The medical robots market refers to the segment of the healthcare industry that produces robots for use in various medical applications, such as surgery, rehabilitation, and diagnostics. Medical robots are designed to perform tasks that are difficult, dangerous, or time-consuming for human healthcare professionals. The increasing prevalence of chronic diseases, growing aging population, and rising demand for minimally invasive procedures are the major driving factors for the growth of the medical robots market. Additionally, the increasing adoption of artificial intelligence (AI) and advancements in technology is also contributing to market growth.
The medical robots market is projected to witness a moderate pace in the global market at a CAGR of 17.4% between 2022 and 2032.The medical robots market share is estimated to be valued at US$ 8.1 Bn in 2022 and is projected to reach US$ 40 Bn by 2032. Historically, the market recorded a higher CAGR of 19.6% (2015-2021), resulting in a market size of US$ 2 Bn in 2021.
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The medical robots market is highly competitive, with several established players and new entrants operating in the market. These players are focusing on research and development activities to introduce new and innovative products in the market. Moreover, they are also adopting various strategies such as mergers, acquisitions, partnerships, and collaborations to expand their product portfolio and geographical reach. The increasing adoption of medical robots by hospitals and clinics is also driving market growth.
Companies
- Intuitive Surgical
- Stryker Corporation
- Accuray
- Omnicell, Inc.
- BD Rowa
- Hocoma AG
- Medtronic
- Smith & Nephew
- ARxIUM
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Geographically, the medical robots market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to dominate the market owing to the presence of major players in the region and the increasing adoption of medical robots by hospitals and clinics. The Asia Pacific region is also expected to witness significant growth due to the increasing investments in healthcare infrastructure, growing medical tourism, and rising demand for minimally invasive procedures. Overall, the medical robots market is expected to experience steady growth in the coming years, driven by the increasing demand for robotics in healthcare and advancements in medical technology.
How does Competition Influence the Medical Robots Market?
The latest research on medical robots market by PMR suggests that the medical robots market’s competitive landscape exhibits a fragmented nature, with various competitors present.
Despite the presence of multiple companies, the medical robots market is moderately consolidated, as the majority of market demand is fulfilled by advanced solutions from major players.
Western partnerships to improve healthcare, domestic manufacturers’ creation of surgical robots, and many government collaborations with regional universities for research and development are all factors in the country’s growth and competitiveness. These businesses are relying on strategic collaboration activities to grow their market share and profit margins.
- Stryker Corporation (US) gained regulatory approval in Japan in 2020 for the MAKO robotic surgery system for partial knee replacement.
- Accuray (US) introduced the CyberKnife S7 System in 2020, a next-generation CyberKnife platform that offers advanced precision, real-time artificial intelligence (AI)-driven motion tracking, and synchronisation treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
- Medicrea, a pioneer in the change of spinal surgery through artificial intelligence, predictive modelling, and patient-specific implants, was bought by Medtronic (Ireland) in 2020.
- Intuitive Surgical (US) gained FDA approval for the da Vinci Single-port Surgical System in 2019.
- Mobius Imaging, LLC (US) and Cardan Robotics were bought by Stryker Corporation (US) in 2019. (US). This acquisition adds superior imaging and robotics skills, as well as a strong product pipeline.
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Key Segments:
By Product & Service
- Instrument & Accessories
- Robotic Systems
- Services
By Application
- Laparoscopy
- Orthopedic Surgery
- Pharmacy Applications
- Physical Rehabilitation
- External Beam Radiation Therapy
- Neurosurgery
- Others
By Solutions
- On-Premises
- Cloud
By End-user
- Application Medical Robots Market
- Network Medical Robots Market
- Device Medical Robots Market
- Social Engineering
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