Surgical robots are specially programmed machines that assist surgeons in performing complex surgical procedures with enhanced dexterity, precision, and control. Surgical robots allow surgeons to perform minimally invasive procedures with more dexterity and precision than is possible with conventional techniques. The da Vinci surgical system, which is currently the most widely used robotic surgical system in the world, provides surgeons with a 3D high-definition view of the surgical area and small robotic instruments that the surgeon manipulates from a console.

The Global Surgical Robots Market Size is estimated to be valued at US$ 1177.3 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The increasing adoption of surgical robots is mainly attributed to the ability of these systems to perform complex surgical procedures with more accuracy and consistency compared to traditional open surgeries. Surgical robots allow surgeons to have more control over surgical instruments and better visualization of the surgical site through magnified high-definition cameras. This helps in performing delicate procedures like suturing and knotting with better control and precision inside tight spaces. The ability of surgical robots to improve surgical accuracy is expected to drive their increasing demand across various medical specialties over the forecast period. With newer players introducing technologically advanced robots, the surgical robots market provides lucrative growth opportunities for market players.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for establishing surgical robots manufacturing plants and technology. However, some large multinational companies can enter the market.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of product alternatives and price sensitivity of customers. However, increasing demand for robot-assisted surgeries limits this power.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components like robot arms, surgical instruments are specialized and supplied by few companies globally.

Threat of new substitutes: The threat of substitutes is low as robotic surgery provides higher efficacy and precision over traditional open and laparoscopic surgeries.

Competitive rivalry: The competitive rivalry is high among key players to gain maximum market share through product innovation, mergers and new product launches.

SWOT Analysis

Strength: Robot-assisted surgeries offer advantages like enhanced dexterity, precision and control over minimally invasive surgeries. Growing demand for robotic surgeries and investments in healthcare infrastructure.

Weakness: High costs associated with robotic surgical systems, procedures and maintenance. Lack of reimbursement policies and skilled surgeons in emerging markets.

Opportunity: Untapped growth opportunities in emerging markets. Expanding application areas in areas like urology, gynecology and orthopedic surgeries.

Threats: Stringent regulatory processes and recalls impact business negatively. Slow adoption rate and preferences for traditional surgeries in low income markets.

Key Takeaways

The global surgical robots market is expected to witness high growth during the forecast period due to the increasing demand for minimally invasive surgeries. The global Surgical Robots Market is estimated to be valued at US$ 1177.3 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

North America dominates the market currently due to growing healthcare expenditure, advanced healthcare facilities and favorable reimbursement policies for robotic surgeries in the region. The Asia Pacific region is expected to register fastest growth during the forecast period owing to developing healthcare infrastructure, rising medical tourism, and growing government focus and initiatives to improve healthcare access in major countries like China and India.

Key players operating in the surgical robots market are Merck & Co., Inc., Ferring Pharmaceuticals, Inc., EMD Serono, Inc., Pfizer Inc., Novartis AG. Major players are adopting partnership and acquisition strategies to expand their regional presence and strengthen product portfolio. They are also focusing on randomized control trials to prove advantages of robot-assisted surgeries and gain regulatory approvals in new regions and application areas.

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