Published Date : 16 Feb 2023
The global next generation surgical robotics market size was estimated at USD 3.05 billion in 2022 and it is expected to hit around USD 10.8 billion by 2030, growing at a CAGR of 35.14% over the forecast period from 2022 to 2030.
This device enables a surgeon to perform complex surgical procedures with higher precision. They are mainly used in orthopedic, general neurosurgeries, gynecological procedures, urological procedures and other minor invasive procedures. Growth in this sector is mainly driven by the advantages of artificially assisted surgery. Advancements in technological devices and increased support of robots help to achieve better and more accurate results. These facilities are mainly supported by the increase in funding for artificial intelligence to boost the upcoming market.
Next Generation Surgical Robotics Market Report Scope
|Market Size in 2023
|USD 3.57 Billion
|Projected Forecast Value in 2030
|USD 10.8 Billion
|35.14% from 2022 to 2030
|North America Region Revenue Share In 2021
|2022 To 2030
|By Component, By Technology, By Surgery Type and By End User
|North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
The geographical sector of North America proves to be the largest market for next-generation surgical robots due to the extensive use of highly advanced technologies in the healthcare sector which is supported by the schemes and policies of the government with a view to providing maximum comfort and advanced facilities to the residents.
The huge investment which is made by the government into the healthcare sector has made it possible for the adoption of next-generation surgical robotics into the system. The existence of the key market players in this sector has also emerged as a major factor for the growth of the market in this region.
Increasing research and development programs carried out by the key market players has emerged as another factor that has boosted the growth of the market to a great extent. The region of Europe has also proved to be another growing market for next-generation surgical robots. The recent advancements made by the government regarding the healthcare sector has supported the market to a great extent.
The increased need for better facilities and faster procedures acts as a driving force for the introduction of next generation surgical robots in the medical system. The introduction of surgical robotics leads to an increase in the accuracy of complex surgical procedures with minimal chances of error. Increase in the number of complex diseases and surgical procedures leads to an increase in the demand for next generation surgical robots.
The introduction of next generation surgical robots reduces the cost of the accessory facilities required while performing a surgery. Chances of human error can be ruled out by the introduction of next generation surgical robots into complex surgical procedures. Surgical procedures carried on during the pandemic of COVID-19 provided to be a driving force for boosting the market of next generation surgical robots. Operations of individuals infected by the virus will be carried out safely with minimal errors without infecting the healthcare workers.
In addition, the annual maintenance cost is around $125,000 which adds to the total cost of the surgery. The rising cost of the procedures due to the use of these robots is thus expected to curtail the growth of the medical robotics market. The total cost of Surgical procedures Is increased due to the introduction of next generation surgical robots which makes it unaffordable for the common man. Thus, a decline may be seen in the global market of next generation surgical robots.
The geriatric age group of patients who have a lower income will not be able to afford such surgical procedures where robots are involved and hence the market loses on this group of people.
The ambulatory surgery centers are freestanding facilities mainly for diagnostic and preventive procedures that do not necessitate admission. The cost-saving procedures provided significant savings for government patients and third-party payers. Research conducted by Healthcare Bluebook and Health Smart concludes that ambulatory surgery centers decrease the expense of outpatient surgery by $38 billion annually since they offer a lower cost compared to a hospital.
Owing to these benefits there has been an increase in the number of procedures performed by this system and the visits of the patient to the hospitals have reduced. Hence there has been a tremendous shift from in-patient to out-patient settings for complex surgical procedures which are performed in the hospital.
The situation caused due to the pandemic of COVID-19 Led to an increase in the use of next generation surgical robots to perform Unemployable surgical procedures, especially of infected individuals where there was a high risk of infection to other healthcare workers.
Next generation surgical robots are very expensive which creates a challenge for hospitals to make surgical procedures affordable for patients. The cost-effectiveness of the introduction of the next-generation surgical robots into the surgical system is the greatest challenge that the market will face during its growing years.
The rising cost of healthcare facilities and insurance policies also adds on to the factors that can lead to the decline of the surgical robot market. The geriatric age group who requires a greater number of surgeries won't be able to afford such expenses.
Major Key Players
By Surgery Type
By End User
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