The surgical robots market to grow by USD 7,892.61M from 2022-27

The surgical robot market is to grow by USD 7,892.61 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 20.67% during the forecast period, according to Technavio. The surgical robot market is fragmented, and the companies are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Accuray Inc., Asensus Surgical US Inc., CMR Surgical Ltd., Intuitive Surgical Inc., Medtronic Plc, Microbot Medical Inc., Momentis Innovative Surgery Ltd., Neocis Inc., Novus International Inc., OMNI Orthopaedics Inc., Renishaw Plc, Siemens AG, Smith and Nephew plc, Stryker Corp., Titan Medical Inc., United Orthopedic Corp., Zimmer Biomet Holdings Inc., Johnson and Johnson Services Inc., and Virtual Incision are some of the major market participants.

The surgical robot market is fragmented, and the degree of fragmentation will accelerate. The high adoption due to convenience will offer immense growth opportunities. However, the Cost and affordability associated with surgical robots will hamper the market growth.

Surgical robots market 2023-2027- Market dynamics
Key driver
The high adoption due to convenience is a key factor driving market growth. The surgeon is provided with greater control and dexterity, allowing for more precise movements during surgery which is one of the key features of surgical robots. Furthermore, better surgical outcomes, reduced complications, and greater patient safety are some of the key benefits of surgical robots in the medical industry. Hence such factors are expected to drive market growth during the forecast period.

Major trends
The high demand from developing countries is one of the major trends in the market. As healthcare systems in developing countries strive to improve patient outcomes and improve the quality of healthcare services, there is a growing demand for surgical robots in developing countries. They help solve problems by providing a platform for training and skills development which includes simulation skills that allow surgeons to practice complex surgeries and improve proficiency. Therefore, such factors are expected to drive market growth during the forecast period.

Significant challenges
Cost and affordability associated with surgical robots are one of the significant challenges restricting market growth. This is due to the high initial investment and ongoing costs of training, maintenance, and instrument sterilization. In addition, regular maintenance, and upkeep such as regular inspections, software updates, and device calibration to ensure optimal performance and longevity are other factors limiting the growth. Hence, the above-mentioned factors are expected to restrict market growth during the forecast period. Technavio