Surgical Robot Market Size Worth $8.24 Billion by 2025 | CAGR: 22.3%: Grand View Research, Inc.
SAN FRANCISCO, Feb. 4, 2020 /PRNewswire/ -- The global surgical robots market is expected to reach USD 8.24 billion by 2025, growing at a CAGR of 22.3% over the forecast period, according to a new report by Grand View Research, Inc. Increasing adoption of minimally invasive surgeries among patients owing to its added benefits such as need for shorter hospital stays by patients, compared to traditional surgery, introduction of flexible and cost-effective surgical robots by new manufacturers and increasing approvals for new medical conditions are some factors responsible for driving the surgical robots market.
Key suggestions from the report:
Read 85 page research report with ToC on "Surgical Robots Market Size, Share & Trends Analysis Report By Application (Orthopedics, Neurology, Urology, Gynecology, Others), By Region (North America, Europe, Asia Pacific, Latin America, MEA) And Segment Forecasts, 2019 - 2025'' at: https://www.grandviewresearch.com/industry-analysis/surgical-robot-market
In addition, advances in medical imaging, increase in surgeon/patient acceptance for laparoscopic and robotic procedures, increasing number of patients suffering with tumors, spine disorders, lung cancer and others are expected to drive the adoption of surgical robots over the forecast period. However, limited adoption rate of surgical robots in developing/underdeveloped economies due to untrained doctors, limited spending on healthcare infrastructure may hinder the market growth.
On the basis of application, the market is classified into orthoedics, neurology, urology, gynecology and others. The others segment includes oral surgeries, thoracic surgeries, and general laparoscopic surgeries. The other application segment dominated the market in 2018, with a revenue of USD 748.5 million and is also expected to grow at the fastest rate over the forecast period. This is owing to a large number of general laparoscopic surgeries being conducted and increasing number of medical approvals for treatment of new medical conditions.
North America dominated the surgical robots market with a revenue of USD 1.03 billion in 2018, owing to the presence of leading manufacturers such as Stryker Corporation, Medtronic, Intuitive Surgical and others in the region. Moreover, increasing approval by the FDA for new robotic systems has led to rise in the number companies in the market which has increased the competition in the region. On the other hand, the region is also anticipated to witness fastest growth during the forecast period, as large number of hospitals are becoming the adopters of this technology.
Grand View Research has segmented the global surgical robots market based on application outlook, and regional outlook:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.