New York, USA, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Medical Robotics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Robotics Market Information by Product, Application, End-User, and Region - Forecast till 2030”, the market is estimated to touch USD 35.2 Billion by 2030, while recording a CAGR of 21.3% between 2022 and 2030.
Medical Robotics Market USP Covered:
Market Drivers:
In view of the psychological and pathological changes that take place with advancing age, the elderly population is extremely prone to injuries and various medical conditions that require surgical procedures. To that end, the soaring number of laparoscopic surgeries that require high levels of accuracy along with the surge in trauma injuries will mean considerable market growth. Also, the rise in technological innovations in medical equipment and the surging per capita healthcare expenditure in emerging countries will present a host of attractive opportunities.
Escalation in technological advances such as robotic catheter control systems (CCS), motion sensors, data recorders, 3D-Imaging, HD surgical microscopic cameras, remote navigation, and data analytics will foster market growth. Additionally, the rise in FDA clearances for new products is bound to work in favor of the worldwide market.
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Market Restraints:
Surgical robotics can be extremely expensive. The American Congress of Obstetricians and Gynecologists suggests the use of robotic hysterectomy only for complex and unusual clinical conditions. The association reveals that every year, the use of surgical robots for all hysterectomies adds around USD 965 million to the total cost of hysterectomy surgeries in the United States. The da Vinci system, an extremely popular and sought-after robotic system, costs between USD 1.7 million and USD 3.6 million, and on the other hand, CyberKnife radiosurgery robotic system comes to about USD 5 to 8 million per unit. Likewise, the average cost of a Lokomat rehabilitation robot comes to nearly USD 380,000.
Over the years, hospitals all over the world have been observing a drop in their budgets, largely owing to the decline in federal budgets. To illustrate, the budget cuts by the Florida government for the South Florida hospitals came to USD 150 million in 2017.
Medical Robotics Market COVID 19 Analysis
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the healthcare industry, considering the shutdown of production units and the travel restrictions. The immense pressure on the healthcare sector in view of the expanding patient base suffering from SARS-CoV-2 should be favorable for medical robotics. The mounting number of patients in line with the declining number of surgeons and medical professionals should further foster the demand for medical robots.
Also, with the lockdown being lifted up across various nations and the prime focus on curbing the spread of the novel coronavirus, medical robot manufacturers are now seeing improvements in their business. This will translate into a quicker recovery for the medical robotics market in the following years.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 35.2 billion |
| CAGR | 21.3% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Product and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Geriatric Population and Rising Preference for minimally invasive surgeries |
| Mounting Technological Development |
Medical Robotics Market Competitive Landscape:
The important vendors in the medical robotics industry are
- McKesson Corporation (US)
- Aethon (US)
- MedTech SA (France)
- Smith and Nephew (UK)
- Intuitive Surgical (US)
- Renishaw plc (UK)
- Major Robotics (Israel)
- ReWalk Robotics (Us)
- Strikers (US)
- Intouch Technologies Inc. (US)
- Medrobotics Corporation (US)
- Ekso Bionics (US)
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Medical Robotics Market Segmentation
By Product
The major products discussed in the report are Rehabilitation Robotics Systems, Surgical Robotics Systems, Non-invasive Radiosurgery Systems, Hospital, and Pharmacy Robotic Systems, and others. The demand for surgical robotic systems has been on a notable rise worldwide, given the shortage of surgeons and physicians combined with the rising use of automated instruments during surgeries. The surging investments by international and regional companies in new, technically innovative surgical robots will further enhance the segmental expansion rate in the years to come.
By Application
The key applications of robots in the medical field are Neurosurgery, Pharmacy Application, Laparoscopy, Orthopedic Surgery, Cardiology, and others. The laparoscopy application shall be the top segment in the market, owing to the rising number of laparoscopic surgical procedures worldwide along with the escalating adoption of surgical robots.
By End-Users
The top industry end-users are Rehabilitation Centers, Specialty Centers, Hospitals and Clinics, and others. Hospitals and clinics can expect to take the leading spot in the years ahead, on account of the mounting use of medical robots in clinics and hospitals along with the rapid surge in the number of robotic surgery procedures in these medical settings.
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Medical Robotics Market Regional Insights
North America is currently in the lead, thanks to the fast-burgeoning geriatric patient base affected by weak bone density as well as injuries due to accidents. The vast lucrative opportunities, well-established healthcare infrastructure, and the high prevalence of minimally invasive surgeries enhance the market size in the region. Since automation has become an important factor in pharmaceutical manufacturing, in line with the provision of higher accuracy levels, and reduced workload, robotics has completely transformed the medical field in the region. Robotics compensates for the shortage of surgeons and healthcare professionals in the United States, thereby fostering the growth rate of the regional market. Other than this, the soaring number of various chronic disorders including diabetes, cardiovascular diseases, and cancer, accelerates the use of automated surgical equipment, in turn bolstering the demand for surgical robotics in the region.
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The steadily advancing healthcare infrastructure in APAC and the emerging automation trend in the medical field make the region one of the most promising markets for medical robotics. China is the top contributor to the market growth in APAC, given the robust demand for medical robots in conjunction with the surging use of instrument-based services. The strong demand is also the result of the shortage of skilled physiotherapists and surgeons in the region. The rise in government initiatives to bring about advancements in the healthcare infrastructure and the subsequent increase in foreign investors wanting to invest in automated instruments will do wonders for the medical robotics industry in the ensuing years.
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