The rising demand for medical robots used for assistance and recoveries is a significant factor in boosting the growth of the medical robots market.
Market size: 7.52 billion in 2019,
Market growth: CAGR of 16.6%,
Market trends: Use of medical robots in AI diagnosis and minimally invasive surgeries.
The global medical robots market is projected to reach USD 27.05 billion by 2027 from 7.52 billion in 2019, with a substantial CAGR of 16.6%.
Medical robots play a crucial role to relieve healthcare staff from repetitive tasks and making medical procedures cost-effective and safer for patients. Medical robots are extensively used in AI diagnostics.
The rising demand for medical robots is boosting product sales in minimally invasive surgeries. The advantages of robotic surgery include improved dexterity, better visualization, and accuracy. It is an advanced type of minimally invasive surgery that allows surgeons to operate small spaces in the body using a computer-controlled robot that would only be accessible by open surgery.
Surgical robots are self-powered machines that can be configured to assist with the setting and handling of surgical instruments and provide greater versatility, precision, and control for surgeons. The miniature robotics system, developed by Virtual Incision Corp offers assistance in the execution of minimally invasive colon resection procedures for patients with colon cancer, ulcerative colitis, Crohn’s disease, and diverticulitis.
Medical robots are used by hospitals in several countries around the world to prevent doctors and medical professionals from being infected with coronavirus and to serve food and medication to infected patients. Such interventions are taken to stop the spread of COVID-19 following the regulations for social distancing.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/medical-robots-market
Further key finding in the report:
- Surgical robotic systems have dominated the market in 2019 based on product type. The segment is predicted to expand at a CAGR of 16.2% during the projection period. With the help of surgical robots, the surgeons can work with utmost accuracy. The robotic system is used to enter the body parts that are impossible to reach with human hands. The arms of the robot can rotate around 280 degrees and reach the necessary part. Mazor Robotics’ Renaissance guidance system is an all-inclusive surgical solution invented for spinal procedures.
- Neurology is expected to rise at the fastest pace of 17.6% based on the application sector during the projected period. This segment is expected to expand due to the use of medical robots in reducing procedure time and enhancing neurosurgery safety in both frame and frameless procedures.
- Based on end-users, the hospital segment held the highest market share in 2019 and is estimated to grow at 15.4% during the projected period.
- The Asia Pacific is projected to grow at the fastest pace of 17.9% through the prediction period. The growing dominance for gynecological disorders and the rising demand for sophisticated healthcare services are the key factors attributed to the growth of the medical robots market.
- North America led the medical robots market in 2019 owing to better compensation policies for robotic surgeries and leading manufacturers in the market.
- In 2019, Europe accounted for the second-highest market share and is predicted to expand at a CAGR of 16.2%.
- Some of the prominent start-up companies in the medical robots market are ICan Robotics, Corindus, CMR Surgical, HistoSonics, Medrobotics, Embodied, and EndoMaster.
- In September 2019, Medtronic introduced the Hugo RAS system, a revolutionary robot-assisted surgery platform with better flexibility and cost-effectiveness compared to other systems.
- Stryker Corporation
- Intuitive Surgical
- Mazor Robotics
- Kirby Lester
- Esko Bionics
- Johnson & Johnson
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For the purpose of this report, Reports and Data has segmented the Global Medical Robots Market on the basis of product type, application, end-user, and region:
Product Type Outlook (Revenue, USD Million; 2017-2027)
- Surgical Robotic Systems
- Hospitals & Pharmacy Robotic Systems
- Assistive & Rehabilitation Systems
- Non-Invasive Radiosurgery Robotic Systems
Application Outlook (Revenue, USD Million; 2017-2027)
End-User Outlook (Revenue, USD Million; 2017-2027)
- Ambulatory Surgical Centers
- Pharmaceutical & Biotechnology Industries
Regional Outlook (Revenue, USD Million; 2017-2027)
Middle East & Africa
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Table of Contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Medical Robots Segmentation & Impact Analysis
4.1. Medical Robots Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Increasing application in orthopedic and neurosurgery, among others
188.8.131.52. Growing demand for assistive and rehabilitation purposes
184.108.40.206. Advancement in technology
220.127.116.11. Increasing geriatric population
18.104.22.168. Growing demand for minimally invasive surgeries
4.2.3. Market restraints analysis
22.214.171.124. Strict policies and regulation
126.96.36.199. High cost of medical robotics
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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