Medical Robots Market Size, Share, Growth Analysis, By Product & Services(Instrument & Accessories, Robotic Systems), By Applications(Laparoscopy, Orthopaedic Surgery), By End Use(On-premise solutions, Cloud-based solutions), By End user(Hospitals, Ambulatory Surgery Centres) - Industry Forecast 2024-2031

Medical Robots Market size was valued at USD 6.9 billion in 2019 and is poised to grow from USD 8.1 billion in 2023 to USD 34.32 billion by 2031, growing at a CAGR of 17.4% in the forecast period (2024-2031).

The 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. 'Intuitive Surgical, Inc.', 'Stryker Corporation', 'Accuray Incorporated', 'Mazor Robotics Ltd. (acquired by Medtronic plc)', 'Hansen Medical Inc. (acquired by Auris Health)', 'Medrobotics Corporation', 'Smith & Nephew plc', 'TransEnterix Surgical, Inc.', 'Renishaw plc', 'ZOLL Medical Corporation (a subsidiary of Asahi Kasei Corporation)', 'Medtronic plc', 'Hocoma AG (a subsidiary of DIH International Limited)', 'Verb Surgical Inc. (a joint venture between Verily Life Sciences LLC and Ethicon, Inc.)', 'Auris Health', 'CMR Surgical Ltd.', 'SRI International', 'Omnicell, Inc.', 'Ekso Bionics Holdings, Inc.', 'Blue Belt Technologies Ltd. (acquired by Smith & Nephew plc)', 'Titan Medical Inc.'

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.

The medical robots market is being driven by a rapid shift toward laparoscopic surgical procedures. Owing to various clinical benefits of the latter, there is a rapid shift away from traditional open surgical procedures and toward minimally invasive surgical procedures around the world. These advantages include fewer post-surgical complications, shorter hospital stays, and lower procedure costs. Higher efficiency of surgical robots in performing laparoscopic surgical procedures, as well as the introduction of new and advanced procedure-specific robots in the market, were some of the major factors driving medical robotic system demand and surgical robot adoption in the market.

Based on region 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 market.