Global Medical Robotic Systems Market Size By Product Type, By Application, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Global Medical Robotic Systems Market Size By Product Type, By Application, By Geographic Scope And Forecast

Medical Robotic Systems Market Size And Forecast

Medical Robotic Systems Market size was valued at USD 11.47 Billion in 2024 and is projected to reach USD 50.77 Billion by 2031, growing at a CAGR of 20.44% during the forecast period 2024-2031.

Global Medical Robotic Systems Market Drivers

The market drivers for the Medical Robotic Systems Market can be influenced by various factors. These may include

  • Technological Advancements The capabilities, accuracy, and efficiency of medical robotic systems have greatly increased thanks to ongoing innovation in robotic technology, which includes improvements in artificial intelligence (AI), machine learning, and sensor technology. Robotic systems are becoming more dependable and efficient as a result of these developments, which is why the healthcare industry is adopting them.
  • Growing Preference For Minimally Invasive Surgery Because of its advantages, including less discomfort, less time spent in the hospital, faster recovery, and a lower risk of infection, minimally invasive surgical procedures are becoming more and more popular. Medical robotic systems are essential for carrying out these operations with increased control and precision, which propels market expansion.
  • Growing Prevalence Of Chronic Diseases Complex surgical operations are required due to the rising prevalence of chronic diseases like cancer, cardiovascular disease, and neurological disorders. Because of their accuracy and capacity for complicated tasks, medical robotic systems are being used in these interventions more and more, which is driving market expansion.
  • Ageing Population As the number of people over 65 rises globally, there is an increased need for surgical treatments among other healthcare services. Medical robotic systems have shown to be especially helpful in the treatment of age-related disorders, which has led to the market’s growth.
  • Growing Adoption Of Robot-Assisted Rehabilitation Patients recuperating from spinal cord injuries, strokes, and other incapacitating conditions are increasingly receiving rehabilitation therapy using robotic devices. One major factor driving the industry is how well robotically assisted rehabilitation works to improve patient outcomes.
  • Growing Healthcare Expenditure The need for medical robotic systems is being driven by increased investments in healthcare infrastructure as well as established and developing nations’ willingness to adopt cutting-edge technologies. In an effort to raise the standard of patient care, both public and private organisations are investing more in healthcare technology.
  • Lack of Skilled Healthcare Workers In order to close the gap in healthcare delivery, robotic devices that can help with surgeries and other medical operations have become popular. This is a result of the worldwide lack of skilled surgeons and healthcare workers.
  • Positive Regulatory Scenario As a result of growing regulatory backing and clearances, the use of robotic systems in medical applications has been promoted across a range of healthcare settings. Regulatory agencies are aware of how robotic technologies can improve patient safety and surgical results.
  • Increasing Funding And Investments The research and development of medical robotic systems is receiving significant funding from the public and private sectors, which is fueling innovation and market expansion. Funding is being provided for the development and commercialization of advanced robotic technologies by both startups and established companies.
  • Patient And Physician Acceptance As patients’ and healthcare professionals’ knowledge of the advantages of medical robotic systems increases, so does their desire for these technology in clinical settings.

Global Medical Robotic Systems Market Restraints

Several factors can act as restraints or challenges for the Medical Robotic Systems Market. These may include

  • Medical Robotic Systems Are Expensive Smaller healthcare facilities find it difficult to acquire medical robotic systems because of the high cost of both initial acquisition and ongoing maintenance. Widespread adoption may be hampered by this high cost, especially in underdeveloped nations.
  • Strict Approval Procedure for Regulations To guarantee safety and effectiveness, medical devices—particularly those using robotics—need to pass stringent regulatory approval processes. The launch of new items onto the market may be delayed by this procedure, which can be expensive and time-consuming.
  • Insufficient Knowledge And Experience Healthcare personnel frequently lack knowledge and comprehension of the advantages and applications of medical robotic technology. A further obstacle may be the requirement for specialised training, which takes time and money that some institutions may not have, in order to operate these systems.
  • Technical Difficulties And Trust Issues Robotic systems can be made less trustworthy by technical problems including malware, hardware failures, and software bugs. These systems need to be reliable and safe, and any malfunction could have catastrophic consequences.
  • Legal And Ethical Issues Concerns about patient safety, data privacy, and the possibility of healthcare worker displacement arise when robots is used in the healthcare industry. There are also legal challenges pertaining to malpractice and liability in the event of a robotic system failure.
  • Restrictions On The Economy In Developing Areas The lack of financial resources and inadequate healthcare infrastructure in many developing nations limits the uptake of cutting-edge medical technologies like robotic systems. In these areas, fundamental healthcare requirements are frequently prioritised before high-tech alternatives.
  • Opposition To Change Because they like the old ways, are afraid of change, or don’t trust automation, healthcare providers and patients may be reluctant to accept new technologies. It will take a lot of education and benefit demonstration to overcome this reluctance.
  • Alternative Technologies’ Competition Other cutting-edge technology, such AI-driven diagnostic tools, minimally invasive surgical techniques, and conventional medical equipment, compete with medical robotic systems. The inclination towards and expenditure on these substitutes may limit the advancement of robotic systems.
  • Reimbursement Difficulties It might be difficult to get insurance companies and government programmes to pay for surgeries involving medical robotic technology. Healthcare providers can be reluctant to invest in these systems if there are unclear policies around reimbursement.

Global Medical Robotic Systems Market Segmentation Analysis

The Global Medical Robotic Systems Market is Segmented on the basis of Product Type, Application, And Geography.

Medical Robotic Systems Market, By Product Type

  • Surgical Robotic Systems These are the most prevalent medical robots, designed to assist surgeons with minimally invasive procedures. They provide greater precision, control, and dexterity compared to traditional laparoscopic techniques.
  • Rehabilitative Robotic Systems These robots are used to help patients regain motor function and mobility after injuries or illnesses. They can be used for physical therapy, gait training, and other rehabilitation exercises.
  • Radiosurgery Robotic Systems These robots are used for delivering precise radiation therapy to tumors. They can target cancerous cells while minimizing damage to surrounding healthy tissues.
  • Hospital & Pharmacy Robotic Systems These robots automate tasks within hospitals and pharmacies, such as medication dispensing, lab sample delivery, and sterilization. They improve efficiency and workflow within healthcare facilities.

Medical Robotic Systems Market, By Application

  • Laparoscopy A minimally invasive surgical technique where a small incision is made and a camera is inserted to view the internal organs. Surgical robots can be used to manipulate instruments during laparoscopic procedures.
  • Radiation Therapy A treatment for cancer that uses high-energy radiation to kill cancer cells. Radiosurgery robotic systems can deliver this radiation therapy with greater precision.
  • Orthopedic Surgery Surgery of the bones and joints. Rehabilitative robots can be used for physical therapy after orthopedic surgeries.
  • Neurological Rehabilitation The process of helping patients regain function after a stroke, brain injury, or other neurological condition. Rehabilitative robots can be used for gait training, upper extremity exercises, and other therapies.

Medical Robotic Systems Market, By Geography

  • North America Market conditions and demand in the United States, Canada, and Mexico.
  • Europe Analysis of the Medical Robotic Systems Market in European countries.
  • Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
  • Middle East and Africa Examining market dynamics in the Middle East and African regions.
  • Latin America Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Medical Robotic Systems Market are

  • Intuitive Surgical Inc.
  • Stryker Corporation
  • Medtronic Plc
  • Accuray Incorporated
  • CMR Surgical
  • MAKO Surgical Corp
  • Reninshaw Plc.
  • Varian
  • Health robotics S.R.L.
  • Robot Corporation
  • Titan Medical Hansen Technologies

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2021-2031

BASE YEAR

2024

FORECAST PERIOD

2024-2031

HISTORICAL PERIOD

2021-2023

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Intuitive Surgical Inc., Stryker Corporation, Medtronic Plc, Accuray Incorporated, CMR Surgical, Reninshaw Plc., Varian, Health robotics S.R.L.

SEGMENTS COVERED
  • By Product Type
  • By Application
  • By Geography
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