Surgical Robotics Market Expected to See CAGR of 8.5% from 2017 to 2024

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According to a new report published by Allied Market Research, titled, Surgical Robotics Market by Component, and Surgery Type: Global Opportunity Analysis and Industry Forecast, 2017-2024," the global surgical robotics market was valued at $56,294.9 million in 2017, and is projected to reach $98,737.0 million by 2024, growing at a CAGR of 8.5% from 2017 to 2024. The orthopedic surgery dominated the market in terms of revenue and accounted for about one-fifth share of the global market in 2017. 

Surgical robotic system is a technologically advanced surgical solution, used mainly during complicated surgical procedures. The surgical robotic system includes surgeons console, surgical arms and monitoring systems & software. The surgical robotic system market is gaining prominence in the recent years owing to rapid technological advancements, increasing investments in research and development and its extensive application in critical surgeries such as cardiac, orthopedic and neurosurgery. Further, wide scope of applications in different surgeries, increasing demands for advanced medical facilities and rising incidence of diseases such as cancer and musculoskeletal ailments & injuries, majorly supplement the growth of surgical robotics market. On the contrary, high costs of surgical robotic procedures, lack of awareness and inadequate presence of expertise professionals are major factors impeding the market growth. 

The global surgical robotics market is segmented into component, surgery type and region. Based on component, the market is segmented into systems, accessories, and services. The surgical robotics market based on surgery type is segmented into gynecology surgery, urology surgery, neurosurgery, orthopedic surgery, general surgery and others. Regionally the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

In terms of revenue, the accessories in component segment accounted for the highest market share in 2017, owing to rising adoption of surgical robotic systems across Tier-1 hospitals, recurrent sales of accessories for these systems and demand for highly efficient replaceable components. Surgical robotic systems services would emerge as the lucrative segment since it is mandatory for every surgical robotic systems buyer to maintain the systems performance. The services segment would exhibit the fastest growth rate, registering a CAGR of 15.7% during the forecast period. 

Based on surgery type, the neurosurgery segment accounted for about one-sixth share of the total market in terms of value as well as volume and is expected to grow at a CAGR of 8.6% and 6.5% respectively during the forecast period. As robotic systems were primarily used for neurosurgeries and later widen its application. The need for precision during neurosurgery has led to an increase in adoption for surgical robotics. 

Key Findings of the Surgical Robotics Market: 

• The gynecology surgery accounted for about one-sixth share of the global market in terms of revenue as well as volume in 2017.
• The surgical systems segment by component accounted for one-third share of the global market in 2017 and is expected to grow at a CAGR of 11.3% during the forecast period.
• The U.S. dominated the North American surgical robotics market in 2017 by surgery type and is projected to grow at a CAGR of 7.0% during the forecast period.
• Spain is expected to be the fastest growing country in the European surgical robotics market by surgery type with a CAGR of 12.3% during 2018-2024.
• India is expected to be the fastest growing country in the Asia-Pacific surgical robotics market by surgery type during the forecast period.

North America dominated the surgical robotics market. The market growth in North America is primarily a reflection of product innovations and launches resulting from technological advancements. The companies mostly adopted product launch, acquisition, and expansion as their key strategies to keep pace with the changing demands of consumers and strengthen their market position. The key players operating in the global surgical robotics market are Smith & Nephew Plc. (Blue Belt Technologies, Inc.), Auris Surgical Robotics Inc. (Hansen Medical Inc.), Intuitive Surgical, Inc., KUKA AG, Stryker Corporation (MAKO Surgical Corp.), Mazor Robotics, Renishaw plc., Medtronic, THINK Surgical, Inc., and Zimmer Biomet Holdings Inc. Other players operating in the value chain are Transenterix, Verb Surgical, Titan Medical, Microbot Medical, Accuray and Medrobotics.