The global medical robots market is expected to reach a valuation of US$ 40 Bn by 2032 from US$ 8.1 Bn in 2022, rising at a steady CAGR of 17.4% throughout the forecast period.
Medical robotic trends, the benefits of robotic-assisted surgery, and robot-assisted rehabilitation treatment training are just some of the causes driving demand for medical robots.
Furthermore, the sales of medical robots are being driven by technological developments in robotic systems, improved reimbursement scenarios, higher surgical robot usage, and increased financing for medical robot research.
The key drivers driving the medical robots market growth are the rising demand for accurate and proper laparoscopic operations, as well as the rising demand for surgical treatments among the elderly and the rising number of occurrences of trauma injuries.
Furthermore, greater efficiency in performing operations such as surgery has promoted the sales of medical robots.
Sales of medical robots are being fueled by a worldwide shift away from open surgical procedures and toward minimally invasive surgical techniques.
In addition, medical robots are becoming increasingly effective at performing laparoscopic procedures, and new and improved procedure-specific robots are being introduced to the global market. As a result, during the anticipated period, demand for medical robots is likely to skyrocket.
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Other advantages include fewer post-operative problems, shorter hospital stays, and cheaper surgery costs. As a result, the global medical robots market is predicted to increase gradually over the next few years.
Key Takeaways
- With a CAGR of 17.2 percent, the gastrointestinal surgery category is expected to hold the greatest proportion of the medical robots market.
- The instruments and accessories segment held the highest proportion of the medical robot market throughout the forecast period. This segment is predicted to grow at a CAGR of 18.5 percent over the forecast period.
- Hospitals are estimated to account for the largest proportion of the global medical robots market in 2032, with a CAGR of 16.8%, due to increased use of medical robots in hospitals and increasing robotic surgery procedures done in hospitals.
- The medical robots market in the United States is estimated to be the most promising regional market, with a CAGR of 16.4% and a market size of US$ 13.4 billion by 2032, owing to increased adoption of new technologies.
- The China medical robots market is expected to increase at a CAGR of 16.5 percent over the forecast period.
- The UK market for medical robots is predicted to grow at the fastest rate of 17.5 percent throughout the forecast period. Due to an increase in the number of medical research and development institutes striving to spread these applications to other regions of the world, the market is rising.
- The Latin American medical robots market is expected to rise at a large rate in the next years, owing to an increase in the frequency of different health conditions. Furthermore, demand for medical robots is rising, and most countries’ emerging economies are assisting in the growth of this regional market.
Competitive Landscape
According to PMR’s new study on the medical robots market, the competitive landscape is fragmented, with multiple companies present. Intuitive Surgical, Stryker Corporation, Omnicell, BD Rowa, ARxIUM are some of the key players in the medical robots market.
The medical robots market growth and competitiveness are aided by Western partnerships to promote healthcare, manufacturers of medical robots, and numerous government collaborations with regional universities for research and development. To increase their market share and profit margins, many companies rely on strategic collaborative initiatives.
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Recent Developments in Medical Robots Market
- The MAKO robotic surgery system for partial knee replacement received regulatory certification in Japan in 2020 from Stryker Corporation (US).
- In 2020, Accuray (US) launched the CyberKnife S7 System, a next-generation CyberKnife platform that provides advanced precision, real-time artificial intelligence (AI)-driven motion tracking, and synchronised treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
- In 2020, Medtronic (Ireland) acquired Medicrea, a pioneer in the transformation of spinal surgery through artificial intelligence, predictive modelling, and patient-specific implants.
- The da Vinci Single-port Surgical System was approved by the FDA in 2019 by Intuitive Surgical (US).
- Stryker Corporation (US) purchased Mobius Imaging, LLC and Cardan Robotics in 2019. (US). This acquisition boosts the company’s imaging and robotics capabilities, as well as its research and development capabilities.
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