As per our report, the global medical robots market size is estimated to grow USD 22.68 billion by 2026 from USD 8.71 billion in 2021, growing at a CAGR of 21.2% during the forecast period. The FDA approval of Vinci X robots developed by Intuitive Surgical was a sensation in the global medical robots market and developed intense competition.
Robots in the medical sector made all the tasks simple, secure, and efficient. Robots especially involve in doing surgeries with high precision. The success rate of surgical robots is very high than that of human surgeons. They can perform surgery even at tiny places accurately by taking more responsibility. The surgeon will have access remotely to operate the robotic arms with a small 3D camera and dime-sized instruments through tiny incisions inside the patient's body parts. Also, medical robots can perform many tasks other than surgeries like carrying heavyweight and others.
The development of electromechanical devices for clinical applications is focused on the collaborative field, i.e., Medical Robotics. Facilitating the new techniques in the medical field, like boosting during the surgical process, is the primary intention of Medical Robotics. Medical robots have the astounding strength for increasing physicians' accuracy and capabilities while performing surgical methods. Medical training, rehabilitation therapy, surgery, assistance to disabled people, and prosthetics are the factors that were included by Medical robotics.
Factors such as the growing prevalence of neurological and orthopedic diseases, the increasing R&D activities by the companies, the availability of the advanced healthcare infrastructure, and rapid implementation of the latest technology advancements in the field are majorly boosting the growth of the global medical robots market.
Rising preference for MISs (minimally invasive surgeries), growth of adopting the advanced medical technologies and robotics, growing decrepit population, increase of funding towards medical robot research, accepting the laparoscopic, robotics procedures and development of technologies in medical robotics are the primary aspects which are contributed to the growth of market world widely.
Additionally, growing incidences of chronic diseases worldwide, a rise in demand for minimally invasive surgeries, and the growing elderly population are expected to propel the global medical robots market. The rising scale of healthcare centers all over and increasing patients' flow paired with the increasing investments in the pharmaceutical sector by the government to provide effective treatment procedures are further fuelling the market's growth.
The increasing adoption of medical robots, growing per capita healthcare expenditure in developing emerging countries, and technological advancements in the medical robots integrated with the surgeon/patient approval for laparoscopic and robotic assistance also further accelerating the market. Furthermore, the rise in the rehabilitation centers with the help of robot assistance, technological advancements associated with medical robot systems are projected to add more shine to the market.
The lack of skilled operators monitoring the systems and increasing the systems' failure in the real-time application due to the staff members' negligence are the significant factors considered the key restraints to the market growth. The high cost of treatment procedures is also a factor limiting the development of the market for medical robots.
Impact of COVID-19 on the global medical robots market:
The world health organization announced the COVID-19 as a pandemic in March 2020. The nationwide lockdown was imposed by the countries and imposed restrictions on the movement. The COVID-19 has affected the major sectors of the economy except in the case of pharmaceutical industries. The sudden outbreak has resulted in changes in the economy. During the initial stages, the pharma industry declined in growth because there were no research and development activities made at the initial phase of the pandemic. Due to the Nationwide lockdown and ban on flights, there were no exchange activities made, which resulted in the downfall in the market growth. The usage of medical robots has increased from the last months of 2020, and the market shares are expected to fall into the normal state in 2021.
Market Size Available
2020 to 2026
2021 to 2026
By product, application, and region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global medical robots market has been segmented & sub-segmented based on product, application, and region.
Medical Robots Market - By Product:
Based on the product, the surgical robotic systems category is in the top position with the most significant market shares. The rehabilitation robotic systems segment is leading to the highest percentages of the market. Compared to human surgeons, the success rate of surgical robots is high. They can also perform precise surgery in tiny places. It helps disabled patients to improve their mobility and communication. It performs repetitive tasks at high speed and reliably with the help of telemanipulation without fatigue. Very few hospitals can invest in advanced technology instruments, and the hospitals with these medical robots are forced to provide the services at higher rates. The emergence of cloud-based deployment mode in every application is surging the demand of the market. The growing acquisition rate of robotic systems in hospitals and the stipulation for minimally invasive surgeries are expanding the growth of this segment.
Rehabilitation robotic systems are used for physiotherapy in treating stroke and neurological disorders related to movement disability, projected to drive the medical robots market.
Medical Robots Market - By Application:
Based on the application, the neurological segment is expected to have the most significant share in the medical robots market during the forecast period. This segment is strongly driven by the growing neurological disorders like depression and Alzheimer’s and technological developments for hardware and software of the NeuroMate system in the field of robotic systems, with betterments made in the improved scope of ergonomics.
The orthopedics robotics segment is projected to be the second-largest segment, followed by neurological and laparoscopy segments. Factors such as the growing number of musculoskeletal conditions such as rheumatoid arthritis, low back pain, osteoarthritis, and osteoporosis are projected to demand the medical robots market during the foreseen period.
The laparoscopy segment is expected to well over the forecast period due to ease of handling the devices; these are mainly designed to meet the surgeons' requirements.
Medical Robots Market - By Region:
The Medical Robots Market in North America was the most promising regional market globally from the past decade due to the rapid adoption of the latest technologies. Increasing the hospital's construction activities with modern equipment is likely to leverage the demand of the market. Also, the growing prevalence of promoting effective treatment in concern towards the patient’s health prompts the market's need in this region.
The Medical Robots market in the Asia Pacific is the next prominent regional market after North America due to the rise in the number of healthcare centers. Increasing funds from the public and private organizations are straightly fueling the growth of the market. A growing number of skilled persons in monitoring the devices also level up the shares of the medical robots market in Asia-Pacific. The three key countries that helped develop medical robots in the Asia Pacific region are Japan, India, and China. The colossal population mainly drives it, followed by rising awareness, developing new technologies, and increasing medical robot research funds.
The European Market for Medical Robots is estimated to grow at a significant CAGR during the forecast period. An increasing number of research and development institutes in the medical sector to spread these applications in various parts is escalating the market's growth.
The Latin American Medical Robots Market is expected to see notable CAGR in the foreseen years due to the rising incidences of multiple health disorders. The need for surgical procedures magnifies the demand of the market. Besides, most countries' growing economy is boosting up the shares of the market in this region.
The Medical Robots market in the Middle East and Africa have a slight inclination in the growth rate during the forecast period. The increasing geriatric population is a significant factor influencing the growth of this market. The rise in awareness over artificial intelligence applications and implementing them at a high success rate broadens the market demand. In the Middle East and Africa, the medical robotics market is in the transition phase and is experiencing quick shifts towards growth due to factors like the governments' massive capital investments to develop healthcare infrastructure, offering advanced healthcare facilities, and implying attractive health insurance schemes.
KEY MARKET PARTICIPANTS:
Some of the notable companies operating in the global medical robots market profiled in the report are Intuitive Surgical Inc., Stryker Corporation, Hocoma AG, Mazor Robotics Ltd, Hansen Medical Inc., Accuray Incorporated, Omnicell Inc., Arxium, EKSO Bionics Holdings Inc., and Kirby Lester LLC.
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Surgical Robots
188.8.131.52 Laparoscopy Robotic Systems
184.108.40.206 Orthopaedic Robotic Systems
220.127.116.11 Neurosurgical Robotic Systems
18.104.22.168 Steerable Robotic Systems
5.1.3 Rehabilitation Robotic Systems
22.214.171.124 Therapeutic Robotic Systems
126.96.36.199 Assisstive Robotic Systems
188.8.131.52 Prosthetic Robotic Systems
184.108.40.206 Orthotic Robotic Systems
220.127.116.11 Exoskeleton Robotic Systems
5.1.4 Non-Invasive Radiosurgery Robotic Sytems
5.1.5 Hospital & Pharmacy Robotic Systems
18.104.22.168 Pharmacy Robotic Systems
22.214.171.124 IV Robotic Systems
126.96.36.199 Tekemedicine Robots
5.1.6 other Robotic Systems
5.1.7 Y-o-Y Growth Analysis, By Product
5.1.8 Market Attractiveness Analysis, By Product
5.1.9 Market Share Analysis, By Product
5.2.5 Special Education
5.2.6 Other Applications
5.2.7 Y-o-Y Growth Analysis, By Application
5.2.8 Market Attractiveness Analysis, By Application
5.2.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By Application
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Application
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Intuitive Surgical Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Stryker Corporation
8.3 Hocoma AG
8.4 Mazor Robotics Ltd.
8.5 Hansen Medical Inc.
8.6 Accuray Incorporated
8.7 Omnicell Inc.
8.9 EKSO Bionics Holdings Inc.
8.10 Kirby Lester LLC
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures