Medical Robots Market

Market Report on Medical Robots: Technological Advancements in Medical Industry and Growth of AI to Boosts the Demand

Medical Robots Market Segmented By Instrument & Accessories, Robotic Systems, Services for Laparoscopy, Orthopedic Surgery, Pharmacy Applications, Physical Rehabilitation, External Beam Radiation Therapy, Neurosurgery Application

  • June-2022
  • PMRREP33120
  • 315 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

Medical Robots Market Outlook

The medical robots market is projected to witness a moderate pace in the global market at a CAGR of 17.4% between 2022 and 2032.

The medical robots market share is estimated to be valued at US$ 8.1 Bn in 2022 and is projected to reach US$ 40 Bn by 2032. Historically, the market recorded a higher CAGR of 19.6% (2015-2021), resulting in a market size of US$ 2 Bn in 2021.

“Medical robotic trends, advantages of robotic-assisted surgery and robot-assisted training in rehabilitation therapy are some factors driving the demand for medical robots. Furthermore, technological advancements in robotic systems, improving reimbursement scenarios, increasing adoption of surgical robots, and increased funding for medical robots research are all driving medical robots market share.”

The rising demand for precise and proper laparoscopic operations, as well as the rising demand for surgical treatments in the senior population and the rising number of cases of trauma injuries, are the primary drivers driving the medical robots market growth.

Furthermore, the increased efficiency in executing operations like surgery has boosted the adoption of medical robots in the medical industry.

There is a global shift toward minimally invasive surgical approaches and away from open surgical therapies, which is fueling the sales of medical robots.

Moreover, medical robots are becoming more efficient at performing laparoscopic procedures, and new and improved procedure-specific robots are being launched to the global market. As a result, the demand for medical robots is anticipated to rise rapidly during the forecast period.

Other benefits include fewer post-surgical complications, shorter hospital stays, and lower operating costs. As a result, the global medical robots market size is expected to grow steadily during the coming years.

Attributes

Details

Medical Robots Market CAGR (2022-2032)

17.4%

Medical Robots Market Value (2022)

US$ 8.1 Bn

Medical Robots Market Value (2032)

US$ 40 Bn

Find Out More about the Report Coverage

Companies

  • Intuitive Surgical
  • Stryker Corporation
  • Accuray
  • Omnicell, Inc.
  • BD Rowa
  • Hocoma AG
  • Medtronic
  • Smith & Nephew
  • ARxIUM

What is the COVID-19 Impact on the Medical Robots Market?

COVID-19 had a slightly negative impact on the sales of medical robots due to temporary restrictions on elective surgeries all over the world; elective surgeries all over the world were cancelled. According to research, roughly 28 million procedures were cancelled around the world during the COVID-19 pandemic.

As the revenue from the sale of instruments and accessories could not be obtained due to the decline in surgical procedures, the medical robots market saw a decline in revenue.

As the pandemic has put a lot of financial burden on healthcare institutions, which have cut their capital and overall spending, such economic upheaval is likely to have a detrimental influence on the demand for medical robots that could present growth opportunities for medical robot manufacturers.

On the one hand, while other markets experienced headwinds and slowed growth, the medical robots market forecast suggests that demand for medical robots is projected to rise. On the other hand, as many people died and were infected with the virus, medical science continues to work to end it.

The medical community works around the clock to save lives, burn bodies without exposing them to the outside air, and develop cures and vaccines. All of this necessitates the use of machines and robots for a variety of jobs, implying that the demand for medical robots is growing and is projected to continue to grow during the projection period.

Due to these factors, the sales of medical robots are likely to grow during the forecast period.

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What Factors Contributes to the Growth of the Medical Robots Market?

The adoption of medical robots is being propelled by factors such as the rising prevalence of neurological and orthopedic diseases, companies' increased R&D activities, the availability of advanced healthcare infrastructure, and the rapid implementation of the latest technological advancements in the field.

The growing popularity of MISs (minimally invasive surgeries), the adoption of advanced medical technologies and robots, the ageing population, increased funding for medical robot research, acceptance of laparoscopic robot procedures, and the development of medical robot technologies are all factors that have contributed to the positive medical robots market outlook.

Furthermore, the rising global prevalence of chronic diseases, an increase in demand for minimally invasive operations, and an ageing population are likely to drive the sales of medical robots.

The growing number of healthcare centres, increasing patient traffic, and the government's expanding investments in the pharmaceutical sector to provide better treatment processes fuel the demand for medical robots and overall market expansion.

The rising sales of medical robots, growing per capita healthcare spending in emerging markets, technological improvements in medical robots and surgeon/patient clearance for laparoscopic and robotic aid are all driving the medical robots industry forward.

Furthermore, as the number of rehabilitation centres using robot aid grows, technological developments linked with medical robot systems are expected to add to the growth of the medical robot market share.

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What are the Opportunities Prevailing in the Medical Robots Market?

The increased adoption of robotic systems in surgeries is likely to provide considerable growth potential for key players in the medical robots market in emerging markets. The number of surgical procedures performed in emerging countries has increased steadily over the last decade, owing to an increasing target patient population and expanding medical tourism.

Unlike affluent countries, emerging countries such as India provide radiation treatment choices at a lower cost. In addition to cheap treatment costs, developing-country marketplaces are characterized by fewer restrictions and data requirements. Medical robot market players also view regulatory rules in the Asia Pacific to be more adaptable and business-friendly.

All of these considerations are causing market participants to place a greater emphasis on emerging markets in the future years. As a result of rising healthcare spending and surgical operations, as well as significant players in emerging areas expanding their businesses, the medical robots market share is expected to rise rapidly.

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What are the Challenges in the Medical Robots Market?

The following are some challenges and restraints for the medical robots market:

Minimally invasive operations are substantially more expensive than robot-assisted surgeries. Robotic hysterectomy is only recommended by the American Congress of Obstetricians and Gynecologists for unique and complex clinical conditions. The implementation of robotic surgery for all hysterectomies is likely to add an estimated USD 960 million to the yearly cost of hysterectomy surgeries in the United States.

The medical robots follow the algorithm that has been supplied to them, as well as the instructions that have been given to them. Few individuals are afraid of robotic medical surgery since it may work unexpectedly if the system finds an error in the middle or if any instructions are delivered incorrectly.

The introduction of medical robots and technology into the medical profession has resulted in a scarcity of skilled medical personnel, which is affecting the growth of the medical robots market cap either directly or indirectly.

Comparative View of Adjacent Medical Robots Market

Attributes

Medical Robots Market

CAGR (2022-2032)

17.4%

Market Value (2026)

US$ 15.39 Bn

Growth Factor

Increased funding for medical robot research, technological breakthroughs in robotic systems to aid in market growth.

Opportunity

The medical robots market in emerging regions, the rising deployment of robotic systems in surgeries is projected to give significant growth opportunities to the key players.

Key Trends

Increased awareness of the availability of improved robot-assisted rehab care services for patients, as well as an increase in the number of persons undergoing various types of implant procedures.

Comparative View of Adjacent Surgical Robots Market

Attributes

Surgical Robots Market

CAGR (2022-2032)

17.6%

Market Value (2026)

US$ 8.7 Bn

Growth Factor

The market is being driven by a lack of physicians and surgeons, as well as the increasing deployment of automated surgical instruments.

Opportunity

The market is also benefiting from increased expenditures by regional and international manufacturers in the development of new and technologically advanced surgical robots.

Key Trends

3D imaging in high resolution, computing technology, sensors, remote navigation technology systems, robotically operated catheters, and other medical accessories

Comparative View of Adjacent Robotic Surgery Market

Attributes

Robotic Surgery Market

CAGR (2022-2032)

11.4%

Market Value (2026)

US$ 6.4 Bn

Growth Factor

With technological improvements, the robotic surgery system market is likely to see new applications as improved technologies are integrated, driving global market revenue.

Opportunity

Governments and regulatory agencies around the world are implementing various cost-cutting strategies to lessen the burden of healthcare, particularly in industrialised economies.

Key Trends

As robotic surgery becomes more widely used, it has proven to be both better and more cost effective than alternative procedures.

Over the last two decades, much research and development have gone into using robots to assist in the completion of medical procedures. As a result, this factor is anticipated to propel the demand for medical robots during the forecast period.

Recently, the FDA authorized the da Vinci Surgical System (created by Intuitive Surgical) as the first robotic surgical system for general laparoscopic surgery. Exoskeletons designed to help people with spinal cord injuries walk have been released by leading medical robot companies such as Cyberdyne, Ekso Bionics, and ReWalk Robots.

The medical robots market has a lot of potentials, especially for surgical procedures that require a lot of precision. The advancement of technology such as cloud computing and artificial intelligence (AI) is projected to drive innovation in the medical robots market, lowering, and in some cases even removing, the need for the surgeon to be physically present.

Future trends in the medical robots market are likely to put a greater emphasis on preventive treatment and to increase the quality of life of elderly people by making many procedures less invasive, resulting in shorter recovery times and lower costs. Nano surgery, in which micro-robots work on individual cells, is another application of medical robots.

What is the Segmentation Outlook for the Medical Robots Market?

By application, gastrointestinal surgeries segment is anticipated to hold the largest share of medical robots market with a CAGR of 17.2% through 2032.

During the forecast period, the instruments and accessories sector held the largest share in the medical robot market. During the forecast period, this segment is expected to develop at a CAGR of 18.5 percent. The recurring purchase of instruments and accessories, as opposed to robotic systems, which are a one-time investment, is driving this segment's significant share and fast growth rate.

Due to growing use of medical robots in hospitals and increasing robotic surgery procedures performed in hospitals, hospitals are expected to account for the highest share of the global medical robots market in 2032 with a CAGR of 16.8%.

Which is the Leading Region in the Medical Robots Market?

Regions

CAGR (2022-2032)

United States

16.4%

United Kingdom

17.5%

China

16.5%

Japan

16.9%

South Korea

17.2%

Due to the increasing adoption of new technology, the medical robots industry in the United States is anticipated to be the most promising regional market with a CAGR of 16.4% and an expected market value of US$ 13.4 Bn by 2032. Increasing the hospital's building activities with new equipment is also likely to boost demand for medical robots.

In addition, the sales of medical robots in this region are prompted by the growing prevalence of encouraging effective therapy for the patient's health.

Due to an increase in the number of healthcare centres, the medical robots market in the Asia Pacific is the second most important geographical market after North America. Furthermore, rising capital from both public and private sources are directly fueling the medical robots market expansion.

A growing number of competent companies in charge of monitoring the devices is also helping to level the market for medical robots in the Asia Pacific. In the Asia Pacific area, Japan, India, and China have all contributed to the development of medical robots. The medical robots market in China is projected to witness numerous growth prospects, with a CAGR of 16.5% during the forecast period.

The world's massive population is the primary driver, followed by increased awareness, the development of new technology, and more funding for medical robot research.

During the forecast period, the UK market for medical robots is expected to develop at the highest CAGR of 17.5%. The market is growing due to an increase in the number of medical research and development institutes working to disseminate these applications to other parts of the world.

Due to the increased occurrences of multiple health diseases, the Latin American medical robot market is likely to grow at a significant rate in the coming years. Furthermore, the demand for medical robots is increasing, and the developing economies of most nations are helping the expansion of this regional market.

During the projected period, the medical robots market in the Middle East and Africa is expected to rise at a modest incline. A prominent element influencing the growth of this market is the growing elderly population. Furthermore, the growing awareness of artificial intelligence applications, as well as their successful implementation, boosts the sales of medical robots in the region.

How does Competition Influence the Medical Robots Market?

The latest research on medical robots market by PMR suggests that the medical robots market's competitive landscape exhibits a fragmented nature, with various competitors present.

Despite the presence of multiple companies, the medical robots market is moderately consolidated, as the majority of market demand is fulfilled by advanced solutions from major players.

Western partnerships to improve healthcare, domestic manufacturers' creation of surgical robots, and many government collaborations with regional universities for research and development are all factors in the country's growth and competitiveness. These businesses are relying on strategic collaboration activities to grow their market share and profit margins.

  • Stryker Corporation (US) gained regulatory approval in Japan in 2020 for the MAKO robotic surgery system for partial knee replacement.
  • Accuray (US) introduced the CyberKnife S7 System in 2020, a next-generation CyberKnife platform that offers advanced precision, real-time artificial intelligence (AI)-driven motion tracking, and synchronisation treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
  • Medicrea, a pioneer in the change of spinal surgery through artificial intelligence, predictive modelling, and patient-specific implants, was bought by Medtronic (Ireland) in 2020.
  • Intuitive Surgical (US) gained FDA approval for the da Vinci Single-port Surgical System in 2019.
  • Mobius Imaging, LLC (US) and Cardan Robotics were bought by Stryker Corporation (US) in 2019. (US). This acquisition adds superior imaging and robotics skills, as well as a strong product pipeline.

Report Scope

Attributes

Details

Forecast period

2022-2032

Historical data available for

2015-2021

Market analysis

USD Bn for Value

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Australia and New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

By Market Segments

  • Product and Services
  • Application
  • Solutions
  • End-user
  • Region

Key Companies Profiled

  • Intuitive Surgical
  • Stryker Corporation
  • Omnicell
  • BD Rowa
  • ARxIUM

Pricing

Available Upon Request

Key Segments:

By Product & Service

  • Instrument & Accessories
  • Robotic Systems
  • Services

By Application

  • Laparoscopy
  • Orthopedic Surgery
  • Pharmacy Applications
  • Physical Rehabilitation
  • External Beam Radiation Therapy
  • Neurosurgery
  • Others

By Solutions

  • On-Premises
  • Cloud

By End-user

  • Application Medical Robots Market
  • Network Medical Robots Market
  • Device Medical Robots Market
  • Social Engineering

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa (MEA)

- FAQs -

Medical robots market is projected to have a CAGR of 19.6% through 2032.

United States is the leading region with an anticipated value of US$ 13.4 Bn by 2032.

By Application, the gastrointestinal surgeries segment is anticipated to dominate the medical robots market.

The medical robots market is predicted to grow US$ 40 Bn by 2032.

Hospitals segment is anticipated to lead the medical robots market.

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