USD 6.9 billion
Report ID: SQMIG45I2048 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 121 | Figures: 77
Medical Robots Market size was valued at USD 6.9 billion in 2021 and is poised to grow from USD 8.1 billion in 2022 to USD 34.32 billion by 2030, growing at a CAGR of 17.4% in the forecast period (2023-2030).
Medical robotic systems are used in a variety of medical applications such as surgery and vary depending on their application. Surgical robotic systems, spine robotic systems, laparoscopic robotic systems, and rehabilitation robotic systems are examples of these. Technological advancements, as well as increased surgeon or patient acceptance of laparoscopic procedures, robotic assistance, and advanced medical imaging, are expected to drive growth in the market for medical robotic systems. Major players are concentrating on product development, product launches, regulatory approvals, and the commercialization of innovative techniques for medical robotic systems. As a result, rising product approvals from regulatory bodies are expected to propel the medical robotic system market over the forecast period. For example, Mazor Robotics Ltd., a market leader in surgical robotic systems, received CE Mark approval for its Mazor X Surgical Assurance Platform in 2017. Mazor and its commercial partner Medtronic can now market Mazor X in the European Union thanks to the CE Mark. Rehabilitation robotic systems are designed to give people with disabilities autonomy. As a result, demand for such systems is expected to rise, bolstering the growth of the medical robotic systems market. Several other robotic systems are in the works, and when approved by the FDA, they are expected to boost the market for medical robotic systems in the near future.
US Medical Robots Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 6.9 billion
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Global medical robots market is segmented based on product & service, application, end use, end user, and region. Based on product & services, market is segmented as instrument & accessories, robotic systems, services. Based on application, Medical Robots Market is segmented as laparoscopy, orthopaedic surgery, pharmacy applications, physical rehabilitation, external beam radiation therapy, neurosurgery, and other applications. Based on end use, market is segmented as on-premise solutions, cloud-based solutions. Based on end user Medical Robots Market is segmented as hospitals, ambulatory surgery centres, rehabilitation centres, other end users. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Medical Robots Market Analysis by Product and Service:
In 2020, the instrument and accessories segment had the largest market share. The medical robots market is divided into three categories: robotic systems, instruments and accessories, and services. In 2019, the instruments and accessories segment held the largest market share. During the forecast period, this segment is also expected to grow at the fastest CAGR of 18.5%. This segment's large share and high growth rate are primarily driven by recurring purchases of instruments and accessories, as opposed to robotic systems, which are a one-time investment.
Medical Robots Market Analysis by Application:
In 2022, the laparoscopic application segment will have the largest market share.
The medical robots market is divided into applications such as laparoscopy, orthopaedic surgery, pharmacy applications, physical rehabilitation, external beam radiation therapy, neurosurgery, and others. The laparoscopy application segment is expected to account for the largest share during the forecast period due to an increase in surgical laparoscopy procedures performed globally and an increase in surgical robot adoption.
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Based on region global medical robots market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. Higher Adoption of advanced surgical and rehabilitation robots is responsible for North America's dominant share of the global market.
The global market was dominated by North America. In 2018, the North America market was worth $1,685.7 million USD. Due to higher per capita healthcare expenditure and an increasing number of patients undergoing minimally invasive surgical procedures, there is an increasing demand for advanced surgical robots from healthcare settings in North America. The rising prevalence of chronic diseases, combined with an increase in the number of patients suffering from neurological disorders, are driving demand for surgical, rehabilitation, and other robots in North America. During the forecast period, increasing demand for surgical and rehabilitation robots is expected to be driven by rapidly developing hospital and healthcare infrastructure in Asia Pacific, the Middle East, and Africa. During the forecast period, the medical robotic systems market share in Europe and Latin America is expected to grow at a moderate CAGR.
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Medical Robots Market Drivers
Benefits of robotic-assisted surgery and robotic-assisted rehabilitation therapy. The demand for minimally invasive surgeries (MIS) is increasing globally, owing to the benefits associated with these procedures, such as smaller incisions, fewer cuts, decreased scarring, reduced pain, increased safety, shorter recovery periods, and significant cost savings. Robotic minimally invasive surgery enhances these benefits by ensuring greater accuracy and repeatability, as well as greater control and efficiency. According to a 2018 article on a gynaecological study of laparoscopy hysterectomy, the straight-stick laparoscopy to open surgery conversion rate was 25%. Procedures using a robotic platform, on the other hand, had a conversion rate of less than 5%, resulting in less morbidity and blood loss.
Robot-assisted surgeries are significantly more expensive than minimally invasive procedures. Robotic hysterectomy is only recommended by the American Congress of Obstetricians and Gynaecologists for unusual and complex clinical conditions. According to the association, implementing robotic surgery for all hysterectomies would add an estimated USD 960 million to the annual cost of hysterectomy surgeries in the United States. The da Vinci system, one of the most commonly used robotic systems, costs between USD 1.5 million and USD 2.5 million per unit, whereas the CyberKnife radiosurgery robotic system costs between USD 4 and 7 million per unit. A Lokomat rehabilitation robot costs around USD 380,000 on average. Furthermore, the annual maintenance cost of a robot is close to USD 125,000, adding to the already exorbitant cost of robotic surgery. In August 2018, a research letter published in the Journal of the American Medical Association (JAMA) estimated the cost of each robotic surgical procedure to be USD 3,568. As a result of the rising cost of surgeries due to the use of robotic systems, the medical robots market is expected to slow.
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The global medical robots market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Top Players in the Global Medical Robots Market
Medical Robots Market Recent Developments
Stereotaxis Inc. announced a strategic collaboration with Osypka AG in May 2019 to advance robotic catheter technology. This collaboration aims to design and develop a next-generation magnetic ablation catheter that will be guided by Stereotaxis' robotic technology.
Intuitive Surgical Inc. submitted a premarket notification to the USFDA in September 2018 for the company's new flexible, robotic-assisted, catheter-based platform, which is designed to navigate through very small lung airways in order to reach peripheral nodules for biopsies.
Western Technology Investment committed $25 million in venture debt to Med robotics Corporation in June 2018. (WTI). To meet the growing demand, the company will use these funds to develop products and applications that will allow surgeons to reach deeper into the digestive tract, as well as to expand its manufacturing capabilities.
Stryker Corporation (US) received regulatory approval in Japan for the MAKO robotic surgery system in 2020 for partial knee indication.
Accuray (US) launched the CyberKnife S7 System in 2020, a next-generation CyberKnife platform with advanced precision and real-time AI-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
Medicrea, a pioneer in the transformation of spinal surgery through artificial intelligence, predictive modelling, and patient-specific implants, was acquired by Medtronic (Ireland) in 2020.
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According to our global medical robots market analysis, several important driving factors will drive the growth of the global Medical robots market, including the various benefits offered by robot assisted training and robotic assisted surgery in rehabilitation therapies, improvements in the reimbursement scenario by governments around the world, and rising funding aimed at furthering research pertaining to the development of new and innovative medical robots. Furthermore, some of the key drivers influencing the growth of the global medical robots market include technological advancements in robotic systems and relevant product offerings, as well as rising adoption of surgical medical robots in both developed and developing countries around the world.
|Market size value in 2021||USD 6.9 billion|
|Market size value in 2030||USD 8.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Medical Robots Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Robots Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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