Medical Robotics Market Overview
Medical Robotics Market was estimated at $7.34Bn in 2019, growing at a CAGR of 7.33% during the forecast period 2021 - 2026. It is a technology used in healthcare industry to aid healthcare professionals diagnose and treat diseases that corrects, restores or modifies bodily functions. It allows surgeons to carry out operations more precisely and in a less invasive way. It increases the accurateness of the operation with wide range of advantages such as decreased risk of infection, decreased post-operative pain and possess less life risks. It is used to perform repetitive tasks at high speeds, reliably with the help of telemanipulators without fatigue. Rehabilitation robots, Biorobots, Telepresence robots and others are the types of robots used to perform surgeries such as kidney transplant, gallbladder removal, hysterectomy and others. Non-invasive Radiosurgery Robots is used for the treatment of oncology by medical robotic system.
Key Takeaways
- Rising technological advancements to cure patients through non-invasive methods are set to promote the scope of medical robotics market size.
- Rising government initiatives with an objective of improving awareness about diagnosis and treatment; increasing instances of intricate medical conditions such as cancer, cardiovascular disease, gynecological diseases and others; increasing need of automation and advanced devices is estimated to contribute to the growth of the market.
- Asia-Pacific region is estimated to record the fastest growth rate during the forecast period 2021 - 2026.
By Type - Segment Analysis
In 2019, Surgical Robots segment dominated the Medical Robotics Market in terms of revenue is estimated to grow with a CAGR of 6.44%. It is a type of minimally invasive surgery which utilizes robotics for performing surgical procedures. These robotic systems are operated by surgeons and consist of miniaturized surgical instruments which are mounted on robotic arms, thus allowing surgeons to perform the surgeries precisely. It is used in laparoscopic surgery with less blood loss, lesser pain and faster recovery. With better visualization it is able to operate more accurately to cure patients which are the key factor of the market’s growth.
Geography - Segment Analysis
In 2019, the North America region dominated Medical Robotics Market in terms of revenue with a market share of 47%. It is owing to the relatively large federal grants from the government of health sector, government funding. The American Cancer Society introduced a nationwide program to increase the awareness about the benefits of medical robotics that is leading the market growth. Asia-Pacific region is estimated to record the fastest growth rate during the forecast period 2021 - 2026, owing to the presence of a large target population in China and India.
Drivers – Medical Robotics Market
- Preference Of Non-Invasive Procedure
Medical robotic system uses non-invasive surgeries in the field of gynecology, cosmetology, open surgery, laparoscopic procedures, and others. These procedures offers negligible complications, diminish the threat of infections, reduce pain, and have quicker recovery. Traumatic injuries, cancers and cardiovascular disease raise the impact of surgical intervention in medical robotic market.
Challenges – Medical Robotics Market
- High-Cost
It is quite evident that there is very less amount of hospitals that are capable of investing in the advanced instruments for the treatment of patients. Most of the hospital or clinical chains step back from having medical robotics owing to its high price. In the other hand, hospitals with these medical robots are forced to provide services at higher prices owing to the functional cost of the technology.
Medical Robotics Industry Outlook
Product Launches was the key strategy of the players in the Medical Robotics Industry. Medical Robotics top 10 companies include Intuitive Surgical Inc., Accuray Inc., Stryker Corporation, Hacoma AG. Major Robotics Ltd, Titan Medical Inc., Hansen Medical Inc., MedtEch S.A., Kuka Roboter GMBH, and Irobot Corporation.
Acquisitions/Product Launches
- In February 2020, Intuitive Surgical Inc. acquired Orpheus Medical. This acquisition helped the company in enhancing its product portfolio, in offering information technology connectivity and archiving surgical video to hospitals around the world..
- In July 2016, Stryker Corporation launched EMP tool that claims data and identify cost improvement and efficiency areas in order to improve outcomes and profitability in the orthopedics business.
Medical robots, surgical robots, minimally invasive surgery, exoskeleton, robotic catheters, telemedicine robots, hospital robots,rehabilitation robots,biorobots, oncology
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