The global surgical robot market is projected to reach $14.4 billion by 2026, up from about $6.4 billion in 2021, according to a reports by MarketsandMarkets.
Five insights:
1.During the forescast period, the market is expected to increase t a compound annual growth rate of 17.6 percent.
2. The benefits, technological advancements and rising adoption of surgical robots as well as increased funding for research will be key market drivers, according to the report.
3. The surgical robot market is segmented into general surgery, orthopedic surgery, neurosurgery, urological surgery and gynecological surgery, among other applications. The general surgery segment has the largest market share at 29.5 percent.
4. North America commands the largest market share, 63.9 percent in 2019, due to the availability of funding for research and development and the increasing adoption of surgical robots in the U.S. and Canada.
5. Key players in the market include Stryker, Medtronic, Smith+Nephew and Zimmer Biomet.