Medical Robotics Market was estimated at $7.34Bn in 2019, growing at a CAGR of 7.33% during the forecast period 2020-2025. It is a technology used in healthcare industry to aid healthcare professionals diagnose and treat diseases that corrects, restores or modifies bodily functions. It allows surgeons to carry out operations more precisely and in a less invasive way. It increases the accurateness of the operation with wide range of advantages such as decreased risk of infection, decreased post-operative pain and possess less life risks. It is used to perform repetitive tasks at high speeds, reliably with the help of telemanipulators without fatigue. Rehabilitation robots, Biorobots, Telepresence robots and others are the types of robots used to perform surgeries such as kidney transplant, gallbladder removal, hysterectomy and others. Non-invasive Radiosurgery Robots is used for the treatment of oncology by medical robotic system.
Rising technological advancements to cure patients through non-invasive methods are set to promote the scope of medical robotics market size.
Rising government initiatives with an objective of improving awareness about diagnosis and treatment; increasing instances of intricate medical conditions such as cancer, cardiovascular disease, gynecological diseases and others; increasing need of automation and advanced devices is estimated to contribute to the growth of the market.
Asia-Pacific region is estimated to record the fastest growth rate during the forecast period 2020-2025.
By Type - Segment Analysis
In 2019, Surgical Robots segment dominated the Medical Robotics Market in terms of revenue is estimated to grow with a CAGR of 6.44%. It is a type of minimally invasive surgery which utilizes robotics for performing surgical procedures. These robotic systems are operated by surgeons and consist of miniaturized surgical instruments which are mounted on robotic arms, thus allowing surgeons to perform the surgeries precisely. It is used in laparoscopic surgery with less blood loss, lesser pain and faster recovery. With better visualization it is able to operate more accurately to cure patients which are the key factor of the market’s growth.
Geography - Segment Analysis
In 2019, the North America region dominated Medical Robotics Market in terms of revenue with a market share of 47%. It is owing to the relatively large federal grants from the government of health sector, government funding. The American Cancer Society introduced a nationwide program to increase the awareness about the benefits of medical robotics that is leading the market growth. Asia-Pacific region is estimated to record the fastest growth rate during the forecast period 2020-2025, owing to the presence of a large target population in China and India.
Drivers – Medical Robotics Market
Preference Of Non-Invasive Procedure
Medical robotic system uses non-invasive surgeries in the field of gynecology, cosmetology, open surgery, laparoscopic procedures, and others. These procedures offers negligible complications, diminish the threat of infections, reduce pain, and have quicker recovery. Traumatic injuries, cancers and cardiovascular disease raise the impact of surgical intervention in medical robotic market.
Challenges – Medical Robotics Market
It is quite evident that there is very less amount of hospitals that are capable of investing in the advanced instruments for the treatment of patients. Most of the hospital or clinical chains step back from having medical robotics owing to its high price. In the other hand, hospitals with these medical robots are forced to provide services at higher prices owing to the functional cost of the technology.
Medical Robotics Industry Outlook
Product Launches was the key strategy of the players in the Medical Robotics Industry. Medical Robotics top 10 companies include Intuitive Surgical Inc., Accuray Inc., Stryker Corporation, Hacoma AG. Major Robotics Ltd, Titan Medical Inc., Hansen Medical Inc., MedtEch S.A., Kuka Roboter GMBH, and Irobot Corporation.
In February 2020, Intuitive Surgical Inc. acquired Orpheus Medical. This acquisition helped the company in enhancing its product portfolio, in offering information technology connectivity and archiving surgical video to hospitals around the world..
In July 2016, Stryker Corporation launched EMP tool that claims data and identify cost improvement and efficiency areas in order to improve outcomes and profitability in the orthopedics business.
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2. Executive Summary
3. Medical Robotics Market Landscape
3.1. Market Share Analysis
3.2. Comparative Analysis
3.2.1. Product Benchmarking
3.2.2. End User profiling
3.2.3. Patent Analysis
3.2.4. Top 5 Financials Analysis
4. Medical Robotics Market Forces
4.1. Market DriversMetal Deactivator Market
4.2. Market Constraints
4.3. Market Challenges
4.4. Attractiveness of the Industry
4.4.1. Power of Suppliers
4.4.2. Power of Customers
4.4.3. Threat of New entrants
4.4.4. Threat of Substitution
4.4.5. Degree of Competition
5. Medical Robotics Market – Strategic Analysis
5.1. Value Chain Analysis
5.2. Pricing Analysis
5.3. Opportunities Analysis
5.4. Product/Market Life Cycle Analysis
5.5. Suppliers and Distributors
6. Medical Robotics Market - By Type
6.1. Bio robotics
6.2. Surgical Robots
6.2.1. Neurosurgical Robots
6.2.2. Orthopedic Robots
6.2.3. Laparoscopy Robots
6.3. Rehabilitation Robots
6.3.1. Exoskeleton Robots
6.3.2. Prosthetic Robots
6.3.3. Assistive Robots
6.4. Non-Invasive Radio Surgery Robots
6.5. Robotic Catheters
6.6. Telemedicine Robots and Teleconsultating
6.7. Hospital Robot
6.8. UV Disinfection robot
6.10. Bionic prosthetics
6.11. Therapeutic robots
7. Medical Robotics Market – By applications
7.2. Surgical assistants
7.3. Rehabilitation robots
7.4. Medical transportation
7.5. Sanitation & disinfection
7.6. Prescription dispensing
7.8. Remote surgery
8. Medical Robotics Market – By End User Industry
8.4. Medical research institutes
9. Medical Robotics Substrate Market - By Geography
9.1. North America
9.1.4. Rest of North America
9.2. South America
9.2.7. Costa Rica
9.2.8. Rest of South America
9.3.9. Rest of Europe
9.4.3. South Korea
9.4.7. Hong Kong
9.4.8. Rest of APAC
9.5. Middle East& Africa
9.5.2. South Africa
9.5.3. Saudi Arabia
9.6. Rest of Middle East and Africa
10. Market Entropy
10.1. New Product Launches
10.2. M&As, Collaborations, JVs, Partnership
11. Company Profiles (Overview, Financials, SWOT Analysis, Developments, Product Portfolio)
11.1. Intuitive surgical
11.2. Accuracy Inc.
11.3. Stryker corporation
11.4. Hocoma AG
11.5. Mazor robotics
11.6. Titan Medical Inc
11.7. Hansen medical Inc
11.8. Medtech S.A
11.9. Kuka Roboter GmbH
11.10. Irobot Corporation
12.3. Research Methodology
12.5. Compilation of Expert Insights