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Medical robots are revolutionizing healthcare services by enabling minimally invasive surgeries and enhancing treatment outcomes. Medical robots utilize advanced robotics, artificial intelligence, and machine learning technologies and assist surgeons in complex surgical procedures. Medical robots help to improve clinical workflows, reduce surgical risks, and provide consistent outcomes at a larger scale.
The Global Medical Robots Market is estimated to be valued at US$ 11.47 Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Medical robots have brought a paradigm shift in healthcare by automating repetitive tasks, minimizing invasive procedures and improving quality of surgical care. Some key applications of medical robots are in surgery, rehabilitation, hospital & pharmacy automation and others. The growing need for accurate minimal invasive surgeries and advantages such as high end Dexterity, 3D visualization, better consistency and precision are expected to drive the demand for medical robots in the coming years.
Key Takeaways
Key players operating in the Medical Robots are Auris Surgical Robotics, Inc. (Hansen Medical Inc.), Accuray Incorporated, iRobot Corporation and Medrobotics Corporation. These companies have developed innovative robotic platforms for specific clinical needs.
The growing demand for medical robots stems from increasing geriatric population suffering from chronic diseases, rising healthcare expenditure and shortage of skilled healthcare workers. Furthermore, advantages of medical robots such as shorter hospital stays and quicker recovery periods are boosting their adoption globally.
Medical robots are witnessing wider acceptance globally driven by their ability to improve surgical workflows and outcomes. The markets in United States, Japan and European countries are projected to experience high growth owing to expanding applications of medical robots and significant reimbursement cover for robotic surgeries. The emerging economies will provide new growth avenues due to increasing investments in healthcare infrastructure and rising medical tourism.
Market Key Trends
The medical robots market is poised to grow tremendously due to technological advancements in robotics. Miniaturization of components is allowing the development of smarter and smaller medical robots for diverse applications including laparoscopy, neurology and physical rehabilitation. Miniature robots assist in wound healing, targeted drug delivery, and cell repair through micro-manipulation at molecular and cellular levels. The ongoing advancements are expected to make medical robots more affordable and accessible to hospitals globally. Furthermore, integration of artificial intelligence into medical robots is garnering increased focus to achieve higher accuracy, automation and improved outcomes in complex surgeries. This is anticipated to revolutionize healthcarerobotics in the forthcoming years.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale pose high barriers for new entrants.
Bargaining power of buyers: Large healthcare institutions have higher bargaining power over prices.
Bargaining power of suppliers: Few major suppliers with differentiated products give them bargaining power over buyers.
Threat of new substitutes: Emergence of new surgical techniques can pose threat of substitution.
Competitive Rivalry: Intense competition.
Geographical regions
North America currently holds the largest market share of over 35% globally. High healthcare expenditure, well-developed healthcare infrastructure and increasing adoption of medical robots are major factors driving the market growth in the region.
Asia Pacific is projected to be the fastest growing market during the forecast period. Rising population, increasing awareness about benefits of medical robotics, improving healthcare infrastructure and growing demand for minimally invasive surgeries are expected to boost market growth in Asia Pacific region. Countries like China, Japan and India are expected to witness high demand for medical robots.
Geographical Regions
Europe is the second largest market for medical robots globally. Germany, France, UK and Italy are some of the major country markets in Europe. Presence of well-established robotic companies, technological advancements and increasing funding for R&D of robotic-assisted surgical systems are promoting market growth in Europe. Latin America and Middle East & Africa are expected to offer lucrative opportunities over the coming years.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
