Medical Assistive Robots Market
Number of pages: 100 | Report Format: PDF | Published date: April 12, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 9.7 billion |
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Market Size Value in 2031 |
US$ 37.7 billion |
|
CAGR |
16.3% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product Type, Portability, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical assistive robots market was valued at US$ 9.7 billion in 2022 and is expected to register a revenue CAGR of 16.3% to reach US$ 37.7 billion by 2031.
Medical Assistive Robots Market Fundamentals
The medical assistive robots market refers to the global market for robots or robotic systems designed to assist healthcare professionals in providing medical care and patient support. These robots are specifically developed to perform tasks such as surgery, diagnostics, rehabilitation, medication administration, and telemedicine, among others, to enhance patient outcomes and improve the efficiency of healthcare delivery. The medical assistive robots market with significant revenue growth in recent years, driven by several factors, including the aging global population, increasing prevalence of chronic diseases, rising demand for minimally invasive surgeries, advancements in robotic technologies, and the need for cost-effective healthcare solutions. The market is characterized by a wide range of robots with diverse functionalities, including surgical robots, rehabilitation robots, telemedicine robots, pharmacy robots, and exoskeletons, among others.
Key players in the medical assistive robots market include established robotics companies such as Intuitive Surgical Inc., Stryker Corporation, Mazor Robotics Ltd., and Ekso Bionics Holdings Inc., as well as startups and smaller companies specializing in developing niche robotic solutions for specific medical applications.
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Medical Assistive Robots Market Dynamics
Due to the key drivers, the global medical assistive robots market is expected to experience significant revenue growth during the forecast period as the global population is aging rapidly, with an increasing number of elderly individuals requiring medical care and assistance. Medical assistive robots can provide valuable support in caring for the elderly population, helping with lifting, transferring, and monitoring tasks, which can reduce the burden on healthcare workers and improve patient outcomes.
Advances in robotics and artificial intelligence (AI) technologies drive the development of more sophisticated and capable medical assistive robots. These robots can perform complex tasks with precision, such as surgery, diagnostics, and rehabilitation, enhancing the quality and safety of healthcare delivery. Minimally invasive procedures, such as laparoscopic surgery, are becoming increasingly popular due to their benefits of reduced pain, shorter hospital stays, and faster recovery times. Medical assistive robots can assist surgeons in performing these procedures more effectively and with greater precision, leading to increased demand for robotic-assisted surgeries. Patient safety and infection control are critical concerns in healthcare settings. Medical assistive robots can help minimize the risk of infections and improve patient safety by reducing the need for direct human contact, ensuring proper hygiene protocols, and maintaining sterile environments. Medical assistive robots can potentially improve access to healthcare services for underserved populations, such as those in remote or rural areas, by providing remote telemedicine capabilities, remote monitoring, and remote care delivery, ensuring that patients receive timely and quality care. The global medical assistive robots market is expected to grow significantly due to the aging population, technological advancements, increasing demand for minimally invasive procedures, rising awareness about patient safety and infection control, shortage of skilled healthcare workers, increasing healthcare costs, and enhanced accessibility. These drivers are expected to create opportunities to develop and adopt medical assistive robots in various healthcare settings, improving patient care and outcomes.
However, medical assistive robots can be expensive to develop, manufacture, and maintain, posing a challenge for widespread adoption in healthcare facilities. The cost of these robots can be a barrier for smaller healthcare institutions or those with limited budgets, limiting their access to this technology. Thus, these factors are responsible for hindering the growth of the global medical assistive robots market.
Medical Assistive Robots Market Ecosystem
The global medical assistive robots market is analyzed from four perspectives: product type, portability, end user, and region.
Medical assistive robots Market by Product Type
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Based on the product type, the global medical assistive robots market is segmented into surgical assistants, rehabilitation robots, medical transportation robots, sanitation and disinfection robots, robotic prescription dispensing systems, and others.
The surgical assistant segment accounts for the largest global medical assistive robots market share. Due to the introduction of highly sophisticated robotic medical equipment, an increase in per-person healthcare spending, and ongoing technological advancements, such as robotic catheter control systems (CCS), data recorders, data analytics, remote navigation, motion sensors, 3D-imaging, and HD surgical microscopic cameras, are expected to continue to grow throughout the forecast period. The development of an important operational procedure that offers effectiveness and low-cost investments in healthcare amenities, combined with the use of surgical assistive robots, also helps to reduce the workload of medical staff and frees them up to spend more time directly caring for patients. These factors all contribute to the market revenue growth for surgical assistive robots.
The rehabilitation robots segment is expected to grow at a high revenue CAGR in the global medical assistive robots market. Rehabilitation medical assistive robots are robotic devices or systems designed to aid and support individuals who require rehabilitation due to physical or cognitive impairments. These robots are designed to assist patients in their recovery process, improve their mobility, and enhance their quality of life. Rehabilitation medical assistive robots can be used in various settings, such as hospitals, clinics, rehabilitation centers, and even in patients’ homes.
Medical Assistive Robots Market by Portability
Based on portability, the global medical assistive robots market is segmented into mobile and fixed base.
The fixed base segment accounts for the largest global medical assistive robots market revenue share. Due to their descriptive motions, dependable productivity, consistent precision, effectiveness in difficult conditions, and capacity to survive accidents and stress, these robots are used more frequently in the healthcare sector. Also, a rise in the involvement of major market participants in manufacturing these robots and an increase in the use of fixed-based robots in medical settings are driving market revenue growth.
Medical Assistive Robots Market by End User
Based on the end user, the global medical assistive robots market is segmented into hospitals, rehabilitation centers, and home care settings.
The hospital segment accounts for the largest revenue share in the global medical assistive robots market. This is attributable to increasing government efforts to construct senior care facilities around the globe and rising consumer demand for better senior healthcare facilities in hospitals, all of which fuel market revenue expansion during the forecast period.
Medical Assistive Robots Market by Region
Based on region, the global medical assistive robots market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for a significant revenue share in the global medical assistive robots market. Medical assistive robots are designed to aid healthcare professionals in performing various tasks, including surgery, rehabilitation, and patient care. They can improve medical procedures’ precision, safety, and efficiency and potentially revolutionize the healthcare industry. Minimally invasive surgeries are becoming more popular due to their benefits, such as shorter hospital stays, faster recovery times, and reduced risk of complications. Medical assistive robots, such as robotic surgical systems, can assist surgeons in performing complex procedures with enhanced precision, control, and visualization, leading to increased adoption of these technologies.
The medical assistive robots market in the Asia Pacific expects significant revenue growth during the forecast period. With technological advancements, increasing demand for healthcare services, and a growing aging population, medical assistive robots are becoming increasingly important in the region.
Japan is a major market for medical assistive robots in the Asia Pacific. The country has a rapidly aging population, and there is a strong demand for robotic solutions to support elderly care. Japanese companies have been at the forefront of developing medical assistive robots for various applications, including robotic exoskeletons for rehabilitation, robot companions for social interaction, and telemedicine robots for remote healthcare services. The medical assistive robots market in Asia Pacific is expected to grow significantly due to factors such as increasing healthcare demand, technological advancements, and supportive government policies. The innovation in telemedicine robots, surgical robots, exoskeletons, and robot companions for elderly care. However, challenges such as regulatory frameworks, reimbursement policies, and ethical considerations must also be addressed to ensure the safe and effective use of medical assistive robots in Asia Pacific.
Competitive Landscape of the Global Medical Assistive Robots Market
The prominent players operating in the global medical assistive robots market are: -
Strategic Developments in Medical Assistive Robots Market
The expected size of the global medical assistive robots market in 2031 is US$ 37.7 billion.
The expected revenue CAGR for the medical assistive robots market is 16.3% during the forecast period.
ReWalk Robotics Ltd., HONDA Motor Co. Ltd., Medtronic plc, Intuitive Surgical, Inc., and GaitTronics Inc. are key players operating in the medical assistive robots market.
Asia Pacific region is expected to grow at high revenue CAGR in the global medical assistive robots market.
Medical robots often need to interface with existing healthcare systems and technologies, such as electronic health records (EHRs) and other medical devices. Ensuring seamless integration and interoperability with existing systems can be challenging due to variations in standards, protocols, and interfaces used in healthcare settings. Lack of standardization can hinder the interoperability of medical assistive robots with other healthcare technologies, limiting their effectiveness and efficiency.
*Insights on financial performance are subject to the availability of information in the public domain