Surgical Robots Market Research by Product Type (Instrument & Accessories, Robotic Systems and Services), by Application (Gynecologic Surgery, General Surgery, Cardiac Surgery, Urologic Surgery, Colorectal Surgery and Head and Neck Surgery), by Control Mechanism, by End User and by Region - Forecast till 2024
— Surgical Robots Market Overview
Robotic surgery is one advanced form of surgery wherein the surgery is undertaken with the help of different robots. In this technique, features like accuracy and flexibility has been the key attraction for many of the healthcare companies to adopt and integrate these surgical robots. Surgical robots are medical robots that aid and assist in performing the procedures with tiny incisions.
The Da Vinci System is one of the most widely used and advanced surgical robot in the world. Surging rate of demand for minimally-invasive surgeries, increasing need for automation in the healthcare sector, and the widespread prevalence of different types of diseases are the major factors boosting the market. On other hand, high pricing rate of surgical robots and the number of risks linked with using robotic surgeries are the biggest restraints for the growth of market.
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The Global Surgical Robots Market was analyzed by Market Research Future (MRFR) and it was projected that an impressive CAGR of 18.94% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the automotive radar applications market was further stated to surpass its previous valuation to reach a projected figure of USD 19,596.61 Million by 2024.
The global surgical robots market has been segmented in terms of type, end-user, and components.
By product, the market includes robotic systems, instrument & accessories, and services.
By application, the market segments into urologic surgery, general surgery, gynecologic surgery, colorectal surgery, cardiac surgery, general surgery, and head and neck surgery.
By control mechanism, the market divides into computer control and direct telemanipulator.
By end-users, the market branches into ambulatory surgical centers and hospitals.
The global surgical robots market comprises a host of key players. This includes names like –
Medtech SA (France)
Mazor Robotics (Israel)
Intuitive Surgical Inc. (US)
Hansen Medical (US)
Verb Surgical Inc. (US)
Stryker Corporation (US)
Smith & Nephew (UK)
Merck Co. & Inc (US)
TransEnterix Inc. (US)
Renishaw PLC (UK)
and Medrobotics Corporation (US).
These leading players are inking down new mergers and acquisitions deals and gaining approvals from the FDA to increase their share in the market standings.
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The global surgical robots market is geographically distributed across the following key regions: Asia Pacific, Americas, Europe, and the Middle East & Africa.
The Americas lead the surgical robots market landscape with the highest share percentage. Under the Americas segment, the North American region dominates with the highest market contribution. This is majorly due to the increasing number of strategic collaborations made with other companies, increasing acceptance among patients concerning the use of surgical robots for different medical procedures, rising awareness about the superior healthcare outcomes with the use of surgical robots, growing financial capability of hospitals of investing in robotic systems, and others are all pushing the growth of the regional market.
Europe stands second in the market standings due to the increasing need in the healthcare sector for automation and rising demand in this region for minimally invasive surgeries and miniature robotics. Asia Pacific region is anticipated to grow with the highest CAGR over the forecast period due to the rapidly developing technologies, expanding number of hospitals, and the presence of big population base. Lastly, the Middle East and Africa market is enjoying a slow yet steady growth owing to the expanding healthcare infrastructure therein.
In Europe, Germany stands tall as the major contributor in the market landscape. Back in 2016, Germany market valuation stood at USD 1,157.6 million. In Asia Pacific, the surgical robots market is anticipated to attain an impressive CAGR of 23.36 % over the forecast period.
Market Factor Analysis
4.1 Porter’s Five Forces Model
4.1.1 Bargaining Power Of Suppliers
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of New Entrants
4.1.4 Threat Of Substitutes
4.1.5 Intensity Of Rivalry
4.2 Value Chain Analysis
4.2.3 Distribution And Sales
4.2.4 Post-Sales Review
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