Comparing 17 vendors in Surgical Robots across 0 criteria.
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The Surgical Robot Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Surgical Robots. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 30 companies of which the Top 17 Surgical Robot companies were categorized and recognized as the quadrant leaders.
Surgeons use surgical robots to perform minimally invasive procedures. Surgical robots consist of a camera arm and mechanical arms controlled by surgeons on a computer console that offer a high- definition and magnified 3D view of the surgical site. These robots enable surgeons to carry out complex surgical procedures with greater precision, accuracy, and control than conventional techniques.
The 360 Quadrant maps the Surgical Robot companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Surgical Robot’s quadrant. While the top criteria for product footprint evaluation included Strength of Offering (Product Lines (Commercialized), Innovation & Investments, Delivery Capability), Application of Surgical Robots (General Surgery, Gynecology Surgery, Orthopedic Surgery (Knee & Hip), Urological Surgery, Neurosurgery (Including Spine, Brain, Head & Neck), Others (Cardio, Thoracic)), Product Category Offered (Robotic Systems, Instruments & Accessories, Services, Software), Customers Served (Hospitals & Clinics, Ambulatory Surgery Center), Product Launches & Approvals, and Total surgical robotic systems launched in the past 3 years.
Key trends highlighted in 360 Quadrants:
- The global surgical robots market is projected to reach USD 18.36 billion by 2028 from USD 8.53 billion in 2023, at a CAGR of 16.6% during the forecast period. The growth in this market can largely be attributed to factors such as the advantages of robotic-assisted surgery, technological advancements, and the increasing adoption of surgical robots. Other factors, such as the improving reimbursement scenario and increasing funding for medical robot research, also support market growth. However, surgical errors are expected to limit market growth to a certain extent in the coming years. The high cost of robotic systems is also expected to restrain market growth.
- In 2023, the instruments & accessories segment dominated the market, capturing the majority share at nearly 51%. This substantial portion can be linked to the frequent procurement of instruments & accessories, as opposed to robotic systems, which involve a singular investment. This trend signals a preference for ongoing and frequent procurement, presenting surgical robot companies with the chance to strategically position themselves as providers of high-quality and innovative instruments & accessories. By focusing on the development and marketing of a diverse range of such components, the surgical robot companies can cater to the rising demand.
- The global surgical robot market is currently dominated by hospitals and clinics, which accounted for the highest of the market in 2023 and it is predicted to witness the fastest growth rate over the coming years. This growth is driven by the rapid adoption of surgical robots by hospitals and clinics worldwide, as the number of robotic-assisted procedures performed each year continues to increase across a wider range of specialties. With the resources and patient volumes to support the significant investment required, hospitals and clinics are leading the integration of surgical robotics into mainstream medical practice. The growth strategies and investments of surgical robot companies will therefore be focused on capturing the immense potential from hospitals and clinics leading the adoption of surgical robotics.
- In 2023, the general surgery segment held the predominant share at 29.8% of the market, and it is anticipated to demonstrate the highest CAGR of 17.1% throughout the forecast period. The robust growth in this segment is attributed to the escalating utilization of surgical robots in various general procedures, including but not limited to bariatric surgery, cholecystectomy, transoral surgery, heller myotomy, gastrectomy, hernia repair, and pancreatectomy. Given the high demand and growth, surgical robot companies may choose to develop specialty systems, tools and features to capture even more of the general surgery market segment.
- The worldwide surgical robots market exhibits a high level of consolidation, with key surgical robot companies holding a dominant position, collectively representing more than 90% of the total market share. Among the major contributors in this sector are Intuitive Surgical (USA), Stryker Corporation (USA), Medtronic (Ireland), Smith+Nephew (UK), Zimmer Biomet (USA), Asensus Surgical (USA), Renishaw (UK), CMR Surgical (UK), and Johnson & Johnson (USA) among others. Surgical Robot Companies are intensifying their emphasis on research and development (R&D) to incorporate innovative products into their portfolios, thereby enhancing their market presence. For instance, Stryker announced that it launched the Mako Total Knee 2.0 as part of its Mako SmartRobotics portfolio in March 2023. Furthermore, the appealing growth prospects in the Asia-Pacific (APAC) and Latin American markets motivate market players like these to bolster their positions in these regions.
- The rise of outpatient surgery through ambulatory surgery centers (ASCs), offering cost-effective and convenient alternatives, presents a strategic opportunity for surgical robot companies. ASCs specialize in surgical procedures without hospital admission, yielding significant savings for healthcare systems and patients. The increasing preference for ASCs over traditional inpatient settings, driven by cost efficiency and reduced patient co-payments, signals a growing market for surgical robots. Companies in the surgical robotics sector can capitalize on this trend by developing innovative solutions tailored to the needs of ASCs, aligning with the shift toward outpatient care and the decline in hospital in-patient visits.
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