North America is Projected to Dominate the Surgical Robotics Market

The global surgical robotics market is anticipated to grow at a robust pace due to the lucrative opportunities that lie within its domain, which include a massive scope for phenomenal profits through venturous investments, integrative industry-academia collaboration, the rise of advanced robotic technology, and novel surgical applications.

However, there are significant challenges which are hampering the market growth. These challenges include insufficient application-based research that hampers market pull, a general lack of awareness regarding the usage and performing surgical procedures, and non-harmonized governmental regulations on surgical robotics, among others.

Strategies Incorporated to Sustain in the Competition

The global surgical robotics market has been witnessing tremendous growth since 2012, owing to the elevating demand for minimally invasive surgical procedures from both supply and demand side. This led the manufacturers to focus on making strategic efforts to enter and sustain in the intensely competitive market.

The global surgical robotics market is currently in its growth phase. North America (64.5%), followed by Europe (17.5%) held the major share of the global market (in terms of value) in 2018. Also, the market in the North America region is expected to retain the leading positions throughout the forecast period (2019-2029), accounted for a share of 48.2% of the total market in 2029.

Growing awareness about benefits associated with the use of advanced technologies, rising prevalence of chronic disorders, increasing healthcare spending and elevating geriatric population promote the growth of adoption of surgical robotic systems in the region.

However, the market in the Latin America region is anticipated to grow with the fastest CAGR during the forecast period (2019-2029). This growth is attributed to the increasing overall population coupled with the large share elderly population, improving medical policies and healthcare infrastructure, and increasing per capita income.

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