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 Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationMedical 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 price tag for medical robots is a big hurdle for hospitals looking to adopt them. Even though the number of people with long-term illnesses is going up, which makes hospitals want to invest in new robots for surgery and other medical procedures, the high cost is holding them back, especially in poorer countries. High research and development costs, as well as the expensive parts that go into making these robots, have pushed up the prices a lot, which has made it harder to get people to buy them. But because technology is getting better so quickly and medical robots are becoming more popular, many companies are making more of these devices to meet the growing demand.
Medical Robots Market Analysis
Surgical robots are transforming healthcare, and their impact is expected to grow tremendously over the next decade. By 2032, the Surgical robots market is predicted to be worth over $31.5 billion. This boom is driven by advancements in artificial intelligence (AI), which have significantly improved the precision of these machines. For example, in August 2022, Max Hospital in India introduced the "Da Vinci Xi" surgical robot. This cutting-edge technology enables surgeons to perform complex surgeries in gynecology, oncology, urology, and other fields with greater accuracy, flexibility, and less blood loss. Surgical robots offer surgeons many advantages over traditional surgery. They allow for smaller incisions, which reduces scarring and pain for patients. They also enable surgeons to access body parts that are difficult to reach with traditional methods, making surgeries less invasive. This has led to faster recovery times and better outcomes for patients.
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.
The medical robot market in North America is set to reach an impressive USD 21.5 billion by 2032. This growth is driven by the rapid development of medical robots and the presence of several leading companies in the region. Hospitals and healthcare centers are also investing heavily in robotic technology, which is further contributing to the growing market. A notable example is a recent grant of USD 1.5 million to ChristianaCare, a hospital system in Philadelphia. This grant will be used to deploy five Moxi cobots, which can handle non-clinical tasks like delivering supplies. This will allow nurses and other medical staff to focus more on patient care.
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
Click here to Buy Section of this Report
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
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy