Report Overview

The global medical robots market is flourishing by leaps and bounds and was worth USD 8.7 billion in the year 2020. The market is further projected to grow at a CAGR of 14.9% and to reach worth USD 22.8 billion during the forecast period (2021-2027).

Global Medical Robots Market- Industry Trends & Forecast Report 2027

The global medical robots market is flourishing by leaps and bounds and was worth USD 8.7 billion in the year 2020. The market is further projected to grow at a CAGR of 14.9% and to reach worth USD 22.8 billion during the forecast period (2021-2027). Robot-assisted training and surgeries are used for a variety of purposes, including surgeries, recovery, and more. They provide several advantages over traditional healthcare services. Furthermore, the high accuracy offered by robots, combined with the industry's growing focus on research and development, are significantly contributing to the market's growth.

Source: BlueWeave Consulting

Global Medical Robots Market- Overview

Medical robots are fast, efficient, and accurate in their execution of tasks. These robots are becoming more common these days because, as compared to human surgeons, they are capable of performing vital and complicated surgeries with extreme precision. The application of robots in the medical industry is very vast. Robots are nowadays increasingly used in orthopedic surgery, laparoscopy, emergency medicine, neurosurgery, and a variety of other medical fields. Robotic surgery has a high success rate, which is why it is gaining popularity worldwide.

Due to the increasing incidences of chronic diseases, an aging global population, enhanced reimbursement strategies, and public initiatives and funding to develop technologically advanced devices, the global medical robots market is expected to grow at a rapid pace during the forecast period.

Global Medical Robots Market Forecast and Trends

Growth Drivers

Increase in Laparoscopic Surgical Procedures

Robot-assisted laparoscopic surgery is one of the most commonly performed general surgical procedures. In recent years, there has been a rapid transition toward robot-assisted laparoscopic surgical procedures over traditional surgeries. This is because these surgeries are minimally invasive and offer lower risks as they involve smaller incisions on the body which ensures little blood loss. Robotic-assisted services are highly efficient in performing laparoscopic surgeries and offer high precision. Surgical robots are being devised to expand human surgeons' capacities beyond the limitations of traditional laparoscopy. As a result, the demand for these robots is gaining traction and is expected to multiply during the forecast period, thereby propelling the growth of the global medical robots market.

The Precision Offered by Robot-Assisted Surgeries

The medical robots are highly efficient and can perform minimally invasive surgeries with ease as compared to human surgeons. In comparison to traditional open surgery, robotic surgery requires fewer incisions, which reduces pain and scarring while also allowing for a shorter hospital stay and quicker recovery. Therefore, robot-assisted surgeries are getting more and more popular among patients. Hospitals are, therefore, increasingly investing in medical robots, which is fueling the growth of the medical robots market. Robot-assisted surgeries are also beneficial to surgeons because it allows them to perform complicated surgical procedures that would have been challenging, without the assistance of the robot.

Restraints

Expensive Robotic System and Devices may hinder the Market

The manufacturing of medical robots involves high production costs which may hinder the market growth as not many hospitals and private clinics can afford such a large investment. Moreover, the hospitals equipped with those medical robots only use them for complicated and life-saving procedures. In addition, the costs of maintaining these devices put additional financial pressure on healthcare facilities. Additionally, hospital budget cuts have stifled the introduction of medical robots. What’s more, over the forecast era, the lack of qualified medical professionals and safety issues concerning robotic surgery systems are expected to restrict the adoption of medical robotics.

Impact of Covid-19 on Global Medical Robots Market

The COVID-19-induced pandemic situation has had a negative impact on the global medical robots market. As soon as the WHO declared the novel coronavirus a pandemic, numerous non-emergency surgical procedures were postponed or canceled to prevent the spread of the virus, resulting in a significant drop in demand for medical robots.

Furthermore, due to the economic recession in several countries and the unavailability of resources, the healthcare system went under a lot of strain. As a result, the investments in medical robots were cut down tremendously due to which the demand for medical robots witnessed a sudden slump. However, the demand for medical robots is likely to return to pre-COVID levels by 2022.

Global Medical Robots Market - By Product

Based on product, the global medical robots market is segmented into surgical robots, rehabilitation robots, telepresence robots, and others. Among these, the surgical robots registered the highest demand in the year 2020 and are further estimated to grow during the forecast period. Surgical robots are self-powered devices controlled by computers. These robots can be programmed to assist with surgical instrument positioning and manipulation, which in turn increases the precision, flexibility, and control of surgeons. The growing demand for surgical robots across the globe is driving the growth of the global medical robots market.

Global Medical Robots Market - By End-User

Based on end-user, the global medical robots market is categorized into hospitals, ambulatory, surgery centers, rehabilitation centers, and others. The hospital segment held the largest market share in the year 2020 and is further estimated to grow at an impressive CAGR in the forecast period. The rising adoption of medical robots in hospitals for conducting various medical procedures, along with the rising number of people approaching hospitals for surgeries is expected to fuel the market demand for medical robots during the forecast period.

Global Medical Robots Market - Regional Insights

Geographically, the global medical robots market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). North America dominated the market in the year 2020 with the highest market share. The region's advanced healthcare infrastructure is a major factor driving the growth of the medical robots market in North America. Furthermore, with a high GDP and per capita income, healthcare expenditure is also high in the region, which drives the demand for hospital and surgical robots for critical surgeries in North America.

Competitive Landscape

The leading players of the global 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 competitive landscape of this market is very consolidated with only a few players dominating the larger share in the market. The companies are focusing and investing huge amounts into research and development for launching new products and expanding their product portfolio for market growth.

Recent Development

• In February 2021, SS Innovations—an India-based non-profit organization aiming to expand access to robotic surgical procedures through clinical experience, patient outreach, and technological development, announced its plan to commercially launch India's first and the world's most affordable general robotic surgery platform within the next 4-6 months.

• In October 2020, Medical Microinstruments, based in Italy, unveiled its Symani Surgical System, a robotic device that enables surgeons to execute some of the most complex microsurgeries with greater accuracy and fewer complications.

Scope of the Report

By Product

• Surgical Robots

• Rehabilitation Robots

• Telepresence Robots

• Others

By End-User

• Hospitals

• Ambulatory

• Surgery Centers

• Rehabilitation Centers

• Others

By Region

• North America

• Europe

• Asia-Pacific (APAC)

• Latin America (LATAM)

• Middle-East & Africa (MEA)