Medical Robots Market
Number of pages: 120 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 8.19 billion |
|
Revenue Forecast in 2031 |
US$ 30.92 billion |
|
CAGR |
15.9% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Period |
2021 |
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Segments Covered |
Type, Application, 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 medical robots market was valued at US$ 8.19 billion in 2022 and is expected to register a revenue CAGR of 15.9% to reach US$ 30.92 billion by 2031.
Medical Robots Market Fundamentals
Medical robots are advanced technological systems designed to revolutionize healthcare by assisting medical professionals in various tasks. These robots are equipped with sophisticated sensors, precision actuators, and intelligent software algorithms that enable them to perform specialized functions in medical settings. From surgical robots that enhance the precision and minimally invasive nature of procedures to robotic prosthetics that restore mobility for individuals with limb loss, medical robots are transforming the way healthcare is delivered. They also play a vital role in rehabilitation, physical therapy, and telemedicine, providing remote monitoring and consultation capabilities. These robots offer unparalleled precision, accuracy, and efficiency, improving surgical outcomes, reducing human errors, enhancing patient safety, and increasing access to healthcare services. As the field of robotics continues to advance, medical robots are poised to have a significant impact on the future of medicine, ultimately improving patient care and outcomes. Medical robots are finding applications beyond surgery. There is a growing trend of utilizing robots in other areas of healthcare, including rehabilitation, diagnostics, medication management, telemedicine, and elder care. Robots are being used to provide personalized physical therapy, assist in diagnostics through image analysis, automate pharmacy processes, and support remote patient monitoring and care.
Medical Robots Market Dynamics
The global medical robots market is experiencing significant growth due to several key drivers. Advances in robotics technology, including improved sensors, artificial intelligence, machine learning, and miniaturization, have paved the way for more sophisticated and capable medical robots. For instance, ReWalk Robotics announced that in 2019 the FDA had authorized the sale of their ReStore soft exo-suit system to rehabilitation centers all around the United States. These technical developments make it possible for robots to carry out intricate operations with more accuracy and efficiency, which is what is causing the global medical robot market to grow. Medical robots offer the ability to perform minimally invasive surgeries associated with reduced patient trauma, faster recovery times, and improved surgical outcomes. As patients and healthcare providers increasingly prefer these less invasive procedures, the demand for surgical robots is growing, driving the market growth. The global population is aging rapidly, increasing the prevalence of age-related diseases and conditions requiring medical interventions.
Recent statistics show that during the past five years, hospital admissions for knee replacements in India have increased by 2.5 times, and over 800,000 knee replacements are carried out each year in the United States. More than 450,000 complete hip replacements are carried out annually in the United States, according to the American Academy of Orthopaedic Surgeons and the Agency for Healthcare Research and Quality. As a result, as the number of complex surgical procedures increases, so will the demand for surgical robots. Medical robots can assist in various healthcare tasks, such as surgery, rehabilitation, and elder care, providing support and improving the quality of life for the elderly. The growing geriatric population is driving the demand for medical robots. While the initial investment in medical robots can be significant, they can lead to long-term cost savings and improved outcomes. Medical robots can reduce the length of hospital stays, minimize complications, and enhance surgical precision, ultimately lowering healthcare costs. This cost-effectiveness and return on investment factors drive the adoption of medical robots in healthcare facilities.
However, medical robots often involve substantial upfront costs, including the initial purchase, installation, maintenance, and training. These expenses can be a significant barrier, especially for smaller healthcare facilities with limited budgets. The high costs associated with medical robots can restrain their adoption and hamper the global medical robots market growth.
Medical Robots Market Ecosystem
The global medical robots market is analyzed from the following perspectives: type, application, end user, and region.
Medical Robots Market by Type
Based on the type, the medical robots market is segmented into robotic systems, instruments & accessories, and services. The robotic system segment is sub-segmented into surgical robotic systems, hospital & pharmacy robotic systems, rehabilitation robotic systems, and others.
The robotic systems segment accounts for the largest revenue share in the global medical robots market. Surgical robots are advanced robotic systems designed to assist surgeons in performing minimally invasive surgeries with precision, control, and enhanced visualization. They are also known as robotic surgical systems or robot-assisted surgery systems. Hospital and pharmacy robots are advanced technological systems designed to automate various tasks in healthcare facilities, improving efficiency, accuracy, and patient safety.
Medical Robots Market by Application
Based on the application, the medical robots market is segmented into orthopedic surgery, laparoscopy, neurosurgery, pharmacy applications, cardiology, and others.
The orthopedic surgery segment is expected to show growth at a significant revenue CAGR during the forecast period. This is due to the increased prevalence of musculoskeletal disorders such as osteoarthritis, osteoporosis, and rheumatoid arthritis. Revenue growth in this market is driven by benefits such as the excellent placement accuracy offered by medical robots during orthopedic surgery.
The neurosurgery segment is estimated to become the fastest-growing market in the forecast period. The development results from medical robots' increasing precision and quality, which supports their use in neurosurgery.
Medical Robots Market by End User
Based on the end user, the medical robots market is segmented into hospitals, ambulatory surgery centers, and others.
The hospital segment accounts for the largest revenue share in the global medical robots market. The increasing use of technologically cutting-edge medical robots in hospitals to perform surgeries without the limitations of conventional methods and to achieve higher precision and better results is to be blamed for the hospital segment's revenue increase.
Medical Robots Market by Region
Geographically, the global medical robots market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific accounts for the largest revenue share of 34% in the global medical robots market. In the upcoming years, market growth is anticipated to be positively reinforced by an aging population with low bone density levels and injuries sustained in accidents. The major elements expected to propel market expansion in the Asia Pacific area are the existence of growth opportunities, improved healthcare infrastructure, penetration of minimally invasive operations, and increased patient awareness. Robotics offers the next wave of transformation since automation is becoming essential to pharmaceutical manufacturing, maintaining greater standards of accuracy and reducing workload. With a 5-year sales growth rate of 28.8%, Fortune 500 company Gilead Sciences demonstrated the high growth potential of the global pharmaceutical business. The need for pharmaceutical robotics to automate processes and reduce work strain brought on by such expanding enterprises is anticipated to develop as a result.
North America accounts for a significant revenue share in the global medical robots market. The region has grown substantially in recent years, driven by increased investment in robotic technologies and rising demand for advanced healthcare solutions. The market size is expected to continue expanding as healthcare facilities across the region adopt medical robots to improve patient outcomes and enhance operational efficiency. Surgical robots like the da Vinci Surgical System have gained widespread adoption in North America. These robots assist surgeons in performing minimally invasive procedures with enhanced precision and dexterity, resulting in shorter hospital stays, faster recovery, and improved patient outcomes. Surgical robots are extensively used in specialties like urology, gynecology, and general surgery.
Medical Robots Market Competitive Landscape
The prominent players operating in the global medical robots market are: -
Medical Robots Market Strategic Developments
Medical robots are robotic systems or devices that assist healthcare professionals in various medical tasks.
The global medical robots market during the forecast period is expected to grow at a revenue CAGR of 15.9%.
Stryker Corporation, BD & Company, Medtronic PLC, Smith & Nephew PLC, and Intuitive Surgical are some of the major players in the medical robots market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global medical robots market.
While reimbursement policies are becoming more favorable, there are still challenges in obtaining adequate reimbursement for medical robot-assisted procedures. Insurance coverage and reimbursement rates vary across regions and countries, which can discourage healthcare providers from investing in medical robots.
*Insights on financial performance are subject to the availability of information in the public domain
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