Medical Robots Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Medical Robots Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global medical robots market is poised for substantial growth in the coming decade, with a projected Compound Annual Growth Rate (CAGR) of 19% between 2022 and 2032. The market's estimated worth in 2024 stands at US$ 11 billion and is anticipated to reach a remarkable US$ 38 billion by 2031.

Driving Factors for the Medical Robots Market

The surge in demand for precise laparoscopic surgeries, the aging population's increasing need for surgical interventions, and a growing number of trauma cases are primary drivers of the medical robots market. The adoption of medical robots in surgical procedures has significantly enhanced operational efficiency.

Additionally, the global shift towards minimally invasive surgeries over traditional open surgical methods is further fueling the demand for medical robots. The market is witnessing the launch of new and improved procedure-specific robots, making medical robots increasingly efficient in performing laparoscopic procedures.

Moreover, the benefits of reduced post-surgical complications, shorter hospital stays, and lower operating costs are driving steady growth in the global medical robots market.

Impact of COVID-19 on the Medical Robots Market

While the COVID-19 pandemic temporarily affected the medical robots market due to the cancellation of elective surgeries worldwide, the market is showing resilience. Approximately 28 million procedures were canceled during the pandemic, leading to a decline in revenue from the sale of instruments and accessories.

However, the ongoing battle against the pandemic has highlighted the essential role of machines and robots in various medical tasks, ultimately driving the demand for medical robots. Healthcare institutions, faced with financial challenges, are seeking growth opportunities in the medical robot sector.

Factors Contributing to Market Growth

The adoption of medical robots is propelled by factors such as the rising prevalence of neurological and orthopedic diseases, increased research and development activities by companies, advanced healthcare infrastructure, and rapid technological advancements.

The growing popularity of minimally invasive surgeries (MISs), an aging population, increased funding for medical robot research, and the acceptance of laparoscopic robot-assisted procedures are all contributing positively to the medical robots market. The global rise in chronic diseases, increased demand for minimally invasive procedures, and expanding healthcare facilities are further driving market expansion.

Opportunities and Challenges

Key opportunities in emerging markets, where surgical procedures are on the rise, hold significant growth potential for medical robot manufacturers. Lower costs for radiation treatments in emerging countries and fewer regulatory restrictions are making these markets attractive for medical robot companies.

However, challenges include the high cost of minimally invasive surgeries compared to traditional methods, concerns about the reliability of robotic medical surgery systems, and a shortage of skilled medical personnel due to increased reliance on technology.

Market Segmentation

The gastrointestinal surgeries segment is expected to dominate the medical robots market by application, with a projected CAGR of 17.2% through 2031. The instruments and accessories sector is anticipated to grow at a CAGR of 18.5% during the forecast period, driven by recurring purchases.

Hospitals are expected to account for the largest market share in 2031, with a CAGR of 16.8%, owing to the increasing use of medical robots and the rising number of surgical procedures performed in hospitals.

Leading Regional Markets

The United States is poised to lead the global medical robots market with a projected CAGR of 16.4% and an expected market value of US$ 13.4 billion by 2031. The Asia Pacific region, particularly China, Japan, and India, is experiencing significant growth due to expanding healthcare centers and rising capital investments.

The United Kingdom is expected to exhibit the highest CAGR of 17.5% during the forecast period, while Latin America is witnessing growth due to increased occurrences of multiple health diseases. The Middle East and Africa market is anticipated to grow modestly, driven by an aging population and awareness of AI applications.

Competitive Landscape

The medical robots market exhibits a fragmented yet moderately consolidated competitive landscape, with various players contributing to market demand. Key companies profiled in this market include:
• Intuitive Surgical
• Stryker Corporation
• Omnicell
• BD Rowa
• ARxIUM

Market Segmentation:

By Product & Service
• Instrument & Accessories
• Robotic Systems
• Services

By Application
• Laparoscopy
• Orthopedic Surgery
• Pharmacy Applications
• Physical Rehabilitation
• External Beam Radiation Therapy
• Neurosurgery
• Others

By Solutions
• On-Premises
• Cloud

By End-user
• Application Medical Robots Market
• Network Medical Robots Market
• Device Medical Robots Market
• Social Engineering

By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

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