CHICAGO, March 18, 2024 /PRNewswire/ -- Medical Robots Market in terms of revenue was estimated to be worth $16.0 billion in 2024 and is poised to reach $33.8 billion by 2029, growing at a CAGR of 16.1% from 2024 to 2029 according to a new report by MarketsandMarkets. The growth in the medical robots market is driven by the aging population and rising chronic diseases, improving reimbursement scenario, and subsequent advancements in healthcare funding & infrastructure. The adoption of medical robots is also expected to increase with the increasing need for automation in healthcare. However, the high cost of robotic systems may pose a challenge to the medical robots market during the forecast period.
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Browse in-depth TOC on "Medical Robots Market"
164 - Tables
47 - Figures
192 - Pages
Medical Robots Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $16.0 billion |
Estimated Value by 2029 | $33.8 billion |
Growth Rate | Poised to grow at a CAGR of 16.1% |
Market Size Available for | 2018-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Products & Services, Type, End User, and Region |
Geographies Covered | North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, And Rest of Latin America), and Middle East & Africa (GCC Countries, and Rest of MEA) |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging markets |
Key Market Drivers | Growing need to minimize medication errors |
Soft tissue surgical robotic system is the fastest growing in the medical robots market in 2023.
Based on type, the medical robots market is segmented into surgical robotic system, rehabilitation robotic systems, radiosurgery robotic systems, and hospital & pharmacy robotic systems. The surgical robotic systems have been further segmented into surgical robotic systems by application - soft tissue surgical robotic system (general surgery, gynecological surgery, urological surgery, and other applications) and hard tissue surgical robotic system (knee & hip surgery and spine surgery). The rehabilitation robotic systems have been further segmented into rehabilitation robotic systems by type - therapeutic robotic systems, assistive robotic systems, exoskeleton robotic systems, and other rehabilitation robotic systems. The hospital & pharmacy robotic systems have been further segmented into - pharmacy robotic systems (robotic dispensing systems, compounding robotic systems, and other pharmacy robotic systems) and hospital robotic systems (delivery robotic systems, telepresence robotic systems, diagnostic robotic systems, and other hospital robotic systems).
The soft tissue surgical robotic system sub-segment is the fastest growing surgical robotic system in the medical robots market in 2023, attributing to the increasing prevalence of various conditions such as cancer, appendicitis, obesity, and others. These conditions lead to increased demand for robot-assisted surgical procedures with higher accuracy.
Instruments & accessories are the largest product of the medical robots market in 2023.
Based on products & services, the medical robots market is segmented into robotic systems, instruments & accessories, and services. Among these, instruments and accessories segment accounted for the largest share of the medical robots market in 2023. The recurrent purchase of instruments & accessories to be used with the robotic systems instead of robotic systems leads to the higher adoption of this segment.
By end user, ambulatory surgery centers is the fastest growing in the medical robots market in 2023.
Based on end user, the medical robots market is segmented into hospitals & clinics, ambulatory surgery centers, pharmacies, rehabilitation centers, and other end users. The ambulatory surgery centers segment is expected to be the fastest growing segment of the market. The surgical procedures being offered by ASCs at a lower cost than hospitals drives the higher adoption of ambulatory surgery centers among patients.
North America dominates the global medical robots market in 2023.
The medical robots market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In 2023, North America accounted for the largest share of the medical robots market. As this region is home to a significant number of medical robots manufacturers. Moreover, the increasing adoption of robotic systems by hospitals in the country, the increasing volume of robotic-assisted surgical procedures, and the favourable reimbursement policies in the region, reinforces its position at the forefront of the medical robots market.
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Medical Robots Market Dynamics:
Drivers:
- Growing need to minimize medication errors
Restraints:
- High cost of robotic systems
Opportunities:
- Growth opportunities in emerging markets
Challenge:
- Patient and provider acceptance
Key Market Players of Medical Robots Industry:
Prominent players in the medical robots market include Intuitive Surgical, Inc. (US), Stryker Corporation (US), Medtronic Plc (US), Smith & Nephew Plc (UK), Zimmer Biomet Holdings, Inc. (US), Asensus Surgical, Inc.(US), Zap Surgical Systems, Inc.(US), Renishaw Plc (UK), Hocoma Ag (Switzerland), Accuray Incorporated (US), Elekta (Sweden), Becton, Dickinson And Company (US), Omnicell, Inc. (US), Arxium (Canada), Ekso Bionics Holdings, Inc. (US), Bionik Laboratories Corp. (US), Lifeward, Inc. (Israel), Cyberdyne Inc.(Japan), Avateramedical Gmbh (Germany),Johnson & Johnson (US), and Swisslog Healthcare (Switzerland).
Breakdown of the supply-side, demand side, primary interviews by company type, designation, and region:
- By Supply Side: Tier 1 (25%), Tier 2 (5%), and Tier 3 (70%)
- By Designation: C-level Executives (27%), Director-level (18%), and Others (55%)
- By Region: North America (40%), Europe (30%), Asia Pacific (20%), Latin America (5%), and Middle East and Africa (5%)
Recent Developments of Medical Robots Industry:
- In April 2023, Intuitive Surgical's da Vinci SP system received US FD for a simple prostatectomy.
- In November 2022, an Indian startup SS Innovations launched SSI Mantra for soft tissue surgeries.
- In July 2022, Becton, Dickinson & Company (US) acquired Parata Systems (US) to provide portfolio of innovative pharmacy automation solutions to reduce costs, enhance patient safety and improve the patient experience for retail, hospital and long-term care pharmacies.
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Medical Robots Market - Key Benefits of Buying the Report:
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies.
This report provides insights into the following pointers:
- Analysis of key drivers (aging population and rising chronic diseases, technological advancements, increasing need for automation in healthcare, improving reimbursement scenario, and advancements in healthcare funding & infrastructure, and growing need to minimize medication errors), restraints (high cost of robotic systems and stringent regulatory requirements), opportunities (growth opportunities in emerging markets, and novel application) and challenge (patient and provider acceptance).
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the medical robots market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of medical robots solutions across regions.
- Market Diversification: Exhaustive information about solutions, untapped regions, recent developments, and investments in the medical robots market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the medical robots market.
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