Surgical Robots Market to Reach USD 13.1 Billion by 2027 Due to High Acceptance in Emerging Regions
By HospiMedica International staff writers
23 Mar 2020
The global surgical robots market is forecasted to reach USD 13.1 billion by 2027, driven mainly by low turn-around times and increased innovation in robotics over the coming years. Surgical robots are finding increased acceptance in the emerging Asia region, according to a study by Transparency Market Research (Albany NY, USA), a next-generation market intelligence provider. The study is based on recent findings by IEEE (an Association for Electronic Engineering) that millennial parents are increasingly opting for robotic surgeries for their children in Asia Pacific region. The study also reveals that low availability of robotic surgeries remains a concern.
The study reveals that beautification treatments, such as hair transplant and cosmetic surgeries, have been major positives for the surgical robots market, as they have helped new players absorb the high-costs of robotic integration, as well as reduced stress and increased productivity for physicians and private clinics. The growth in beautification surgeries is likely to remain robust due to the increased acceptance of robotics in critical non-invasive surgeries, led by rising youth population in the emerging nations and increasing emphasis on aesthetic surgeries due to changing lifestyles. The increasingly consumer-driven culture in emerging nation places more emphasis on external beauty and individuals perceived as more beautiful than their peers enjoy a higher socioeconomic standing. Increasing peer pressure and advertisement-driven consumerist culture is making way for more aesthetic enhancements and a rise in robotic surgeries. Additionally, rising accident fatalities, chaotic traffic conditions in the developing countries, and large number of face debilitating accidents are also increasing the need for aesthetic surgeries.
In addition to beautification surgeries, training in healthcare is also expected to fuel a robust growth for players in the surgical robots market. Increasing technological advancements, such as more efficient motors, usage of light materials, and in-built safety mechanisms, are aiding the increase in surgical robotic systems. Moreover, power-backups and sophisticated systems for operation continue to drive new innovation in the market.
Geographically, rising disposable incomes, a young population, and the huge penetration of digital systems in Asia Pacific promises robust growth opportunities for the region’s surgical robots market. Medical automation in Asia Pacific has reached maturity, with patient needs, improved operational efficiency, and reduced costs and time remaining the major drivers for market growth.
The key players in the surgical robots market remain focused on improving the efficacy of their operations and are expected to increase their investments in the conceptualization of better systems banking on new trends in 3D printing and AI, among others. The rising investment in research and increasing collaboration between multinational and regional players are likely to open new avenues for growth for the surgical robots market.
However, the players in the surgical robots market also face some restraints, such as high costs of adoption and the lack of dynamic and vibrant response systems limiting application. The growth of AI, inclusion of more digital imaging systems, and increased acceptance of robotic systems are likely to help them overcome these challenges. However, for the players to succeed, economies of scale remain the need of the hour for robust expansion of surgical robotic systems.
Transparency Market Research