The surgical robots market is projected to generate $30,067.2 million revenue in 2030, advancing at a CAGR of around 19% during 2021–2030. This can be primarily due to the rising number of knee and hip replacement surgeries and established players in the robotic surgery space and the surging technological advancements in surgical robots.
Moreover, the market is growing, due to the large investment in surgical robots by major players. The players are investing in technology innovation in order to automate the processes through surgical robots. For instance, in June 2021, CMR Surgical raised $600 million in Series D funding. This funding by SoftBank Vision Fund 2 and co-led by Ally Bridge Group will support the company’s vision of the commercialization of Keyhole surgery to more people, worldwide. Along with that, the fund will be used for marketing CMR’s next-generation surgical robotic system, Versius, and further developing its digital ecosystem.
The number of patients suffering from orthopedic disorders is increasing and companies are investing in technologies in order to make the processes of surgeries less painful. Robotic surgeries facilitate performing complicated procedures with greater flexibility, precision, and control, as compared to conventional surgeries. In addition, other benefits of surgical robots include a shorter recovery period, smaller or less noticeable scars, lower risk of infections at surgical sites, and less pain and blood loss during surgeries.
The hospital category garnered the largest market share, of 74.1%, in 2021. This is attributed to the rise in the disposable income of people in developing economies, which helps them to avail improved healthcare facilities. Moreover, the availability of advanced medical technologies, including surgical robots, in hospitals will enable them to cater to the patients’ needs and improve the efficiency of medical surgeries. Also, the robots help in saving cost and time in surgeries performed in hospitals.
Players in the surgical robots market have been involved in partnerships and product launches to gain a significant position. For instance, TransEnterix Inc., a medical device company, collaborated with Amsterdam Skills Centre (ASC), for providing the training required in surgeries. This partnership will facilitate basic as well as advanced training of staff throughout Europe for the Senhance surgical system.
Similarly, in September 2020, Total Joint Orthopedics collaborated with THINK Surgical Inc., an advanced orthopedic robot technology company. Through this collaboration, the company facilitates surgeons with technology solutions to implant TJO's Klassic Knee, in order to advance total joint replacement surgery. Moreover, this partnership helps in expanding the portfolio and also ensures the availability of various robotic options.
Moreover, in March 2021, Zimmer Biomet introduced ZBEdge Connected Intelligence Suite, which is a combination of digital and robotic technologies. It enables the use of advanced technologies and delivers data-powered clinical insights throughout the process of care. This facilitates ambulatory surgery centers to access the pre-, intra-, and post-operative technologies, which are designed to create an integrated product experience that can extract the data from several systems.
The major players operating in the surgical robots market include Intuitive Surgical, Medtronic, Stryker Corporation, Smith & Nephew, Zimmer Biomet, Corindus Vascular Robotics, Asensus Surgical, Auris Health, Think Surgical, Medrobotics Corporation, Verb Surgical, OMNIlife Science, Preceyes BV, CMR Surgical, China National Scientific Instruments and Materials Corporation, Titan Medical, avateramedical GmbH, Microsure, and Medicaroid Corporation.