Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global surgical robots market will derive growth from recent technological advancements that have enabled minimally invasive surgeries. According to a report published by Fortune Business Insights, titled “Surgical Robots: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at USD 1,463.0 Mn in 2018. Fortune Business Insights predicts that the market will reach USD 6,875.1 Mn by 2026, thereby exhibiting a CAGR of 21.4% during the forecast period.
Surgical robots are used to perform computer-assisted surgeries in the presence and guidance of skilled surgeons. Surgical robots were manufactured to enable magnified images and efficient surgical operations within the intricate human anatomy. The ability of surgical robots to conduct precise hand movements without having to deal with shortcomings such as fatigue, instability, and distractions have enabled efficient surgical procedures within less time. This, in turn, has led to a rising uptake of surgical robots across the world.
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The need for zero or minimum margin of error has opened the doors for innovations and created a potential for growth of the global surgical robots market, through the development of highly efficient products. Furthermore, surgical robots help surgeons operate with the utmost stability and enhanced movements while dealing with neurological parts of the body, which in turn minimizes damage of healthy tissues. The aforementioned factors will contribute to an increase in the global surgical robots market value and will help the market grow at a considerable rate in the forthcoming years.
Rising Regulatory Approvals Identified as Chief Growth Driver
As surgical robots are essentially dealing with sensitive parts of the body, regulatory authorities are somewhat reluctant to clear the products for usage. Having said that, recent advancements in surgical robots and the advent of high precision products have churned out several regulatory clearances. Subsequently, increasing regulatory approvals will favor the growth of the global surgical robots market. In 2019, Zimmer Biomet received clearance from the Food and Drug Administration (FDA) for the usage of its latest product ‘Rosa One Brain Application’. The system allows surgical navigation and positioning for operations related to neurological body parts, wherein extreme precision methods are required. Fortune Business Insights predicts that advancements in neurological surgeries will account for significant amount of growth of the global surgical robots market.
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Minimally Invasive Robot-sssisted Surgeries Will Favor Market Growth
Recent technological advancements have enabled surgical operations through robots wherein the efficiency and time-to-completion have been unmatched by their human counterparts. The advent of minimally invasive surgical procedures due to rising demand for imaging techniques through infrared technology have led to a rising uptake of surgical robots across the world.
In April 2019, the Vanderbilt Institute for Surgery and Engineering (VISE) received a grant of an approximate US$ 2 Mn for the development of a surgical robot within a minimally invasive environment. The project revolved around prostate surgeries and would include operations through needle sized robotic arms. Fortune Business Insights predicts that increasing adoption of minimally invasive surgeries through surgical robots will minimize the use of surgical stitches, thereby creating a huge demand among surgeons as well as end users across the world. The report studies the impact of product launches similar to VISE’s latest surgical robot and gauges the impact of these products on the global surgical robots market.
Fortune Business Insights profiles a few of the companies operating in the global surgical robots market. Some of the key companies that are operating in the market are Intuitive Surgical Inc., Medtronic, Stryker, Smith & Nephew and Zimmer Biomet.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological Advancements
- Pricing Analysis, by Key Players
- Detailed Product Mapping, by Key Players
- Key Mergers & Acquisitions
- Global Surgical Robots Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- General Surgery
- Gynecology
- Urology
- Orthopedics
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Ambulatory Surgery Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of World
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