Medical Robots Market by Type [Robotic Systems, Instruments & Accessories and Services], Application [Orthopedic Surgery, Laparoscopy, Neurosurgery, Pharmacy Applications, and Cardiology], End User [Hospitals and Ambulatory Surgery Centers] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global Medical Robots Market was pegged at ~US$ 6.1 billion in 2020. The market is expected to witness a CAGR of ~16.2% from 2021 to 2031.
Increasing demand for non-invasive/minimally invasive surgeries, technological advancements, increasing adoption of surgical robots, and rising geriatric population are some of the pivotal factors propelling the growth of the medical robots market. However, high costs associated with the installation and maintenance of medical robots are likely to restrain market growth to a certain extent.
Prominent players in the medical robots market across the globe are investing and collaborating with the other players to enhance & expand their clinical capabilities across different territories and to provide effective systems to the customer. For instance, in Dec 2019, GE Healthcare participated as a minority investor in a $240 million funding round for CMR Surgical Ltd., the U.K.-based developer of a surgical robotic system called Versius. This investment underlines the vision of both companies to bring the benefits of minimal access surgery to more patients around the world which can lead to less trauma during procedures and faster recovery times.
Medical robotic system uses non-invasive/minimally invasive surgeries in the field of gynecology, cosmetology, open surgery, laparoscopic procedures, and others. It allows the doctors to perform various types of complex procedures with precision, flexibility, and better control as compared to the conventional approach. Furthermore, it also reduces the risk of infections and complications, reduce pain, and offer faster recovery rate. Therefore, owing to its advantages the demand for medical robotics system has increased, which eventually is expected to boost the growth of the market.
In an effort to maintain their position in the market, prominent players are continuously launching several novel and technologically advanced medical robotics system that can offer more advantages. For instance, in Sept 2019, Medtronic unveiled its new robot-assisted surgery system (Hugo RAS system) that is more flexible and cost-effective than systems present in the market.
However, the high costs associated with installation and maintenance of medical robots remain a major concern for the growth of the medical robots market. As robotic systems are incredibly expensive, not all institutions can afford to purchase, install, operate and maintain them. The high cost of installing a robotic surgery system can increase the cost of a surgical procedure, thus most patients cannot afford it.
The Asia Pacific region is projected to be the fastest-growing medical robots market. The high growth of the region can mainly be attributed to developing infrastructure, increasing demand for minimally invasive procedures, and high clinical unmet needs. Countries such as India, China, and Japan in the APAC region are expected to offer significant growth opportunities owing to the presence of a large patient population and rising prevalence of acute and chronic diseases.
Some of the prominent players operating in the medical robots market are Stryker, BD, Medtronic, Smith+Nephew, Intuitive Surgical, Accuray Incorporated, myOmnicell, Hocoma, ARxIUM, Titan Medical Inc., among others.