From $61.14 billion in 2020, the global Medical Robotics market is projected to reach $124.81 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 9.3% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, rising preference for minimally invasive surgeries (MISs), growing adoption of advanced medical technologies and increase in surgeon/patient acceptance for robotic assistance and laparoscopic procedures.
Global Medical Robotics Market: Market Dynamics
Surgical procedures like cosmetology, gynecology, cardiovascular diseases, laparoscopic procedures, and other procedures offer negligible complications and diminish the threat of infections therefore the initiatives to perform those procedures using medical robots have been increasing. The most widely known robot which was introduced two decades ago, Da Vinci Surgical System, has been used across various surgical specialties for more than 3 million minimally invasive procedures. Therefore, the surging demand for minimally invasive surgical techniques aided through technological advancements for greater accuracy, enhanced motion range, detailed 3D view, and better dexterity to surgeons are the key drivers for the growth of the global medical robotics market. Rising government initiatives with an objective of improving awareness about diagnosis and treatment; increasing need for automation and advanced devices is estimated to contribute to the growth of the market.
For instance, the National Institutes of Health of the U.S. department of Health and Human Services financed in the development of three innovative co-robots that cooperatively work with people, out of which two robots are to be developed to improve health and quality of life of disabled individuals and the third one is to serve as social companion to individuals.
On the other hand, the high price of the medical robots is likely to obstruct the profit boundaries. In addition, integration of artificial intelligence (AI) and augmented reality into medical robots technology will further boost for the medical robotics market.
Impact of COVID-19 on Medical Robotics
The medical robotics market seems hardly affected by the COVID-19 pandemic. Since firstly, the pandemic has driven the growth of professional service robots, which can help augment critical infrastructure staff and alleviate supply chain stresses. Simultaneously, the market for medical robotics is restrained due to their dependence on the automotive and electrical/electronic industries. Since robotic solutions are not affected by travel bans and support social distancing, are not sent to quarantine the market for robotic systems has a positive influence over the forecast period. These robotic technologies can help deal with massive staffing shortages in healthcare, manufacturing, and supply chains. The virus has been a good break for companies to display robots for public applications. For example Disinfection robot UVD has been in high demand since the outbreak of the COVID-19 pandemic.
Surgical robotic systems Segment Dominate the Market in 2020
The surgical robotic systems segment made huge revenue in 2020 and growing its prominence during the forecast period. Surgical robotic systems are used for performing minimally invasive surgical procedures. Surgeons operate these robotic systems and consist of miniaturized surgical instruments which are mounted on robotic arms, and thus allow surgeons to perform the surgeries precisely. Mostly surgical robotic systems are used in laparoscopic surgery with less lesser pain, blood loss and faster recovery. With better visualization, these systems can operate more accurately to cure patients most likely a key factor of the market growth.
North America Region is Leading in the Global Market Place
North America is likely to have a huge demand in the forecast period due to continuous technological developments, stronger economic conditions, rising number of robotic surgeries & rate of robot installation in the region and increasing expenditure on healthcare, funding for robotic research are the factors that promote the market growth. Due to these factors coupled with the high adoption rate for these systems in the region’s health care system North America is expected to dominate the market growth among all regions.
List of the Key Players Profiled in the Market Include:
• Intuitive Surgical Inc. • Stryker Corporation • Titan Medical Inc. • Accuray Inc. • Hansen Medical, Inc. • IRobot Corporation • Abbot Diagnostics • Biotek Instruments Inc • Baxter International Inc • Siemens Healthcare • Mazor Robotics Ltd • Ekso Bionics Holdings
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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