surgical robotics Market

According to our new research study on "Surgical Robotics Market Forecast to 2031 -Global Analysis - by Type, Application, Material, End User, and Geography," the market is anticipated to grow from US$ 10.25 billion in 2023 and is projected to reach US$ 28.54 billion by 2031; it is expected to register a CAGR of 13.7% during 2023-2031. The surging number of surgical procedures and the growing prevalence of chronic diseases are among the prominent factors fueling the surgical robotics market growth. However, the high cost of robotic surgeries and installation of surgical robots hampers the growth of the market. The incorporation of AI-based features in surgical robots is expected to bring new surgical robotics market trends in the coming years.

North America accounted for a major share of the global surgical robotics market in 2023. The North America surgical robotics market is segmented into the US, Canada, and Mexico. The surgical robotics market in the US is expected to grow owing to a receiving approval of technologically advanced products in the market. For instance, in February 2024, Zimmer Biomet Holdings announced U.S. Food and Drug Administration (FDA) 510(k) clearance of the ROSA Shoulder System for robotic-assisted shoulder replacement surgery. Similarly, in June 2024, Moon Surgical, a French-American pioneer in surgical innovation, received clearance from the FDA for the commercial version of its unique Maestro surgical system. In addition, the presence of various market leaders operating in the US contributes notably to the expansion of the surgical robotics market size.

Canada is estimated to be among the fastest-growing countries in North America. Increasing prevalence of chronic diseases and growing number of robotic surgeries in Canada propels the demand for surgical robots in the country. For instance, in 2021, the National Center for Biotechnology reported that there were 30 surgical robots operating in 14 Canadian cities, performing approximately 6000 operations each year.

Market players are adopting organic growth strategies such as new product launches and product approvals. For instance, In October 2021, Medtronic Canada ULC, a subsidiary of Medtronic plc, announced the commercial launch of the Mazor X System (referred to as Mazor) for robotic-guided spine surgery. It is the first dedicated robotic-assisted spine surgery platform to be launched in Canada. The Mazor platform offers a fully integrated procedural solution for surgical planning, workflow, execution, and confirmation, and is the first dedicated robotic -assisted spine surgery platform being launched in Canada. Furthermore, In December 2021, Medtronic Canada ULC, received a Health Canada license for the Hugo robotic-assisted surgery (RAS) system. This system is intended for use in urologic and gynaecologic laparoscopic surgical procedures, which account for approximately half of all robotic procedures performed.

The surgical robotics market in Mexico is estimated to exhibit a slower growth rate than in other North American countries. Factors such as advantages offered by surgical robots developers and growing demand for minimally invasive surgery driving the surgical robotics market during the forecast period.

Increasing adoption of surgical robots in hospitals and medical centers are driving the surgical robotics market growth in Mexico. For instance, in June 2024, Lovelace Medical Center (LMC) acquired the only Intuitive da Vinci surgical system in the state of New Mexico, demonstrating its commitment to the most advanced technology available in minimally invasive surgery. Similarly, In September 2022, ABC Medical Center presents the new da Vinci Xi robot. It is available for the medical community of both campuses, Observatorio and Santa Fe, and those who are certified in the use of the robot.

Growing Number of Product Approvals and Launches to Provide Market Opportunities in Future

Product approvals accelerate the emergence of new technology in the market. In March 2024, Intuitive Surgical, Inc., a global pioneer of robotic-assisted surgery, received the US Food and Drug Administration (FDA) 510(k) clearance for da Vinci 5-the company's next-generation multiport robotic system. Da Vinci 5's design includes over 150 engineering enhancements. Similarly, in February 2024, Virtual Incision Corporation received the US Food and Drug Administration (FDA) marketing authorization for the MIRA Surgical System (MIRA), the world's first miniaturized robotic-assisted surgery (miniRAS) device, for use in adults undergoing colectomy procedures. In addition, in October 2021, Medtronic plc received the CE mark for the Hugo robotic-assisted surgery (RAS) system, authorizing the system's sale in Europe.

Table 1. Recent Launches/Approvals of Surgical Robots

Month and Year Company Description

June 2024 SS Innovations SS Innovations, the developer of India's first indigenous surgical robotic system, launched SSI Mantra 3. The system is developed to improve surgical precision, efficiency, and patient outcomes. It features 5 slimmer robotic arms and an immersive 3D HD headset that provides surgeons with unmatched optics, as well as a vision cart that provides 3D 4K vision to the entire team for precision and control.

June 2024 Meril Life Sciences Pvt. Ltd. Meril, an India-based medical devices company, has launched an indigenously developed surgical robotic technology-MISSO-which will assist doctors during knee replacement surgeries in real time.

July 2022 Siemens Healthineers AG Siemens Healthineers has added CorPath GRX, the FDA-cleared and CE-marked robotic system, to its coronary and peripheral interventions portfolio in India. Such recent developments will contribute to the healthcare sector in India significantly. Cutting-edge technology has opened up new realms of business with advanced therapeutics by tapping adjacent growth markets with great potential for the coming years.

June 2022 Smith + Nephew Smith+Nephew, the global medical technology company, announced that the first robotic-assisted surgery using the LEGION CONCELOC Cementless Total Knee System was performed by Dr. Cyna Khalily-an orthopedic surgeon specializing in hip and knee reconstructive surgery in Louisville, KY.

April 2022 SSI Innovations In India, SS Innovations announced the price range of the SSI multi-arm revolutionary telerobotic assistance surgical system from US$ 0.54 million to US$ 0.68 million (INR 40-50 million).

February 2022 Smith + Nephew Smith + Nephew launched a Next Generation Robotic System in Japan; the CORI surgical system is designed to enhance the surgical experience for high precision and best results in knee arthroplasty.

January 2022 Smith + Nephew Smith+Nephew announced that it had expanded the indications on its Cori Surgical System to include total hip arthroplasty. According to the company, the new indication with RI.Hip Navigation might help maximize accuracy and reproducibility by providing patient-specific component alignment for PTH.

Source: Press Release and Company Websites

Thus, a growing number of product approvals attributable to favorable regulatory scenarios in developed economies are anticipated to create lucrative opportunities for the surgical robotics market growth during the forecast period.



Surgical Robotics Market: Competitive Landscape and Key Developments

STERIS, Stryker, Medtronic, Renishaw, Johnson & Johnson, CMR Surgical, Smith & Nephew Plc, Zimmer Biomet, Intutive Surgical Inc, THINK Surgical Inc, Titan Medical Inc., Vicarious Surgical, Asensus Surgical Inc, Moon Surgical, Momentis Surgical, Virtual Incision, and EndoQuest Robotics Inc are among the key companies operating in the surgical robotics market.

The US Food and Drug Administration, World Health Organization (WHO), and Intelligent Surgery Journal, Royal Australasian College of Surgeons, National Center for Biotechnology Information are among the primary and secondary sources referred to while preparing the surgical robotics market report.