The global next-generation surgical robotics market size was valued at US$ 10 million in 2019. The global next-generation surgical robotics market is forecast to reach US$ 884 million by 2030 by registering a compound annual growth rate (CAGR) of 45% during the forecast period from 2021-2030.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
Due to the rapidly increasing prevalence of chronic diseases, the demand for next-generation surgical robotics is forecast to increase.
The geriatric populations can easily get affected by the diseases. Thus the growth in the elderly population would raise the demand for next-generation surgical robotics during the analysis period.
Government policies and investment in healthcare, mostly in emerging countries, are expected to fuel the growth of the global next-generation surgical robotics market.
As the demand for surgeries is growing, robotics-based surgery may generate a new era in the coming years. Robot-assisted operations are now widely used in various fields, including urology, gynecology, orthopedics, etc.
The launch of technological advancements in the next-generation surgical robot industry is forecast to generate favorable chances for market growth. Accuray Integrated recently launched the CyberKnife S7 System, an innovative device for stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments. The integrated speed of the device, excellent accuracy, and artificial intelligence (AI) enabled motion monitoring has contributed to the growth of the market. More such innovations would propel the market growth during the analysis period.
The growing demand for next-generation surgical systems at a low cost would present promising growth opportunities for the market players.
The high cost associated with the next-generation surgical robot is forecast to slow down the market growth during the forecast period.
Geographic Analysis
The North American segment may increase significantly in the global next-generation surgical robotics market. North America held most of the share of the global next-generation surgical robotics market in 2019. The significant growth of the North American industry is due to growing funds for boosting surgical robot R&D. Apart from that, expanding usage of surgical robots for pediatric surgeries in Canada and general surgery procedures in the United States has been other factors driving the growth of the global next-generation surgical robotics market.
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Covid-19 Impact Analysis
A pandemic had an abrupt negative impact on demand for next-generation surgical robots. Due to the pandemic, authorities had to implement temporary restrictions on travel and other services. As a result, it affected elective surgeries all over the world.
As elective operations are discontinued, it has become critical to understand the future role of robotic-assisted surgery in the current epidemic. Government authorities also shifted their focus on controlling the pandemic. As a result, it reduced the demand for robots. The surgeries mandate the interaction between surgeons and patients. As a result, various patients avoided visiting hospitals to prevent themselves from the COVID-19 virus infection.
Competitors in The Market
- Intuitive Surgical
- Stryker
- Mazor Robotics
- Smith & Nephew
- Hansen Medical
- Medrobotics
- TransEnterix
- Medtech
- Renishaw
- THINK Surgical
- Other prominent players
Market Segmentation
Based on Product and Service
- Robotic systems
- Instruments & Accessories
- Services
Based on Application:
- Gynecological Surgery
- Urological Surgery
- Neurosurgery
- Orthopedic Surgery
- General Surgery
- Other Applications
Based on End-User
- Hospitals
- Ambulatory Surgery Centres
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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