GlobalData, a data and analytics company, on Wednesday said that the market for robotic surgical systems and accessories is set to reach $30.7 billion globally by 2030, registering a compound annual growth rate (CAGR) of 10% from 2022 to 2030.
According to GlobalData, robotics-assisted surgeries have become more popular in the operating room in the last five years, driving the robust growth of the surgical robotics market. Due to higher capital expenditures, the surgical robotics market is more vulnerable during economic recessions compared with other healthcare sectors, the data and analytics company said.
“During an economic downturn, it is more difficult for healthcare providers to obtain financing for surgical robotics systems. The acquisition of a robotic surgical system is a major capital investment for healthcare facilities. The average cost of a surgical robotic system in 2022 was around $1 million plus an additional annual service fee. The high cost can limit the ability of hospitals and ambulatory surgical centers to invest in new surgical robotics technology. According to GlobalData’s SKU Premium product, the total volume of surgical robotic systems in the US decreased approximately 27% from 2021 to 2022, mainly due to economic slowdown,” Tina Deng, Principal Medical Devices Analyst at GlobalData, said on Wednesday.
Depending on the lifespan of capital equipment, surgical centers may not replace capital equipment or buy additional units in a given year, but they continuously purchase disposables to meet the demands of high-volume procedures. As a result, robotic accessories occupy most of the total market. Hospitals that have the robotic systems generally prefer to have more robot-assisted procedures to recoup their investment in the new equipment, the company stated.
During economic recessions, consumers may cancel or delay non-essential procedures and services, leading to a slight reduction in demand for surgical robotics in the short term. This causes a slower growth rate for the robotic accessories market. GlobalData observed around 5% growth in the robotic accessories market from 2021 to 2022, compared with 30% growth from 2020 to 2021.
“Economic downturns can also create a demand for more cost-effective solutions in healthcare. This could lead to increased interest in surgical robotics systems, as they offer greater efficiency and cost savings compared to traditional surgical methods. As the underlying demand is still very strong, GlobalData expects the surgical robotics market to keep growing through 2030,” Deng added.
