According to our new research study on “Surgical Robots Market to 2028 – COVID-19 Impact and Global Analysis – by Components, Application, and End User,” the market is expected to reach US$ 17,647.82 million by 2028 from US$ 6,839.07 million in 2021. It is expected to grow at a CAGR of 14.8% during 2022–2028. The report highlights trends prevailing in the market and factors driving its growth. The global Surgical Robots market is anticipated to grow in the forecast period owing to driving factors such as an increase in the surgical procedures, accuracy of the surgical robots, increasing popularity of minimally invasive surgeries, and increasing regulatory approval by the Government.
Based on components, the market is segmented into instruments and accessories, robotic systems, and services. Instruments and Accessories to hold the largest share of the components segment in the global surgical robots market during 2022–2028 and is expected to be around US$ 9,673.90 million by 2028 from the US$ 3584.57 million in 2021; it is estimated to grow at a CAGR of 15.5% during 2022–2028. The report highlights the key factors driving the surgical robots market and prominent players with their developments in the global surgical robots market. Rising expenditure to develop healthcare infrastructure coupled with rising research and development proficiencies to make advancements in healthcare technology is further propelling growth in the global surgical robots market value. Increasing patient preference for minimally invasive procedures and increasing personal disposable income are some other market growth determinants.
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Impact of COVID-19 Pandemic on global Surgical Robots Market:
The cost of overall healthcare is surging significantly in North America. The US health system incurred a direct cost of US$ 5.3 billion in 2020. The healthcare system contributed US$ 60 billion in addition to the overall annual costs of the US in 2020. Over 40% of the population in North America canceled their appointments in 2020, and 13% reported that they needed care but had not scheduled or received care. The COVID-19 pandemic altered economic conditions and social behaviors in North American countries. Containment measures enacted by governments to mitigate the spread of disease changed the US healthcare service delivery pattern. According to the Department of Emergency Medicine, in many cities across the country, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices.
Regarding the surgical procedure itself, the fewer the surgical team members, the lower the possibility of contamination. While robots-assisted surgery can lessen the risk of contamination, contactless remote robotic surgery, which can be performed with the patient’s presence in the operating theatre, would be the ideal situation for preventing virus spread. This visionary environment would allow surgeons to continue operating during pandemic-like situations without fearing additional infection.
Furthermore, the chaotic situation was created in the healthcare industry across the countries, leading to a reduced number of consultations and a smaller number of cancer cases diagnosed. For instance, international efforts suggest that the diagnoses of cancers were reduced by 40% between March 9, 2020, and May 17, 2020, compared to diagnoses averaged over the same period in 2018 and 2019. In its disruption of clinical trials and drug supply to patients, the COVID-19 pandemic impacted the most crucial areas of the global surgical robots market.
Surging Number of Surgical Procedures Drives Global Surgical Robots Market
There is a rise in the number of surgeries performed across the world. In the last 25 years, the incidence of cardiovascular diseases has increased globally. The rise in diabetic cases and lifestyle changes are leading to an increase in the number of cardiovascular surgeries and general surgeries. For instance, colorectal cancer is one of the most commonly found and lethal cancers developed in individuals due to the combined influence of genetic and environmental factors. According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with ~1.93 million global cases in 2020.
Furthermore, colorectal cancer mortality and incidence rates vary globally, and ~916,000 deaths in 2020 were associated with it. It is the third most common type of cancer in men and the second most common cancer in women. The lifetime risk of developing colorectal cancer is about 1 in 23 for men and 1 in 25 for women. ~95,55,027 cancer deaths were recorded in 2018, of which 8,80,792 were related to colorectal cancer. Therefore, colorectal cancer was identified as the third most common cancer and the second highest death-causing cancer. Therefore, the increasing number of colorectal cancer incidences has resulted in the surging demand for surgical robots.
Intuitive Surgical; Stryker; Zimmer Biomet; Smith+Nephew; Johnson & Johnson Services, Inc.; Siemens Healthineers; Renishaw plc; Asensus Surgical, Inc.; THINK Surgical, and Medtronic are some of the leading market players in the global surgical robots market.
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