In less than 10 years, the global market for robotic surgery systems is expected to hit $7.4 billion, according to a new report released by GlobalData. From 2018–2028, the market will experience a 7.7% compound annual growth rate (CAGR), with South and Central America growing even faster at a 8.1% CAGR. North America is anticipated to enjoy a 7.8% CAGR, and Europe a 7.6% CAGR.

“Robotic surgical systems are designed to solve the limitations currently present in minimally invasive surgeries, as well as improve outcomes in open surgical procedures,” states Atif Nawaz, a medical device analyst at GlobalData, in a press release issued today. “These systems are used in a variety of surgical procedures, including cardiovascular, general surgery, orthopedic, neurosurgery, obstetrics, gynecology and urology.”

The report notes that a big source of revenue actually comes from the disposables component (70%), while the systems themselves make up 30% of revenue. Nawaz states that although Intuitive Surgical has been the leader in this arena, thanks to the da Vinci system, other medical device companies including Medtronic are entering the market and are boosting its growth.