Surgical Robotics Market Set to Grow at a CAGR of 8%: Report

According to a report by GlobalData, the surgical robotics market is set to grow at a CAGR of 8%

According to a report released on Tuesday, i.e., 21.06.2023, the surgical robotics market is anticipated to increase at a compound annual growth rate (CAGR) of 8% to US$15.8 billion in 2030 from US$8.6 billion in 2022.

The medical robotics industry was more susceptible to economic downturns in 2022 than manufacturers of less expensive products because of more enormous capital expenditures. However, the robotics industry will continue to expand until 2030 since underlying demand is still robust, according to a report by GlobalData, a top data and analytics provider.

According to the report, the desire for high-volume treatments will drive the growth of every medical robotics market over the coming ten years.

"GlobalData anticipates that over the next ten years, the desire for high-volume treatments will drive growth in every market sector for medical robots. To make up for personnel shortages and raise the level of service, healthcare organizations will invest more money in medical robots, according to Tina Deng, the principal medical devices analyst at GlobalData.

"Surgical robots shorten hospital stays, enhance patient outcomes, and lessen human error. Integrating artificial intelligence (AI) and cloud computing allows medical robots to work together and access vast volumes of data without interruption. New types of surgical robots will open up new surgical options, such as using micro-robots to treat challenging illnesses," he continued.

Additionally, merger and acquisition (M&A) activity suggests that following a decline in 2022, the medical robotic business is increasing rapidly. The number of medical robotics-related M&A transactions, for instance, fell from 17 in 2019 to 13 in 2022, matching the adverse macroeconomic climate, and there were 60 robotics-related agreements by medical enterprises in the previous six months.

Robotics had a US$196.6 million fall in deal value between 2020 and 2022, but the market is predicted to rebound in 2023.

According to Deng, Orthopedics, minimally invasive surgery, and imaging systems are the three key sectors driving the robotics M&A active industry in the medical industry.