Medical Robotics Market was valued at US$ 11.66 Billion in 2022
Medical Robotics Market will reach US$ 72.22 Billion in 2030, according to the publisher. Medical robotics refers to using advanced robotics technology in medical applications such as surgery, rehabilitation, and diagnosis. Medical robots can assist or replace human activities, such as performing complex surgeries, monitoring vital signs, and providing physical therapy. Medical robotics often involves using advanced technologies like artificial intelligence (A.I.), computer vision, and machine learning to improve the accuracy and precision of medical procedures, reduce complications and recovery time, and enhance patient outcomes. The medical robotics market has been growing steadily in recent years and is expected to continue in the coming years. As a result, Medical Robotics Market was valued at US$ 11.66 Billion in 2022.
The COVID-19 pandemic has added to the adoption of medical robotics by reducing the number of healthcare workers available to perform procedures and increasing the need for contactless patient interactions. As a result, hospitals have rapidly adopted robotic surgery in the U.S. and Europe to treat a wide range of conditions. The most widely used medical computerized surgical system consists of a camera arm and mechanical arms with surgical instruments attached. Robot-assisted procedures encompass various medical interventions, such as removing cancerous tumors, biopsies, repairing heart valves, and gastric bypasses.
Medical Robotics Markets shall expand at a CAGR of 25.60% from 2022 to 2030
The growth driver of the medical robotics market on a global scale is a range of ongoing technological advancements like motion sensors, robotic catheter control systems (CCS), 3D imaging, data recorders, data analytics, H.D. surgical microscopic cameras, and remote navigation. Furthermore, the growing elderly population in various countries has increased the demand for performing medical procedures more efficiently and effectively with robots. Additionally, the medical robotics market propelling shall be due to an anticipated increase in FDA clearances for these products in the forecast period.
The rise of the medical robotics market has been due to government support through funding and initiatives to promote research and development and adopt robotic technology in healthcare facilities worldwide. A notable example is China's National Science and Technology Major Project on Intelligent Robots, a significant government investment seeking to advance the development of intelligent medical robots for diagnosis and treatment.
Laparoscopic application dominates the Global Medical Robotics Market
By application, the medical robotics market categories are Neurology, Cardiology, Orthopaedic, Laparoscopic, Physical, Pharmacy, and Others. Medical robots are gaining popularity because they can perform minimally invasive surgical procedures with greater fidelity and accuracy than humans, reducing patient trauma, pain, and recovery time. They also assist in routine and repetitive physical tasks, freeing up medical personnel for more critical studies, which is crucial in areas with a shortage of skilled medical personnel. In addition, technological advancements have enabled medical robots to become more precise, flexible, and effective in various physical tasks, creating new possibilities for biological applications in the global medical robotics market.
The medical robots market can address the shortage of skilled laparoscopic surgeons in many countries by providing more efficient and accurate healthcare services. They can perform laparoscopic procedures consistently and precisely, minimizing the reliance on highly experienced surgeons. This technology can also lead to cost savings for healthcare facilities by reducing errors and improving productivity. Moreover, the users can program medical robots to perform specific tasks continuously, reducing the need for human staff.
Specialty Centres are rising in the Medical Robotics market as they invest in advanced Technology
Hospitals & Clinics, Specialty Centres, and Rehabilitation Centres are the three end-users available in the medical robotics market. Specialty centers invest in advanced medical robotics technology, offering more precise and minimally invasive surgeries that improve patient outcomes, reduce complications, and shorten recovery time, attracting patients seeking high-quality healthcare services and creating a solid brand image for the center, differentiating it from competitors and attracting patients who value advanced technology and medical expertise.
Thanks to strong government support in many countries, the Asia-Pacific region is poised for growth in the Global Medical Robotics Market
The medical robotics market thrives in several regions, including North America, Europe, Asia-Pacific, and the Middle East & Africa. Healthcare spending has increased in many Asia-Pacific countries, creating more opportunities for medical robotics technology to integrate into their healthcare systems. Governments in the region have supported the development and adoption of medical robotics technology, such as Japan providing funding for research and development. Additionally, the Chinese government is investing in domestic MedTech manufacturers to reduce their dependence on foreign technology, including developing intelligent robots and robotic medical devices such as surgical robots. The da Vinci system was prevalent in China, with over 60,000 operations.
The North American medical robot market is projected to hold the most significant revenue during the forecast period. This can be attributed to the region's advancements in technology, increasing adoption of surgical robots by hospitals, and availability of upgraded medical robots in the market. The market is gaining momentum due to continuous technological advancements in the healthcare industry. Additionally, the market is experiencing growth due to increased funding from both public and private sources. The presence of competent companies responsible for regulating the devices also contributes to the market's growth and stability in the United States.
Key Players
IRobot, Intuitive Surgical, Stryker, Accuray, Medtronic, Smith & Nephew, McKesson, and Ekso Bionics Holdings are some of the major companies in the medical robotics market.
In September 2022 - Titan Medical entered into a limited development program agreement with Medtronic, whereby Medtronic will assess the effectiveness of Titan's instruments and cameras in gynecological procedures aligning with Titan Medical's plan to focus on gynecological procedures as the initial application for its surgical robot.
In June 2022 - Intuitive, a worldwide technology firm specializing in minimally invasive healthcare and a trailblazer in robotic-assisted surgery disclosed that the U.S. Food and Drug Administration had authorized the merging of mobile cone-beam C.T. (CBCT) imaging technology with the Ion Endoluminal System, the employment of which is in robotic-assisted bronchoscopy.
The report titled “Medical Robotics Market Global Forecast by application (Neurology, Cardiology, Orthopaedic, Laparoscopic, Physical, Pharmacy, and Others), End Users (Hospitals & Clinics, Specialty Centres, and Rehabilitation Centres) Regions (North America, Europe, Asia-Pacific, and Middle East & Africa), Company Analysis (IRobot, Intuitive Surgical, Stryker, Accuray, Medtronic, Smith & Nephew, McKesson, and Ekso Bionics Holdings)' provides a detailed analysis of Medical Robotics Market.
Application - Medical Robotic Market breakup from 7 Viewpoints:
1. Neurology
2. Cardiology
3. Orthopaedic
4. Laparoscopic
5. Physical
6. Pharmacy
7. Others
End-Users - Medical Robotic Market breakup from 3 Viewpoints:
1. Hospitals & Clinics
2. Specialty Centres
3. Rehabilitation Centres
Regions - Medical Robotic Market breakup from 4 Viewpoints:
1. North America
2. Europe
3. Asia-Pacific
4. Middle East & Africa
Company has been covered from 3 Viewpoints in Medical Robotic market
- Overview
- Recent Development
- Revenue
Company Analysis: Medical Robotic market
1. IRobot
2. Intuitive Surgical
3. Stryker
4. Accuray
5. Medtronic
6. Smith & Nephew
7. McKesson
8. Ekso Bionics Holdings
Table of Contents
Companies Mentioned
- IRobot
- Intuitive Surgical
- Stryker
- Accuray
- Medtronic
- Smith & Nephew
- McKesson
- Ekso Bionics Holdings
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | April 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 11.66 Billion |
| Forecasted Market Value ( USD | $ 72.22 Billion |
| Compound Annual Growth Rate | 25.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
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