during the forecast period. Surgical robots enable surgeons to carry out complex surgical procedures with greater precision. They are primarily used in gynecological, urological, orthopedic, general, neurosurgeries, and other minimally invasive surgeries.
New York, May 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Surgical Robots Market by Product & Service, Application, End User - Analysis and Global Forecasts to 2026" - https://www.reportlinker.com/p05874885/?utm_source=GNW
Growth in this market is primarily driven by the advantages of robotic-assisted surgery, technological advancements in surgical robots, the increasing adoption of surgical robots, and the increase in funding for medical robot research. On the other hand, the high cost of robotic systems is a key factor limiting market growth in the coming years.
Recurring purchase of instruments and accessories for robotic systems leads to the largest sharee of this segment in market.
Based on product & service, the surgical robots market is segmented into robotic systems, instruments & accessories, and services. The instruments & accessories segment commanded the largest share of 53.8% of the market in 2020. This segment is also expected to grow at the highest CAGR of 18.2% during the forecast period. The large share and high growth rate of this segment are mainly driven by the recurrent purchase of instruments & accessories instead of robotic systems, which are a one-time investment.
Hospitals account for the highest share in the market
Based on end users, the market is segmented into hospitals and ambulatory surgery centers. Hospitals commanded the largest share of 85.5% of the market in 2020. The high demand for surgical robots in hospitals is primarily driven by the higher budgets of hospitals as compared to ASCs since robotic systems are high-cost equipment.
Improved funding for R&D in surgical robots led to the largest market size of the North American region
North America dominated the surgical robots market, with a share of 63.6% in 2019, while the Asia Pacific region is expected to register the highest CAGR of 18.5% during the forecast period. The large share of the North American market can be attributed to the availability of funding for R&D in surgical robots in this region and the increasing adoption of surgical robots for pediatric surgeries in Canada and general surgery procedures in the US.
Breakdown of supply-side primary interviews: • By Company Type: Tier 1 – 58%, Tier 2 – 21%, and Tier 3 – 21% • By Designation: C-level – 25%, Director-level – 35%, and Others – 40% • By Region: North America - 30%, Europe – 20%, APAC –35%, Rest of the World –15%
Some of the prominent players operating in the Surgical robots market are Intuitive Surgical (US), Stryker Corporation (US), Medtronic (Ireland), Smith & Nephew (UK), Zimmer Biomet (US), Asensus Surgical (Transenterix) (US), Corindus Vascular Robotics (US), Renishaw (UK), Auris Health (US), Medrobotics Corporation (US), Think Surgical (US), Verb Surgical (US), OMNIlife Science (US), CMR Surgical (US), Preceyes BV (Netherlands), China National Scientific Instruments And Materials Corporation (CSIMC) (China), Microsure (Netherlands), Titan Medical (Canada), avateramedicalGmbh (Germany) and Medicaroid Corporation (Japan).
This report studies the Surgical robotsmarket based on products and services, application, end user and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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