August 09, 2022 07:02 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) — The global surgical robots market will derive growth from recent technological advancements that have enabled minimally invasive surgeries. According to a report published by Fortune Business Insights, titled “Surgical Robots: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 1,463.0 Mn in 2018. Fortune Business Insights predicts that the market will reach 6,875.1 Mn by 2026, thereby exhibiting a CAGR of 21.4% during the forecast period.
Surgical robots are used to perform computer-assisted surgeries in the presence and guidance of skilled surgeons. Surgical robots were manufactured to enable magnified images and efficient surgical operations within the intricate human anatomy. The ability of surgical robots to conduct precise hand movements without having to deal with shortcomings such as fatigue, instability, and distractions have enabled efficient surgical procedures within less time. This, in turn, has led to a rising uptake of surgical robots across the world. The need for zero or minimum margin of error has opened the doors for innovations and created a potential for growth of the global surgical robots market, through the development of highly efficient products. Furthermore, surgical robots help surgeons operate with the utmost stability and enhanced movements while dealing with neurological parts of the body, which in turn minimizes damage of healthy tissues. The aforementioned factors will contribute to an increase in the global surgical robots market value and will help the market grow at a considerable rate in the forthcoming years.
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Advent of Procedure-specific Robots to Boost Market Growth
The demand for surgical robots has risen significantly in recent years due to the demand for improvement in surgical efficacies and an increasing number of clinical trials. The manufacture of procedure-specific surgical robots has witnessed high demand the past decade, which in turn is likely to favor the growth of the global surgical robots market. In February 2019, Intuitive Surgical Inc. received usage approval from the Food and Drug Administration (FDA) for its Ion system. The device helped surgeons conduct minimally invasive biopsies within the inner layers of the lung. The lung-specific device gained massive popularity among surgeons and the FDA approval for this product has aided the growth of the global surgical robots market. Additionally, the rising demand for surgical robots by medical professionals and surgeons will favor the growth of the global market in the forthcoming years.
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Increasing Focus on R&D of Surgical Robots for Cancer Treatment to Enable Growth of Asia Pacific Market
The growing investment in research and development of surgical robots aimed at the treatment of cancer have created massive growth opportunities for the surgical robots market in North America. According to the American Heart Association, around 98 million adults in the US were suffering from different types of cardiovascular disease in 2016. The high prevalence of cardiovascular devices will help the growth of minimally invasive surgeries through surgical robots. Fortune Business Insights states that the surgical robots market in North America was valued at US$ 1,045.5 Mn in 2018 and is likely to expand in the coming years.
Rising Regulatory Approvals Identified as Chief Growth Driver
As surgical robots are essentially dealing with sensitive parts of the body, regulatory authorities are somewhat reluctant to clear the products for usage. Having said that, recent advancements in surgical robots and the advent of high precision products have churned out several regulatory clearances. Subsequently, increasing regulatory approvals will favor the growth of the global surgical robots market. In 2019, Zimmer Biomet received clearance from the Food and Drug Administration (FDA) for the usage of its latest product ‘Rosa One Brain Application’. The system allows surgical navigation and positioning for operations related to neurological body parts, wherein extreme precision methods are required. Fortune Business Insights predicts that advancements in neurological surgeries will account for significant amount of growth of the global surgical robots market.
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Minimally Invasive Robot-sssisted Surgeries Will Favor Market Growth
Recent technological advancements have enabled surgical operations through robots wherein the efficiency and time-to-completion have been unmatched by their human counterparts. The advent of minimally invasive surgical procedures due to rising demand for imaging techniques through infrared technology have led to a rising uptake of surgical robots across the world. In April 2019, the Vanderbilt Institute for Surgery and Engineering (VISE) received a grant of an approximate US$ 2 Mn for the development of a surgical robot within a minimally invasive environment. The project revolved around prostate surgeries and would include operations through needle sized robotic arms. Fortune Business Insights predicts that increasing adoption of minimally invasive surgeries through surgical robots will minimize the use of surgical stitches, thereby creating a huge demand among surgeons as well as end users across the world. The report studies the impact of product launches similar to VISE’s latest surgical robot and gauges the impact of these products on the global surgical robots market.
Fortune Business Insights profiles a few of the companies operating in the global surgical robots market. Some of the leading companies that are operating in the market are Intuitive Surgical Inc., Medtronic, Stryker, Smith & Nephew and Zimmer Biomet.
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Frequently Asked Questions :
Surgical Robots Market is projected to reach USD 6,875.1 million by 2026, exhibiting a CAGR of 21.4% between 2018 and 2026.
2. Who is leading the market in robotic assisted surgery?
Some of the leading companies that are operating in the market are Intuitive Surgical Inc., Medtronic, Stryker, Smith & Nephew and Zimmer Biomet.
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