The surgical robots market is projected to reach USD 18.4 billion by 2027 from USD 8.5 billion in 2022, at a CAGR of 16.6% during the forecast period. Growth in this market is majorly driven by the advantages of robotic-assisted surgery, improving reimbursement scenario, and the increasing adoption of surgical robots globally.
The global surgical robots market is consolidated at the top, with many leading market players based in developed countries. The prominent players in this market are Intutive Surgical (US), Stryker Corporation (US), Medtronic Plc (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (US), Siemens Healthineers (Germany), CMR Surgical (UK), Johnson & Johnson (US), Renishaw Plc. (UK), Avateramedical GmbH (Germany), Brainlab AG (Germany), Think Surgical (US), Medicaroid Corporation (Japan), Globus Medical, Inc. (US), Corin (UK), Ecential Robotics (France), Titan Medical, Inc. (Canada), TINAVI Medical (China), and Monteris Medical (US).
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Intuitive Surgical offers a comprehensive portfolio of surgical robots, including instruments and services. Being a pioneer in surgical robots. The company invested about USD 671.0 million in FY 2021 in R&D, up from USD 595.1 million in FY 2020, to offer innovative technologies in the market. The company’s R&D activities include improving existing products and expanding applications for use. In 2021, approximately 1,594,000 procedures were performed worldwide using the da Vinci surgical robot systems, the company reported 6,730 systems were installed across the world as of December 2021. The large base of installed systems and high procedural volumes have enabled the company to generate USD 5710.1 million from the sales of instruments and accessories, systems, and services. Continuous advancements in its robotic systems have also helped Intuitive to maintain a strong leading position.
Stryker Corporation is a leading player in the orthopedic robotic systems market. The acquisition of Mako Surgical Corporation in 2013 enabled the company to enter the surgical robots market. The company’s surgical robots portfolio was further strengthened by introducing the Mako Total Hip and Mako Partial Knee. The US accounted for 69.9% of Stryker’s sales, whereas international countries only accounted for 30.1% of total sales in 2021. In March 2022, Stryker launched Insignia Hip Stem for total hip and hemiarthroplasty procedures, at the American Academy of Orthopaedic Surgeons (AAOS) 2022 Annual Meeting in Chicago, which further helped strengthen its market position. The company has significant installation base of its systems across the world. Stryker has a strong geographical presence in the US, Canada, Europe, Japan, and other countries in the Pacific and Latin American regions.
Surgical Robots Market by Product & Service (Instruments, Robotic Systems, Services), Application ( General Surgery, Gynecological Surgery, Orthopedic Surgery, Neurosurgery), End User (Hospitals, Ambulatory Surgery Center) - Global Forecasts to 2027
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