Medical Robots Market - By Product (Surgical Robots, Telemedicine Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Pharmacy and Hospital Automation Robots), By Application (Neurology Applications, Cardiology Applications), By End-use & Global Forecast, 2032
Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare
Publisher : MIR | Format : PDF&Excel
Medical Robots Market - By Product (Surgical Robots, Telemedicine Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Pharmacy and Hospital Automation Robots), By Application (Neurology Applications, Cardiology Applications), By End-use & Global Forecast, 2032
Medical Robots Market Size
Medical Robots Market size exceeded USD 9.5 billion in revenue in 2022 and is estimated to grow at a robust pace of over 17.5% CAGR from 2023 to 2032 driven by the rising number of surgical procedures globally.
The high prevalence of chronic illnesses worldwide leading to the increasing number of surgical operations is fueling the market expansion. The Centers for Disease Control and Prevention estimates that six out of ten Americans suffer from at least one chronic illness, such as diabetes, cancer, heart disease, or stroke, largely contributing to the rising mortality and disability rates along with growing healthcare expenses in the U.S. Robotics in the medical domain are revolutionizing surgical procedures and simplifying supply delivery and disinfection processes. Furthermore, medical robots are deployed in multiple healthcare procedures owing to AI-enabled computer vision and data analytics, favoring the market growth.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Medical Robots Market Size in 2022 | USD 9.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 17.5% |
| 2032 Value Projection | USD 50 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 193 |
| Tables, Charts & Figures | 212 |
| Segments covered | Product, Application, End-use, and Region |
| Growth Drivers | |
| Pitfalls & Challenges |
Surging burden of expensive robotic systems to limit product uptake
The high cost of installation and maintenance related to the deployment of medical robots is expected to act as a major barrier to the medical robots market development. Hospitals are emphasizing the enhancement of their skills and infrastructure by investing in new medical and surgical robots as a result of the rising frequency of chronic illnesses. The expensive price of these gadgets makes them less popular, especially in developing economies. Excessive R&D activities and component expenses have made way for dramatically inflated end product costs, limiting product acceptance. However, rapid technological developments and the increasing adoption of medical robots have compelled several manufacturers to produce large quantities of devices and robots to meet the market demand.
Medical Robots Market Analysis
Based on product, the medical robots market share from the surgical robots segment is estimated to be worth over USD 31.5 billion by 2032 attributed to the significant precision improvements with AI advancements in motion control. In August 2022, Max Hospital in Mohali, India introduced the 'Da Vinci Xi,' a surgical robot to conduct surgical procedures in gynecology, oncology, urology, general surgery, hernia, and gastrointestinal with enhanced precision, flexibility, and minimal blood loss. Surgical robots also enable surgeons to access body parts that are difficult to reach with high magnification through small incisions, making them less invasive than conventional surgeries, hence influencing industry progress.
The laparoscopic application segment held more than 34% share of the medical robots market in 2022. The recent years have noticed a rising interest and financing for robotic operations owing to its capacity to assist in highly specialized surgical treatments, including laparoscopy. Moreover, in order to increase profits, businesses are striving to make their products available in the booming market, thereby propelling the market expansion. For instance, in January 2022, Shanghai MicroPort MedBot Co., Ltd. announced that its Toumai® Laparoscopic Surgical Robot has been approved for marketing by the National Medical Products Administration, which accelerated the development of robotic surgery in China.
Based on end-use, the hospitals end-use segment contributed to around 67% of the medical robots market revenue in 2022. Medical and healthcare assistive robots are increasingly used in hospital operating rooms for a wide range of surgeries. For example, to assist in decreasing the exposure to viruses during the COVID-19 outbreak, hospitals and clinics increased the use of robots for a significantly broader range of jobs. Hence, medical robots are gaining traction across the hospital settings owing to their improved therapeutic outcomes with minimally invasive treatments and the rising need for robot assistants to manage the increasing nurse and labor shortages.
Regionally, North America medical robots market is likely to account for a valuation of over USD 21.5 billion by 2032 owing to rising advancements in medical robots and the presence of multiple established industry participants in the region. Moreover, hospitals and other healthcare facilities are investing heavily in the integration of robotic technology, adding to the boosted regional revenue. For instance, in May 2022, the American Nurses Foundation granted USD 1.5 million to ChristianaCare, a health system in Philadelphia to deploy five Moxi cobots to make deliveries and handle non-clinical tasks to help nurses and other clinical staff to concentrate more on patients.
Medical Robots Market Share
- Medtronic plc
- Stryker Corporation
- THINK Surgical, Inc.
- Hocoma AG
- Smith & Nephew plc
- ACCURAY
- Capsa Healthcare
- Intuitive Surgical, Inc.
- Omnicell Inc.
- Renishaw plc
- Johnson & Johnson
- ARXIUM
- Zimmer Biomet
- Aethon
are among the leading firms operating in the market. Product developments and portfolio expansions led by these industry players are playing a key role in amplifying their global presence while attracting a larger customer base.
For instance, in February 2022, Smith & Nephew plc expanded its geographical presence and business revenue by introducing the CORI Surgical System in Japan. The novelty combines 3-D intraoperative imaging with an advanced robotic precision milling tool to improve the surgeon's ability to plan, measure, and perform knee surgeries.
Impact of the COVID-19 pandemic
The COVID-19 outbreak adversely affected public health, resulting in an increasing number of hospitalizations and significant reallocation of healthcare staff. Nevertheless, the integration of robots into healthcare had a significant influence on reducing the spread of SARS-CoV-2, since it prevents the virus transfer between patients and healthcare staff, in addition to other benefits, such as disinfection and cleaning. The introduction of medical robots into the healthcare sector has helped protect frontline healthcare workers from the infection while lowering the need for medical employees since robots can partially take over some medical functions.
The medical robots market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032, for the following segments
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By Product
- Surgical Robots
- Telemedicine Robots
- Rehabilitation Robots
- Noninvasive Radiosurgery Robots
- Pharmacy and Hospital Automation Robots
By Application
- Neurology Applications
- Cardiology Applications
- Orthopedic Applications
- Laparoscopic Applications
- Physical Rehabilitation
- Pharmacy Applications
- Others
By End-use
- Hospitals
- Rehabilitation Centers
- Ambulatory surgical centers (ASCs)
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE