Global Medical Robots Market to Witness Promising Growth: Projected to Garner USD 22.8 Billion by 2027
Published | May 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global medical robots market was worth USD 8.7 billion in the year 2020. The market is estimated to grow at the CAGR of 14.9%, earning revenue of around USD 22.8 billion by the end of 2027. Various factors such as the wide applicability of medical robots, and technological advancements in the healthcare sector are contributing to the growth of the global medical robots market. However, the high cost involved in the adoption and installation of medical robots may hinder the market growth in the long run.
Rising Prevalence of Orthopedic Disease will Boost the Market Demand
Robotic surgery is currently being used in a wide range of specialties, including orthopedics. Due to changing lifestyles, the prevalence of orthopedic diseases, especially among the young population, is fueling the demand for medical robots. Orthopedic diseases involve medical conditions and problems related to muscles, bones, nerves, joints, etc. Thus, the increasing number of surgeries for the treatment of orthopedic diseases is driving the growth of the medical robots market. Robotic surgery has the potential to transform orthopedics and several other medical domains, resulting in improved performance and potential cost savings for hospitals.
Expanding Medical Tourism Likely to Support Market Demand during the Forecast Period
The medical robots market is progressing with the rising adoption and use of surgical robots in the healthcare sector. The developing economies offer high-end and complicated surgical procedures at affordable rates, due to which it enjoys high demand for these procedures from patients hailing from Western countries. For example, countries like India, Russia, China, South Africa, etc., are emerging as a hub for medical tourism, thereby, attracting a large number of patients from other countries. Additionally, government funding for optimizing healthcare infrastructure is also boosting medical tourism, which in turn is assisting the growth of the medical robots market.
Surgical Robots will Lead the Market Demand in the Forecast Period
Various types of medical robots are available in the market, such as surgical robots, telepresence robots, rehabilitation robots, and others. Among these, surgical robots dominate the market share and witnessed the highest demand in the year 2020. This growth can be attributed to factors such as rising per capita income in various countries, which is driving up healthcare spending and accelerating the adoption of surgical robots. Additionally, these robots offer high accuracy and precision, which reduces the risk of surgery and hospitalization.
Global Medical Robots Market - Regional Insights
Geographically, the market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). Among all these regions, North America holds the largest revenue share in the global medical robots market, with high demand for surgical and rehabilitation robots.
The APAC market is also projected to expand at the fastest pace during the forecast period. Growing demand from the major markets of Japan and China, as well as an increase in the number of chronic diseases in the APAC area, are driving the market growth.
Impact of Covid-19 on the Global Medical Robots Market
The COVID-19 epidemic has wreaked havoc on businesses across sectors on an unparalleled scale. The pandemic has had a negative effect on the medical robots industry as well. The ongoing pandemic has resulted in a temporary suspension of surgical procedures worldwide. To prevent the spread of the deadly virus, all non-emergency medical cases, including all types of surgeries have been postponed. Due to the decline in surgical procedures, the medical robots industry saw a decrease in revenue. However, in the post-COVID-19 era, the demand for these robots is expected to flourish as it enables human-less surgeries and other medical procedures, ensuring the safety of both healthcare professionals and patients to a large extent.
The leading players of the medical robots market are Smith & Nephew, Zimmer Biomet, Intuitive Surgical, Inc., Ekso Bionics, BIONIK, Stryker, Cyberdyne, Inc., Medtronic, Accuray, ARxIUM, Hocoma AG, BD Rowa, Omnicell, Inc., Varian Medical Systems, Renishaw plc., Mckesson Corporation, Intouch Technologies Inc., Capsa Healthcare, Aethon, and other prominent players.
The key market players are investing big in research and development for improving the efficiency of their products. They are focusing on launching new products with more functions and applications to expand their product portfolio and consumer base.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical robots market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global medical robots market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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