Surgical Robotics and Navigation Market

Market Synopsis:

Global Surgical Robotics and Navigation Market is valued at USD 2.12 Billion in 2022 and is estimated to reach a value of USD 3.37 Billion by 2030 at a Compound Annual Growth Rate (CAGR) of 5.90% during the forecast period of 2022 till 2028. Due to an increase in the elderly population, an acceleration in the adoption of Surgical Robotics and Navigation technology in minimally invasive surgical methods, and the widespread prevalence of chronic dysfunctions such as cerebrovascular diseases, strokes, and Alzheimer's disease, the Surgical Robotics and Navigation Market is expected to grow rapidly.

Surgical Robotics and Navigation Market is expanding as a result of medical improvements being made to treat patients suffering from various operational disorders. To make surgeries less invasive, surgical robots and their navigation are helping to boost the industry. This has pushed medical spending in a single path to empower and expand the same market, which is predicted to assist the company flourish across the globe. These capable robots are capable of performing crucial and sophisticated surgical operations, which helps the market flourish.

COVID-19 Impact Analysis:

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The global impact of the COVID-19 epidemic on the world's population and economy has been disastrous. Healthcare systems have been severely strained as a result of the pandemic. To reduce the risk of transmission and conserve healthcare resources for COVID-19 patients, healthcare institutions and providers have been told to halt undertaking elective surgical operations and medical examinations during this time. The pandemic has resulted in a temporary restriction on elective surgeries all over the world, resulting in the cancellation of elective procedures all over the world, having a negative impact on the global economy.

Market Segmentation:

The Global Surgical Robotics and Navigation Market is segmented on the basis of Type(Neurosurgery Navigation,Spinal Surgical Navigation,ENT Surgical Navigation,Orthopedic Surgical Navigation,Robotic-Assisted Spinal Surgery Systems,Robotic-Assisted Neurosurgery Systems,Robotic Radiosurgery Systems,Others),End User(Hospitals,Ambulatory surgical centers),Region(North America,Latin America,Europe,Asia Pacific,Middle East & Africa). Based on type, the Surgical Robotics and Navigation Market is segmented into Neurosurgery Navigation, ENT Surgical Navigation, Orthopedic Surgical Navigation, Spinal Surgical Navigation, Robotic-Assisted Spinal Surgery Systems, Robotic-Assisted Neurosurgery Systems, Robotic Radiosurgery Systems, and Others. Based on end-use, the market is segmented into Hospitals, Ambulatory and Surgical Centers. By Geography, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Surgical robots are being actively adopted by many hospitals and other organisations to improve surgical processes and patient outcomes. Apollo Hospital Networks, for example, plans to open roughly 80 robotic-assisted surgery centres across India by 2020 to undertake general, cancer, urology, and bariatric procedures. Furthermore, in November 2020, it launched the "Robotic Joint Replacement Program," in which healthcare experts use next-generation robotic equipment to do partial and total knee replacement treatments with smaller incisions and other activities.

Advantages Of Robotic-Assisted Surgery are Expected to drive Surgical Robotics and Navigation Market

Minimally invasive surgeries (MIS) are becoming increasingly popular around the world, owing to the benefits they provide, such as smaller incisions, fewer cuts, reduced scarring, reduced discomfort, increased safety, shorter recovery times, and significant cost savings. By providing improved accuracy, repeatability, control, and efficiency, robotic minimally invasive surgery adds to these benefits.

Robotic surgery also has increased visualisation capabilities that provide surgeons a better perspective of the working area and allow them to see minute features utilising high-definition cameras. These systems have more dexterity than the human hand, and their ability to rotate 360 degrees and navigate better allows surgeons to reach difficult-to-reach places.

High Cost of Robotic Systems

Minimally invasive operations are more expensive than robot-assisted surgeries. Robotic hysterectomy is only recommended by the American Congress of Obstetricians and Gynecologists for unique and complex clinical situations. The implementation of robotic surgery for all hysterectomies, according to the group, would add an estimated USD 960 million to the yearly cost of hysterectomy surgeries in the United States.

One of the most widely used robotic systems, the da Vinci, costs between USD 1.5 million and USD 2.5 million per unit, while the CyberKnife robotic system costs over USD 4 million per unit. Furthermore, a robot's annual maintenance costs are close to USD 126,000, adding to the already exorbitant expense of robotic surgery. The typical cost of a robotic surgical operation ranges from USD 3,050 to USD 6,050. The rising cost of surgeries due to the use of robotic systems is thus expected to restrain the growth of the Surgical Robotics and Navigation market.

North America to Continue Dominating the Surgical Robotics and Navigation Market

North America dominated the Surgical Robotics and Navigation market, while the Asia Pacific region is predicted to grow at the fastest rate over the forecast period. The substantial proportion of the North American market can be due to the region's support for surgical robot research and development, as well as the growing use of surgical robots for paediatric surgeries in Canada and general surgery procedures in the United States.

Competitive Landscape:

Some of the major vendors in the Surgical Robotics and Navigation market is Medtronic , Stryker, GENERAL ELECTRIC COMPANY, Brainlab, B. Braun Melsungen AG, Johnson & Johnson Services, KARL STORZ SE & Co. KG, Zimmer Biomet, Fiagon AG Medical Technologies, XION GmbH, Collin SAS, Medrobotics Corporation, Titan Medical Inc., Verb Surgical Inc,

The Surgical Robotics and Navigation Market is segmented as follows:

The Surgical Robotics and Navigation Market is tabulated as below: