According to our latest study, “Neurosurgical Robotics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, Surgery Type, End-User, and Region,” the market was valued at US$ 1,691.02 million in 2021 and is projected to reach US$ 4,729.86 million by 2028; it is estimated to grow at a CAGR of 16.1% from 2022 to 2028.
The report highlights the key factors driving the market and prominent players’ developments. The growth of the neurosurgical robotics market is primarily attributed to the rising prevalence of surgical procedures and increasing awareness about technological advancement. However, the high cost of installation of neurosurgical robots hampering the market’s growth.
Brainlab AG & Medtronic –are Notable Market Players in Neurosurgical Robotics Market
Neurosurgical robots are the type of surgical robot used in the medical industry to perform various procedures related to neurological disorders. Various neurosurgical robots are used for spinal and cranial applications. Hospitals are the major end users of neurosurgical robots.
Robots have become a reality in many surgical fields, and its popularity is quickly increasing. Much of this popularity stems from the desire to provide patients with the least invasive surgery options available since minimally invasive surgery is associated with fewer complications, shorter hospital stays, and improved cosmetic results. Over the last 20 years, neurosurgical robots have increasingly assisted in neurosurgical procedures. In recent years, neurosurgical robots have been developed to perform various procedures. Public demand is informing the direction of neurosurgery and placing greater pressure on neurosurgeons to use neurosurgical robots. The increasing diversity and sophistication of neurosurgical robots have received ethical scrutiny due to the surgical complications that may arise as well as the role of robots in the future.
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Market leaders operating in the neurosurgical robotics market have undertaken various organic and inorganic growth strategies. The neurosurgical robotics market majorly consists of players such as Brainlab AG; Medtronic; Renishaw plc; Zimmer Biomet; Globus Medical, Inc.; Synaptive Medical, Inc.; NuVasive, Inc.; Accuray Incorporated; Brain Navi Biotechnology Co., Ltd.; B. Braun Melsungen; and others.
Several organic approaches, such as product launches, and expansion in the neurosurgical robotics market, have resulted in the growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have helped the company to strengthen its revenue, which allows the company to hold a strong position in the market.
According to World Health Organization (WHO) data published in June 2022, ~50 million people have epilepsy worldwide, and it is one of the most common neurological diseases. Nearly 80% of epilepsy patients are in low- and middle-income countries. Additionally, an estimated 5 million people are diagnosed with epilepsy each year. The patients who poorly respond to drug treatment undergo surgery. Therefore, the growing incidence of epilepsy propels the need for neurosurgical procedures. Thus, an increase in the number of neurosurgeries drives the growth of the neurosurgical robotics market.
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