The global medical robots market size was USD 10.80 Billion in 2022 and is expected to register a revenue CAGR of 16.6% during the forecast period.
- The robotic system segment accounted for largest revenue share in 2022.
- The non-invasive segment revenue is expected to register a steady revenue growth rate during the forecast period.
- The laparoscopy segment accounted for largest revenue share in 2022.
- The neurosurgery segment is expected to register a steady revenue growth rate during the forecast period.
- The hospital segment accounted for largest revenue share in 2022.
- Based on regional analysis, the North America medical robots market accounted for largest revenue share in 2022.
- The Asia Pacific market is expected to register a fast revenue growth rate during the forecast period
- The Europe market is expected to register a steady revenue growth rate during the forecast period.
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Report Scope of the Medical Robots Market:
|The market size value in 2022||USD 10.80 Billion|
|CAGR (2023 – 2032)||16.6%|
|The Revenue forecast in 2032||USD 43.02 Billion|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Rising prevalence of various chronic diseases, which lead to need for surgeries, increasing applications of medical robots in highly complex surgical procedures such as orthopedic and neurosurgery, and continuous advancements in surgical robots technology by major players, are driving global medical robots market revenue growth.
Medical robots are a relatively new revolution in the field of medicine, as these robots help doctors to handle surgical instruments or catheters more dexterously, inside the patient’s body during minimally invasive surgeries. Most significant benefits of medical robots are that surgeries performed with the help of medical robots are more efficient and within parameters of time without any errors and success rate of surgeries is also high. Furthermore, medical robots offer proper monitoring services of patients, reduced risk of infection, and others.
Human factors include judgmental errors, leaving a foreign object such as a sponge or towel inside a patient’s body after an operation, operating on wrong body site of patient, inattention to detail, poor knowledge, not organizational/system faults, or communication breakdowns causing majority of surgical errors. To reduce these human errors, hospitals and health organizations are adopting surgical robots, as it helps in improving efficiency of surgery and decreasing rate of unintentional damage caused by surgeons. For instance, there was an analysis done by Brain and Spine from September 2019 to September 2020, in which 4,176 patients were observed and their daily surgical adverse events were recorded. It was observed that 25% of patients had at least one adverse effect daily and major adverse events were associated with Human Performance Deficiencies (HPD), mostly due to execution, planning, and casual errors, such as usage of unsterilized surgical equipment, causing infections by surgeons. Furthermore, rising enhancement in reimbursement scenario is expected to boost revenue growth of the market during the forecast period. For example, the Asia Pacific market has shown a considerable growth, with Japan being the only country to accept reimbursement for RAS devices, for both benign and malignant tumors.
Technological advancements and introduction of Artificial Intelligence (AI) in medical robots are expected to boost market growth. Many healthcare key tech companies are developing innovative robotic solutions to fulfill demands of healthcare workers and patients. For example, Diligent created Moxi, an AI-enabled robot that can handle time-consuming logistical tasks in hospitals such as setting up patient rooms and replenishing supplies. Moxi is not only capable of navigating hospital hallways and other congested environment, but it also possesses social intelligence, as seen by its head motion and LED eyes. Many hospitals and clinics are adopting Moxi so that their focus can be on other important tasks to be completed. For example, Medical City Dallas Heart and Spine hospitals adopted Moxi for clinical applications, such as stocking supplies, providing blood samples, and updating patients’ medical records, which helps in saving a lot of time for workers.
Advancements in surgical robot technology and increasing investments by major key organizations in Research & development (R&D) are expected to boost medical robots market growth. Various companies are merging to develop innovative surgical robot technology, for instance, on15 April 2021, Vicarious Surgical, a surgical robotics company announced an agreement to merge with D8 Holdings Corp., a Special-Purpose Acquisition Company (SPAC). Vicarious’ goal is to create robotic technology that will increase surgical efficiency, better patient outcomes, and reduce healthcare costs. Through this merger, private investment in public equity of USD 115 million will increase the company’s value to USD 1.10 billion.
Global impact of COVID-19 pandemic on the world’s population and economy has been quite extreme and there was an increased adoption of medical robots. Hospitals and clinics began adopting robots for different jobs during COVID-19 pandemic to decrease pathogen exposure. Benefits of robots in healthcare are numerous, for example, in Infectious illness wards, robots can clean and prepare patient’s rooms on their own, decreasing person-to-person interaction. Healthcare robots are built with AI enabled medicine identification software to reduce time it takes to identify, match, and dispense medicine to patients. According to a research, current worldwide average for robot density in hospital industries is 74 robot units per 10,000 employees.
Competitive landscape of the global medical robot’s market is consolidated with a few key players operating on global and regional levels. These players are engaged in product development and strategic alliances to expand their respective portfolio and gain a robust footing in the global market. Major players operating in the market include Intuitive Medical, Stryker, Medtronic, Omnicell, Capsa Healthcare, Hocoma, Ekso Bionics, Johnson & Johnson, ARxIUM, and Zimmer Biomet
Medical Robots Market Segmentations:
|By Type Outlook||By Applications Outlook||By End-use Outlook||Regional scope|
|Surgical Robotic Systems
Assistive & Rehabilitation Systems
Hospitals & Pharmacy Robotic Systems
Non-Invasive Radiosurgery Robotic Systems
Ambulatory Medical Centers
Pharmaceutical & Biotechnology Industries
Middle East & Africa
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