Surgical Robotics Market Report By Insights, Size, and Growth - 2031

Our latest research report titled "Surgical Robotics Market Forecast to 2031 - Global Analysis - by Type, Application, Material, End User, and Geography" indicates that the surgical robotics market is set to expand significantly, growing from an estimated US$ 10.25 billion in 2023 to a projected US$ 28.54 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 13.7% from 2023 to 2031. Key drivers of this market expansion include the increasing number of surgical procedures and the rising incidence of chronic diseases. However, the high costs associated with robotic surgeries and the installation of surgical robots pose challenges to market growth. The integration of artificial intelligence (AI) features into surgical robots is anticipated to introduce new trends in the surgical robotics sector in the near future.

In 2023, North America held a significant portion of the global surgical robotics market. This region's market is divided into the United States, Canada, and Mexico. The U.S. market is expected to experience growth due to the approval of advanced technological products. For example, in February 2024, Zimmer Biomet Holdings received FDA 510(k) clearance for the ROSA Shoulder System, designed for robotic-assisted shoulder replacement surgeries. Similarly, in June 2024, Moon Surgical, a French-American innovator, obtained FDA clearance for its Maestro surgical system's commercial version. The presence of numerous leading companies in the U.S. also plays a crucial role in the growth of the surgical robotics market.

Canada is projected to be one of the fastest-growing markets in North America. The increasing prevalence of chronic illnesses and the rising number of robotic surgeries are driving the demand for surgical robots in the country. According to a report from the National Center for Biotechnology in 2021, there were 30 surgical robots operating across 14 Canadian cities, performing around 6000 surgeries annually.

Market participants are focusing on organic growth strategies, including new product launches and obtaining product approvals. For instance, in October 2021, Medtronic Canada ULC, a subsidiary of Medtronic plc, launched the Mazor X System for robotic-guided spine surgery, marking it as the first dedicated robotic-assisted spine surgery platform in Canada. This platform provides a comprehensive solution for surgical planning, workflow, execution, and confirmation. Additionally, in December 2021, Medtronic Canada ULC received a Health Canada license for the Hugo robotic-assisted surgery (RAS) system, which is intended for urologic and gynecologic laparoscopic procedures, accounting for nearly half of all robotic surgeries performed.

In Mexico, the surgical robotics market is expected to grow at a slower pace compared to its North American counterparts. Nevertheless, the advantages offered by surgical robots and the increasing demand for minimally invasive surgeries are expected to drive market growth during the forecast period.

The adoption of surgical robots in hospitals and medical centers is on the rise in Mexico. For example, in June 2024, Lovelace Medical Center acquired the only Intuitive da Vinci surgical system in New Mexico, showcasing its commitment to advanced minimally invasive surgical technology. Similarly, in September 2022, ABC Medical Center introduced the da Vinci Xi robot, making it available to certified medical professionals at both its Observatorio and Santa Fe campuses.

The surge in product approvals and launches is expected to create future market opportunities. For instance, in March 2024, Intuitive Surgical, Inc., a leader in robotic-assisted surgery, received FDA 510(k) clearance for the da Vinci 5, the next-generation multiport robotic system featuring over 150 engineering enhancements. In February 2024, Virtual Incision Corporation received FDA marketing authorization for the MIRA Surgical System, the first miniaturized robotic-assisted surgery device for adults undergoing colectomy procedures. Furthermore, in October 2021, Medtronic plc obtained the CE mark for the Hugo RAS system, allowing its sale in Europe.

Table 1. Recent Launches/Approvals of Surgical Robots

Month and Year | Company | Description

June 2024 | SS Innovations | Launched SSI Mantra 3, India's first indigenous surgical robotic system, designed to enhance surgical precision and efficiency with features like slimmer robotic arms and a 3D HD headset for superior optics.

June 2024 | Meril Life Sciences Pvt. Ltd. | Introduced MISSO, an indigenously developed surgical robotic technology to assist in knee replacement surgeries in real-time.

July 2022 | Siemens Healthineers AG | Added CorPath GRX, an FDA-cleared robotic system, to its portfolio for coronary and peripheral interventions in India, significantly impacting the healthcare sector.

June 2022 | Smith + Nephew | Announced the first robotic-assisted surgery using the LEGION CONCELOC Cementless Total Knee System, performed by Dr. Cyna Khalily in Louisville, KY.

April 2022 | SSI Innovations | Announced the price range for its multi-arm telerobotic assistance surgical system in India, priced between US$ 0.54 million and US$ 0.68 million (INR 40-50 million).

February 2022 | Smith + Nephew | Launched the CORI surgical system in Japan, aimed at enhancing precision in knee arthroplasty.

January 2022 | Smith + Nephew | Expanded the indications for its Cori Surgical System to include total hip arthroplasty, enhancing accuracy and reproducibility in patient-specific component alignment.

Source: Press Release and Company Websites

In conclusion, the increasing number of product approvals, driven by favorable regulatory environments in developed nations, is expected to create lucrative opportunities for growth in the surgical robotics market during the forecast period.



Surgical Robotics Market: Competitive Landscape and Key Developments

Key players in the surgical robotics market include STERIS, Stryker, Medtronic, Renishaw, Johnson & Johnson, CMR Surgical, Smith & Nephew Plc, Zimmer Biomet, Intuitive Surgical Inc, THINK Surgical Inc, Titan Medical Inc., Vicarious Surgical, Asensus Surgical Inc, Moon Surgical, Momentis Surgical, Virtual Incision, and EndoQuest Robotics Inc.

The report on the surgical robotics market references primary and secondary sources, including the US Food and Drug Administration, World Health Organization (WHO), Intelligent Surgery Journal, Royal Australasian College of Surgeons, and the National Center for Biotechnology Information.