Medical Robots Market is projected to witness a moderate pace in the Global Market at a CAGR of 17.4% to reach US$ 40 bn by 2032
The medical robots market is projected to witness a moderate pace in the global market at a CAGR of 17.4% between 2022 and 2032.
The medical robots market share is estimated to be valued at US$ 8.1 Bn in 2022 and is projected to reach US$ 40 Bn by 2032. Historically, the market recorded a higher CAGR of 19.6% (2015-2021), resulting in a market size of US$ 2 Bn in 2021.
Medical robots are automated devices that are used in the healthcare industry for a variety of applications, including surgery, rehabilitation, and laboratory automation. These robots are designed to perform complex tasks with high precision, speed, and accuracy, which can improve patient outcomes and reduce the workload of healthcare professionals. The medical robots market has experienced significant growth in recent years due to the increasing demand for minimally invasive surgeries, advancements in technology, and the growing need for automation in the healthcare industry.
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The following are a few of the leading companies on the global market for Medical Robots:
Intuitive Surgical, Stryker Corporation, Accuray, Omnicell, Inc., BD Rowa, Hocoma AG, Medtronic, Smith & Nephew, ARxIUM
The medical robots market is segmented by product type, application, end-user, and region. The product type segment includes surgical robots, rehabilitation robots, non-invasive radiosurgery robots, and others. The surgical robots segment accounts for the largest share of the market due to the high demand for minimally invasive surgeries and the increasing number of surgical procedures performed worldwide. The application segment comprises laparoscopy, neurology, orthopedics, cardiology, and others. The end-user segment includes hospitals, ambulatory surgery centers, and others.
North America dominates the medical robots market due to the high adoption of medical robots, favorable reimbursement policies, and advanced healthcare infrastructure. However, the Asia Pacific region is expected to witness significant growth during the forecast period due to the increasing demand for minimally invasive surgeries and the growing need for automation in the healthcare industry. The market is highly competitive, with major players such as Intuitive Surgical, Inc., Stryker Corporation, and Accuray Incorporated dominating the market.
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The medical robots market is expected to grow at a significant rate during the forecast period due to the increasing demand for minimally invasive surgeries, advancements in technology, and the growing need for automation in the healthcare industry. However, the high cost of medical robots and the potential risks associated with these devices may hinder market growth. Additionally, the limited availability of skilled professionals and the lack of awareness about medical robots may also pose a challenge to market players. Overall, the medical robots market is expected to witness steady growth due to the ongoing efforts to improve the safety and efficacy of medical robots and the increasing adoption of these devices in the healthcare industry.
Despite the presence of multiple companies, the medical robots market is moderately consolidated, as the majority of market demand is fulfilled by advanced solutions from major players.
Western partnerships to improve healthcare, domestic manufacturers’ creation of surgical robots, and many government collaborations with regional universities for research and development are all factors in the country’s growth and competitiveness. These businesses are relying on strategic collaboration activities to grow their market share and profit margins.
- Stryker Corporation (US) gained regulatory approval in Japan in 2020 for the MAKO robotic surgery system for partial knee replacement.
- Accuray (US) introduced the CyberKnife S7 System in 2020, a next-generation CyberKnife platform that offers advanced precision, real-time artificial intelligence (AI)-driven motion tracking, and synchronisation treatment delivery for all stereotactic radiosurgery (SRS) and stereotactic body radiation therapy (SBRT) treatments.
- Medicrea, a pioneer in the change of spinal surgery through artificial intelligence, predictive modelling, and patient-specific implants, was bought by Medtronic (Ireland) in 2020.
- Intuitive Surgical (US) gained FDA approval for the da Vinci Single-port Surgical System in 2019.
- Mobius Imaging, LLC (US) and Cardan Robotics were bought by Stryker Corporation (US) in 2019. (US). This acquisition adds superior imaging and robotics skills, as well as a strong product pipeline.
Key Segments Covered in Global Industry Research
By Product & Service
- Instrument & Accessories
- Robotic Systems
- Orthopedic Surgery
- Pharmacy Applications
- Physical Rehabilitation
- External Beam Radiation Therapy
- Application Medical Robots Market
- Network Medical Robots Market
- Device Medical Robots Market
- Social Engineering
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