Medical Robotics Market
Medical Robotics Market Forecasts to 2030 - Global Analysis By Type (Equipment, Consumables and Service), Product (Rehabilitation Robots, Hospital and Pharmacy Robots, Surgical Robots, Emergency Response Robotic Systems, Non-Invasive Radio Surgery Robots, Logistics/Handling Robotic Systems and Imaging Robotic Systems), Setting, Distribution channel, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $13.64 BN |
|
Projected Year Value (2030) |
US $42.43 BN |
|
CAGR (2023 - 2030) |
17.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Medical Robotics Market is accounted for $13.64 billion in 2023 and is expected to reach $42.43 billion by 2030 growing at a CAGR of 17.6% during the forecast period. Medical robots are professional service robots used in hospitals and other healthcare facilities to improve the quality of care given to patients. It facilitates more precise and effective operations by surgeons. They create a substantial operational procedure that offers efficacy and low-cost investments in healthcare amenities while also minimizing the workload of medical staff, releasing them to spend more time directly caring for patients.
According to the National Safety Council (NSC), it was stated that about 1.6 to 3.8 million athletes get some sort of physical injury annually.
Market Dynamics:
Driver:
Rising applications of medical robotics in healthcare sector
Surgical robotics has emerged as a new growth point and technological incubator in modern surgery. Robot-assisted surgeries were created to overcome the limitations of current minimally invasive surgery technologies or to enhance the abilities of surgeons during open surgery on a patient. Surgical robotics used in minimally invasive surgery helps to minimize scarring, speed up healing, and shorten recovery times. Surgical operations are now much more effective due to the growing demand for minimally invasive surgical treatments and the application of medical robotics to assist with surgical procedures. As a result, these factors are promoting market growth.
Restraint:
High initial costs
High initial costs serve as a notable restraint in the medical robotics market, hindering its growth. Robotic hardware, like surgical robots or robotic-assisted surgery systems, can have unaffordable initial costs. Moreover, the integration of medical robots frequently requires specialized operating rooms and infrastructural changes, which raises the initial costs even more. However, healthcare personnel must complete specialized training in order to safely operate medical robots and carry out procedures.
Opportunity:
Drug delivery
By leveraging robotic systems, drug delivery becomes more precise, targeted, and efficient. Medical robots are able to precisely regulate when and how much medication is administered, ensuring that the appropriate amount reaches the intended site. This is particularly helpful for medical procedures that require extreme precision, like intravenous drug delivery or cancer therapy. Additionally, robotics can facilitate targeted drug delivery, which minimizes exposure to healthy tissues and cells by directing medication specifically to affected tissues or cells. This method increases the therapeutic effect while lowering side effects. These factors propel market demand.
Threat:
Maintenance and repair
Medical robots need regular repairs as well as routine maintenance. To avoid expensive interruptions, it is crucial to guarantee a steady supply of replacement parts and skilled technicians for maintenance. Medical robots are essential to many aspects of healthcare, such as diagnosis and surgery. Any unforeseen malfunction or breakdown can cause a large amount of downtime, which could delay patient care and be inconvenient for medical staff. Medical robot malfunctions have a chance to put patient safety at risk by causing mistakes, problems, or unfavourable outcomes. Therefore, maintenance and repair is a significant barrier to market demand.
Covid-19 Impact
The COVID-19 pandemic significantly influenced the medical robotics market. With the need to minimize human-to-human contact, the demand for medical robots surged. Telemedicine and telehealth saw rapid adoption, leading to the development of robots for remote consultations and surgeries, facilitating patient care while maintaining social distancing. Robots were also deployed for disinfection, utilizing UV-C light and other methods to sanitize healthcare environments, reducing the risk of transmission. This period accelerated research and development, spawning innovations like robots for sample collection, diagnostics, and remote monitoring. The pandemic also emphasized the role of medical robots in training healthcare professionals through simulated procedures.
The laparoscopy segment is expected to be the largest during the forecast period
The laparoscopy segment is estimated to hold the largest share. Laparoscopic devices have proven to be effective tools for diagnostic and therapeutic purposes. Increases in funding and reimbursement policies have been noted for surgeries involving laparoscopies. Robot-assisted laparoscopy procedures have become increasingly common in recent years. Additionally, due to the numerous advantages of laparoscopic surgery, including small or no incision, brief hospital stays, less pain, short recovery times, fewer wounds, and decreased blood loss, there is a growing need for robot-assisted minimally invasive surgery.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is anticipated to have lucrative growth during the forecast period, due to hospitals and clinics provide patients with all types of treatment options and consultations in a single visit. The number of hospitals and surgeries performed annually is driving the growth in hospitals and clinics. The increasing use of medical robotics for a range of tasks, such as surgery, IV preparations, sterilization, logistics, diagnostics, and more, contributes to the hospitals and clinics market segment.
Region with largest share:
North America commanded the largest market share during the extrapolated period due to its sophisticated healthcare infrastructure, strong capacity for research and development, and sizable number of healthcare institutions. The region is a center for technological innovation, with many well-known medical robot producers, academic institutions, and medical facilities constantly pushing the boundaries of the industry. North America leads the world in telemedicine, robotic-assisted surgery, and rehabilitation robot innovations, which drives market demand in this region.
Region with highest CAGR:
Europe is expected to witness profitable growth over the projection period, due to the increasing geriatric population in developed countries and the globalization of healthcare. Numerous medical robotics research facilities and innovation hubs are located in Europe. To promote the advancement of medical robotic technology development and implementation, these centers work with influential individuals in the industry as well as academic institutions. European nations continue to show a strong commitment to investing in healthcare, giving financial support to healthcare facilities in this region.
Key players in the market
Some of the key players in the Medical Robotics Market include Titan Medical Inc., Renishaw Plc, Medrobotics Corporation, OR Productivity plc, Hansen, Mazor Robotics, iRobot Corporation, Intuitive Surgical, Health Robotics SLR, Mako Surgical Corp., Stereotaxis Inc., Accuray, Varian Medical Systems, Smith & Nephew, Zimmer Biomet, Medtronic and Stryker.
Key Developments:
In Sept 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 Nov 2020, Medtronic (Ireland) acquired Medicrea, a pioneer in the transformation of spinal surgery through artificial intelligence, predictive modeling and patient specific implants.
In June 2020, Accuracy (US) launched the Cyber Knife S7 System a next-generation CyberKnife platform with advanced precision and real-time artificial intelligence (AI)-driven motion tracking and synchronization treatment delivery for all stereotactic radio surgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
Types Covered:
• Equipment
• Consumables
• Service
Products Covered:
• Rehabilitation Robots
• Hospital and Pharmacy Robots
• Surgical Robots
• Emergency Response Robotic Systems
• Non-Invasive Radio Surgery Robots
• Logistics/Handling Robotic Systems
• Imaging Robotic Systems
Settings Covered:
• Home Care
• Out Patient
• In Patient
Distribution Channels Covered:
• Direct Tender
• Third Party Distributors
• Retail Sales
• Other Distribution Channels
Applications Covered:
• Neurology
• Laparoscopy
• Oncology
• Aesthetic Surgery
• Orthopaedic Robotic Systems
• Cardiology
• Angiography
• Rehabilitation
• Others Applications
End Users Covered:
• Hospitals
• Research Institutes
• Specialty Clinics
• Ambulatory Surgical Centers
• Laboratories
• Rehabilitation Centers
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Medical Robotics Market, By Type
5.1 Introduction
5.2 Equipment
5.3 Consumables
5.4 Service
6 Global Medical Robotics Market, By Product
6.1 Introduction
6.2 Rehabilitation Robots
6.3 Hospital and Pharmacy Robots
6.4 Surgical Robots
6.5 Emergency Response Robotic Systems
6.6 Non-Invasive Radio Surgery Robots
6.7 Logistics/Handling Robotic Systems
6.8 Imaging Robotic Systems
7 Global Medical Robotics Market, By Setting
7.1 Introduction
7.2 Home Care
7.3 Out Patient
7.4 In Patient
8 Global Medical Robotics Market, By Distribution Channel
8.1 Introduction
8.2 Direct Tender
8.3 Third Party Distributors
8.4 Retail Sales
8.5 Other Distribution Channels
9 Global Medical Robotics Market, By Application
9.1 Introduction
9.2 Neurology
9.3 Laparoscopy
9.4 Oncology
9.5 Aesthetic Surgery
9.6 Orthopedic Robotic Systems
9.7 Cardiology
9.8 Angiography
9.9 Rehabilitation
9.10 Others Applications
10 Global Medical Robotics Market, By End User
10.1 Introduction
10.2 Hospitals
10.3 Research Institutes
10.4 Specialty Clinics
10.5 Ambulatory Surgical Centers
10.6 Laboratories
10.7 Rehabilitation Centers
10.8 Other End Users
11 Global Medical Robotics Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New ProductLaunch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Titan Medical Inc.
13.2 Renishaw Plc
13.3 Medrobotics Corporation
13.4 OR Productivity plc
13.5 Hansen
13.6 Mazor Robotics
13.7 iRobot Corporation
13.8 Intuitive Surgical
13.9 Health Robotics SLR
13.10 Mako Surgical Corp.
13.11 Stereotaxis Inc.
13.12 Accuray
13.13 Varian Medical Systems
13.14 Smith & Nephew
13.15 Zimmer Biomet
13.16 Medtronic
13.17 Stryker
List of Tables
1 Global Medical Robotics Market Outlook, By Region (2021-2030) ($MN)
2 Global Medical Robotics Market Outlook, By Type (2021-2030) ($MN)
3 Global Medical Robotics Market Outlook, By Equipment (2021-2030) ($MN)
4 Global Medical Robotics Market Outlook, By Consumables (2021-2030) ($MN)
5 Global Medical Robotics Market Outlook, By Service (2021-2030) ($MN)
6 Global Medical Robotics Market Outlook, By Product (2021-2030) ($MN)
7 Global Medical Robotics Market Outlook, By Rehabilitation Robots (2021-2030) ($MN)
8 Global Medical Robotics Market Outlook, By Hospital and Pharmacy Robots (2021-2030) ($MN)
9 Global Medical Robotics Market Outlook, By Surgical Robots (2021-2030) ($MN)
10 Global Medical Robotics Market Outlook, By Emergency Response Robotic Systems (2021-2030) ($MN)
11 Global Medical Robotics Market Outlook, By Non-Invasive Radio Surgery Robots (2021-2030) ($MN)
12 Global Medical Robotics Market Outlook, By Logistics/Handling Robotic Systems (2021-2030) ($MN)
13 Global Medical Robotics Market Outlook, By Imaging Robotic Systems (2021-2030) ($MN)
14 Global Medical Robotics Market Outlook, By Setting (2021-2030) ($MN)
15 Global Medical Robotics Market Outlook, By Home Care (2021-2030) ($MN)
16 Global Medical Robotics Market Outlook, By Out Patient (2021-2030) ($MN)
17 Global Medical Robotics Market Outlook, By In Patient (2021-2030) ($MN)
18 Global Medical Robotics Market Outlook, By Distribution Channel (2021-2030) ($MN)
19 Global Medical Robotics Market Outlook, By Direct Tender (2021-2030) ($MN)
20 Global Medical Robotics Market Outlook, By Third Party Distributors (2021-2030) ($MN)
21 Global Medical Robotics Market Outlook, By Retail Sales (2021-2030) ($MN)
22 Global Medical Robotics Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
23 Global Medical Robotics Market Outlook, By Application (2021-2030) ($MN)
24 Global Medical Robotics Market Outlook, By Neurology (2021-2030) ($MN)
25 Global Medical Robotics Market Outlook, By Laparoscopy (2021-2030) ($MN)
26 Global Medical Robotics Market Outlook, By Oncology (2021-2030) ($MN)
27 Global Medical Robotics Market Outlook, By Aesthetic Surgery (2021-2030) ($MN)
28 Global Medical Robotics Market Outlook, By Orthopedic Robotic Systems (2021-2030) ($MN)
29 Global Medical Robotics Market Outlook, By Cardiology (2021-2030) ($MN)
30 Global Medical Robotics Market Outlook, By Angiography (2021-2030) ($MN)
31 Global Medical Robotics Market Outlook, By Rehabilitation (2021-2030) ($MN)
32 Global Medical Robotics Market Outlook, By Others Applications (2021-2030) ($MN)
33 Global Medical Robotics Market Outlook, By End User (2021-2030) ($MN)
34 Global Medical Robotics Market Outlook, By Hospitals (2021-2030) ($MN)
35 Global Medical Robotics Market Outlook, By Research Institutes (2021-2030) ($MN)
36 Global Medical Robotics Market Outlook, By Specialty Clinics (2021-2030) ($MN)
37 Global Medical Robotics Market Outlook, By Ambulatory Surgical Centers (2021-2030) ($MN)
38 Global Medical Robotics Market Outlook, By Laboratories (2021-2030) ($MN)
39 Global Medical Robotics Market Outlook, By Rehabilitation Centers (2021-2030) ($MN)
40 Global Medical Robotics Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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