verb Surgical, Stryker, Transenterix Surgical.

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Global Surgical Robots Market Highlights:

The global surgical robots market is poised to touch USD 6,875.1 million by 2026, displaying a CAGR of 21.4% during the forecast period. One of the key factors driving the surgical robots market growth is the rising prevalence of non-communicable or chronic diseases (NCDs) such as cancer, diabetes, and COPD. According to the World Health Organization (WHO), chronic diseases are responsible for about 71% of global deaths every year. These diseases require intense medication and in most cases, surgery is the only available option. The World Economic Forum estimates that 1 in every 3 adults globally suffers from multiple chronic conditions, increasing annual healthcare costs between 80 and 300%. Since chronic diseases can require multiple surgical procedures, patients are now demanding minimally invasive techniques to reduce their suffering. Surgical robots are an important milestone in this regard.

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Technology has achieved a whole new level. Can you imagine a surgical robot in the shape of a snake? MIT researchers have designed a robot snake that can diagnose and treat aneurysms and brain clots by performing minimally-invasive procedures. Researchers say that this robot will work as per commands received by surgeons. Surgical robots have the capability of performing complex surgeries, especially anatomical areas where a human surgeon cannot reach. However, the decision-making is still left in the hands of surgeons as it is their expertise and experience which can save the life of patients.   

Fortune Business Insights, in its report, titled "Surgical Robots Market Size, Share and Industry Analysis By Application (General Surgery, Gynecology, Urology, Orthopedics, Others), By End User (Hospitals, Ambulatory Surgery Centers, Others) and Regional Forecast, 2019 – 2026", states that in 2018, the market was valued at USD 1,463.0 million. Besides this, the report offers a comprehensive analysis of the different factors, trends, and dynamics that are likely to chart the growth trajectory of the market during the forecast period.

Market Segment Analysis

Surgical Robots Market is segmented on the basis of Application (General Surgery, Gynecology, Urology, Orthopedics, Others), End User (Hospitals, Ambulatory Surgery Centers, Others) and Region.

Regional Analysis:

Geographically the global Surgical Robots market is segmented into North America, Asia Pacific, Latin America, the Middle East & Africa.

Having generated a revenue of USD 1,045.5 million in 2018, North America is projected to hold the largest portion of the global surgical robot's market share in the stipulated period. The main reason for this performance is the high prevalence of cardiovascular diseases in the US. The American Heart Association estimates that 98 million Americans suffer from some or the other cardiovascular diseases.

In Asia-Pacific, massive cancer research funding and increasing healthcare expenditure by governments will result in impressive growth of the region, in terms of CAGR. While Europe is expected to experience a weakened market position, Africa and the Middle East are set to enlarge their share in this market.

Surgical Robots Market Growth Factors:

Rising Geriatric Population to Swell the Market

Increasing number of aging people is giving rise to critical challenges to healthcare systems all around the world. According to the WHO, by 2050, number of people above the age of 60 will have reached 22%, almost double the current number. Furthermore, the WHO estimates that by 2020 itself, people aged 60 and above will outnumber children under the age of 5.

As a person ages, she becomes more vulnerable to different kinds of communicable and non-communicable diseases most of which require surgeries, such as cataract and diabetic retinopathy. Since their bodies are not strong enough to bear the trauma of a traditional surgery, geriatric people are increasingly relying on advancements in minimally invasive surgical procedures to reduce their pain. In this context, surgical robots can play a crucial role as they can make surgeries as minimally invasive as possible. This is likely to expand the surgical robots market size during the forecast period.

Recent Developments Bolstering the Adoption of Surgical Robots Around the World: The high price of surgical robots is one of the biggest hindrances faced by healthcare organizations. As the demand for surgical robots is increasing, several companies are planning to develop affordable surgical robots. For instance, a Japanese startup called Riverfield has launched a low-priced surgical robot by competing against Intuitive Surgical Inc. The company has received US$ 10.1 million funds from Toray Engineering to increase its capital and developed a user-friendly surgical robot. Once approved by the Ministry of Health, Labor and Welfare, the company intends to launch the product by 2020. With quality and diverse functions of the product, advent of affordability is the icing on cake. If surgeons and patients realize this sooner, the acceptance towards robotic surgery may proliferate in the forthcoming years. 

Table Of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

Continued…

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