Robotic Surgery Services Market Forecast 2024-2033: Anticipated Size and Growth Trends
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2024-2033 Robotic Surgery Services Market: What Growth Rate is Predicted?
The market for robotic surgery services has seen significant expansion in the recent past. From $1.01 billion in 2023, it is projected to escalate to $1.19 billion in 2024, with a compound annual growth rate (CAGR) of 17.8%. The surge in historical period growth can be ascribed to various factors such as the increased adoption of surgical robots, the expansion of healthcare facilities, positive governmental laws, an increase in healthcare funding, and a quickly aging population.
The market for robotic surgery services is predicted to experience a swift expansion in the forthcoming years. It is projected to expand to a value of $2.04 billion by 2028, with a compound annual growth rate (CAGR) of 14.4%. The upward trend during the projection period can be linked to several factors such as the proliferation of product introductions, the rise in minimally invasive operations, the escalating prevalence of chronic ailments, and an increase in healthcare spending. Key market trends for the prediction period encompass the use of in-vivo robots in surgical services, advancements in new technology, a surge in merger and acquisition activities, the usage of nanobots in surgical services, and the application of artificial intelligence in robotic surgical procedures.
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What Aspects Are Driving the Expansion of the robotic surgery services Market?
The growth of the robotic surgery service market has been assisted by the increasing financial capabilities of hospitals and ambulatory care services. These institutions have expressed a keen interest in investing in the most recent technologies, aiming to provide premium care to patients and outperform their competitors. For example, Intuitive Surgical, an important player in robotic surgery, has seen an increase in usage of their da Vinci Surgical Systems. In 2022, approximately 1,875,000 surgical procedures were conducted using these systems, marking an 18% rise from the approximately 1,594,000 performed in the previous year. In the fourth quarter of 2022, the revenue from the da Vinci Surgical Systems rose by 7% to about $1.66 billion from $1.55 billion in 2021. Therefore, the growth of the robotic surgery services market has been fueled by the increased financial power of hospitals and ambulatory care services, as well as the rise in the elderly population and the prevalence of chronic diseases.
What Are the Significant Segments of the Robotic Surgery Services Market?
1) By Component: Systems, Accessories, Services
2) By Application: General Surgery, Urological Surgery, Gynecological Surgery, Orthopedics Surgery, Neurosurgery And Other Applications.
3) By End-Use: Hospitals And Ambulatory Surgery Centers (Ascs).
What Trends Are Influencing the Evolution of the Robotic Surgery Services Market?
The combination of image-guided navigation systems and robotic surgical systems paves the way to conduct minimally invasive surgeries in previously challenging areas, notably orthopedic surgeries and neurosurgeries. The use of these systems, like Medtronic’s Mazor X Stealth, NuVasive’s Pulse, and Globus Medical’s Excelsius GPS, amongst others, has increased in procedures such as spine surgeries and orthopedic implant surgeries including total, partial knee, and hip replacements due to their provision of a 3D surgical experience to the surgeon. Furthermore, the image-guided navigation minimizes radiation effects and eliminates the need for post-procedure X-rays for patients. These benefits highlight the image-guided navigation system as a rising trend in the landscape of robotic surgery services.
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Which Geographic Areas Are Influencing the Growth of the Robotic Surgery Services Market?
North America was the largest region in the robotic surgery services market in 2023. Western Europe was the second largest region in the global robotic surgery services market share. The regions covered in the robotic surgery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Robotic Surgery Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the robotic surgery services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Robotic Surgery Services Market Include
1. Robotic Surgery Services Market Executive Summary
2. Robotic Surgery Services Market Segments
3. Robotic Surgery Services Market Size And Template Market Growth Rate
4. Key Robotic Surgery Services Market Trends
5. Major Robotic Surgery Services Market Drivers
……
25. Key Mergers And Acquisitions In The Robotic Surgery Services Market
26. Top Robotic Surgery Services Companies
27. Robotic Surgery Services Market Opportunities And Strategies
28. Robotic Surgery Services Market, Conclusions And Recommendations
29. Appendix
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