Medical Robotics industry value is expected to reach USD 23,432 Million and projected to grow with a CAGR of 15.80% over the forecasted period 2022-2030.
Medical Robotics industry value is expected to reach USD 23,432 Million by 2030 while it is projected to grow with a CAGR of 15.80% over the forecasted period till 2022-2030. The Medical Robotics Market size and value are increasing with the increase in years and are expected to grow at a much faster rate. Innovation and Technology have affected all the market with their advancement and features. It has reached different fields for performing different tasks, saving manpower, providing accuracy, saving time, and much more. One of the fields that took the major advantage of technology in medical science. The constant development in medical science involves technology. It uses modern technology for performing surgeries, detecting diseases, etc. Most of the technologies involved in Medical related tasks are either big machines or Robots. This has directly affected the Medical Robotics Market.
The market is spread worldwide and has demand from every corner of the world it can reach. All the developing countries are adopting robots for medical purposes which are directly increasing the demand in the Medical Robotics Market. The market is drifting towards growth due to more than one reason but at the same time, few restraints are affecting the market growth. However, technology is being the future and Medical Science is being the lifesaver, together they are booming in the new era.
COVID-19 Analysis of Medical Robotics Market
The world and all the markets of the world have faced major effects due to the outbreak of COVID-19 and the pandemic it brought along. On one hand, where all the markets faced challenges and downfall in growth, the Medical Robotics market didn’t get affected much. In this pandemic, when a huge number of people are dying and getting infected with the virus, which still hasn’t stopped, medical science keeps working to end it.
The medical sector is working day and night to save people, combust the dead bodies without them being exposed to open air, and inventing the cure or the vaccine. All of this demands or needs machines and Robots for many tasks, which means the Medical Robotics industry is in high demand and is expected to remain the same over the forecasted period.
Medical Robotics Market growth is determined by analyzing the drivers of the market that are driving its growth.
Growing Geriatric Population: As the people are aging, the geriatric population is increasing and older people tend to rely on technology and Robots for their tasks such as surgeries, providing medicine, etc which is increasing growth in the medical robotics market.
Rising Preference for MIS: MIS or minimally invasive surgeries are in growing demand because these surgeries perform smaller incisions so that patients recover faster. These surgeries confirm the faster recovery and less pain which is why people are choosing it over traditional surgeries, directly deriving the growth of the Medical Robotics Market.
Mounting Technological Development: The development in technology and its contribution to medical science is paving way for robots or machines that use robotics to be in higher demand in Medical needs. Therefore, the Medical Robotics Market growth is directly proportional to technological development.
Surgeon/Patient acceptance: Surgeon accepts to use robots to perform a few steps in a surgical process as it saves time for the surgeon and also patients accept it as both trusts the technology which gives more than one benefit.
The market growth is directly affected due to few reasons coming in the way of the growth of the market. The restraints of the Medical Robotics Market are:
Safety concerns over Robotic Surgery Devices: The robots are going to work according to the algorithm being fed to them and instructions were given to them. Few people fear robotic surgery devices because if the machine detects an error in between, or any instruction is given wrong then the machine may work unexpectedly.
The dearth of Trained Medical Personnel: Introduction of Robots and technology in the medical field is causing a dearth of trained medical personnel which directly or indirectly affecting the growth of the medical robotics industry.
Rapid Technology Development in Robotics: The technology has caught a speed and it is advancing without delay. The rapid change in robotic technology is causing older technology to be in less use causing a decrease in demand for those machines and thus affecting the market.
The Medical Robotics market is growing without much interference but there are two major challenges for the market.
Rapid Technology Development: Faster development in technology and robots is causing the medical robotics market to catch up with the latest technology and make advancements according to the latest technology.
High Expenses of Medical Robotics: Many people cannot afford the comfort and advantages of medical robotic machines due to high expenses. But only if these machines and robots can be made more affordable and accessible then it would highly increase the growth of the market.
The Medical Robotics Market is everything about technology. It depends on the latest development in technology running around the world. The Medical Robotics industry uses the robots and their features to perform surgeries and coordinate with the surgeon to perform the surgery. Development and rapid advancement in technology are playing as the driver, restraint, challenge, and as well as opportunity for the Market. The Medical Robotics Market trends highly depend on the trends running in robotics and its advancement. The surgeon trusts the robots and machines as they work accurately and saves the precious time of the surgeon. The only drawback of robotics in medicine is that not everyone can afford its facility.
Medical Robotics Market Segment Overview
The Medical Robotics Market is divided into four major segments:
This segment of the market consists of a division of the market done based on the product.
▪ Surgical Robotics Systems
▪ Rehabilitation Robotics Systems
▪ Hospital and Pharmacy Robotic Systems
▪ Non-invasive Radiosurgery Systems, and others
The robots that are used for medical purposes have different applicatory fields. The segment of the market by the application are done into-
▪ Orthopedic Surgery
▪ Pharmacy Application, and others
The third segment of the market is by End-Users.
▪ Hospitals and Clinics
▪ Specialty Centers
▪ Rehabilitation Centers, and others
The last segmentation analysis of the medical robotics market is done by region. It is sub-segmented into four major segments.
▪ Rest of the world
Medical Robotics Market Regional Analysis
Global Market Robotics Shares are spread across the world. The highest share of the market is held by North America like all the countries located there are developed countries and use the latest technology. However, Asia-Pacific Region is expected to show significant growth over the forecasted period. Most of the companies and key players of the market belong to the North America and Europe region. That's the sole reason for North- America to hold the highest share of the Market.
Medical Robotics Market Competitive Landscape
The key players of the market are holding the highest share of the Medical Robotics Market and they are playing a major role in the development and growth of the Medical Robotics industry. These players are now targeting developing countries and a few developed nations to spread their market and its size. Given below are some of the major players of the market-
Many developments are registered in the medical robotics market. The developments in the market depend on the developments happening in the technological field across the world.
Most of the surgeries are now performed with MIS because they are effective, assure faster recovery, take less time, and produce less pain for the patient.
Now, Robots are used for performing much higher surgeries such as neurosurgeries.
This report gives a detailed analysis of the Medical Robotics Market forecast till 2027. The report discusses the drivers, restraints, and challenges laying for the market and its development. The Medical Robotics industry analysis is done and shared through this report to understand its trends and opportunities laying for the market. In this report, all the aspects for understanding the position of the Medical Robotics Market are described in detail including the competitive landscape of the market.
|Market Size||USD 23,432 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Smith & Nephew (UK), Stryker (US), Aethon (US), Intuitive Surgical (US), Mazor Robotics (Israel), InTouch Technologies, Inc. (US), Renishaw plc (UK), Medtech SA (France), Ekso Bionics (US), ReWalk Robotics (US), Medrobotics Corporation (US), and McKesson Corporation (US)|
|Key Market Opportunities||
|Key Market Drivers||The medical robotics coupled with increase in surgeon/patient acceptance of both laparoscopic procedures and robotic assistance.|
The medical robotics market is estimated to reach USD 23,432 Million.
The medical robotics market is estimated to grow at 15.80% CAGR during the forecast period (2022-2030).
Large advancements in the medical technologies.
North America holds the largest share in the medical robotics market followed by Europe and Asia Pacific, respectively.
Stryker (US), Smith & Nephew (UK), Aethon (US), Mazor Robotics (Israel), Intuitive Surgical (US), InTouch Technologies, Inc. (US), Medtech SA (France), Renishaw plc (UK), Ekso Bionics (US), Medrobotics Corporation (US), ReWalk Robotics (US), and McKesson Corporation (US), are some of the major players operating in the global medical robotics market.
The Medical Robotics Market is divided into four major segments that are by Application, By Region, By End-Users, By Product.
Medical robotics is the advanced method for the treatment and surgeries which involves the use of robots. It is an emerging field. Now a days medical robots are widely adopted by people due to their reliability and safety concerns.