Medical Robots Market by Product Type (Surgical Robotic Systems, Rehabilitative Robotic Systems, Non-Invasive Radiosurgery Robots, Hospital, and Pharmacy Robotic Systems), Regional Outlook - Global Forecast up to 2030

Medical Robots Market by Product Type (Surgical Robotic Systems, Rehabilitative Robotic Systems, Non-Invasive Radiosurgery Robots, Hospital, and Pharmacy Robotic Systems), Regional Outlook - Global Forecast up to 2030

This study conducted four primary actions to ascertain the Medical Robots Market present size. Data regarding the market, its parent market, and its peer markets were gathered through an extensive study that was carried out utilizing secondary research techniques. In order to validate these findings, hypotheses, and sizing with industry experts across the value chain, primary research had to be done. To determine the total market size, a mix of top-down and bottom-up techniques was employed. Next, data triangulation techniques and market breakdown were used to estimate the market sizes of segments and subsegments.

During the primary research phase, a comprehensive approach was adopted, involving interviews with a diverse array of sources from both the supply and demand sides. These interviews aimed to gather qualitative and quantitative data essential for compiling this report. Primary sources primarily comprised industry experts spanning core and related sectors, as well as favored suppliers, manufacturers, distributors, service providers, technology innovators, and entities associated with all facets of this industry's value chain. In-depth interviews were meticulously conducted with a range of primary respondents, including key industry stakeholders, subject-matter authorities, C-level executives representing pivotal market players, and industry advisors. The objective was to obtain and authenticate critical qualitative and quantitative insights and to evaluate future potentialities comprehensively.

Medical Robots Market based on Product Type:

• Surgical Robotic Systems
• Rehabilitative Robotic Systems
• Non-invasive Radiosurgery Robots
• Hospital and Pharmacy Robotic Systems
• Other Robotic Systems

Medical Robots Market based on Geography:

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe (RoE)
• Asia Pacific (APAC)
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
• Brazil
• Argentina
• Rest of South America
• Middle East and Africa (MEA)
• UAE
• Turkey
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Worldwide, hospital readmissions are primarily caused by medication errors and dispensing problems. Medication errors, as defined by the National Coordinating Council for Medication Error Reporting and Prevention, are any preventable incidents that may lead to inappropriate medication use or patient injury while the medication is being administered under the supervision of a healthcare provider, patient, or consumer. Medication errors can be caused by a number of major factors, including inadequate order communication between doctors and pharmacists, misinterpretations of similar labels and prescriptions during drug preparation, administration, or dispensing, and unsafe pharmacy storage practices.

Automated pharmacy systems are seen to be among the best ways to lessen these mistakes. The number of medication errors and dispensing errors in hospitals significantly decreased the last time automated dispensing machines (ADMs) and automated dispensing cabinets (ADCs) were successfully used. Therefore, governments in a number of nations are encouraging the use of automated dispensing and pharmaceutical equipment in pharmacies and hospitals in an effort to reduce drug and dispensing errors. The use of pharmacy automation technologies has increased as a result of this.

When compared to less invasive procedures, the use of robotic-assisted surgeries is typically more expensive. The American Congress of Obstetricians and Gynecologists recommends saving robotic hysterectomy for uncommon and difficult situations. In the US, hysterectomies may cost up to USD 960 million more year if robotic surgery were used for all of them. Mantra, a robotic surgical system from SS Innovations (India), costs about Rs 4.5 crore. The da Vinci system, a popular robotic platform, costs between USD 1.5 million and USD 2.5 million (about Rs 15 crore). As a result, the rising costs related to robotic surgery are expected to hinder the market expansion for medical robots.

Growing economies in emerging regions offer profitable opportunities for companies in the medical robotics industry, mainly due to the growing use of surgical robots in a variety of procedures. Emerging nations have seen a significant increase in surgical procedures over the last ten years, driven by a growing patient population and a rise in medical tourism. Remarkably, countries such as Brazil, Russia, India, China, and South Africa have become some of the fastest-growing economies globally and are expected to account for one-third of all healthcare spending worldwide by 2022, according to the World Economic Forum.

Compared to industrialized equivalents, emerging economies such as India provide radiation treatments at significantly lower costs. For example, according to data from Tour2India 4Health Group, CyberKnife procedures can cost anywhere from USD 50,000 to $100,000 in the US, but about 60-80% less in India. Furthermore, the regulatory environment is typically less onerous and requires less data in underdeveloped countries. Market participants embrace regulatory rules because they are seen as more flexible and business-friendly, especially in the Asia-Pacific area.

Thus, the increasing trend in healthcare expenditure and surgical procedures, along with the deliberate forays of prominent industry participants into developing economies, herald substantial prospects for the medical robotics domain.

Prominent players in medical robots market include Intuitive Surgical, Inc. (US), Stryker Corporation (US), Medtronic Plc (US), Becton, Dickinson And Company (US), Omnicell, Inc. (US), Arxium (Canada), Asensus Surgical, Inc.(US), Zap Surgical Systems, Inc.(US), Renishaw Plc (UK), Smith & Nephew Plc (UK), Zimmer Biomet Holdings, Inc. (US), DIH Holdings US Inc. (US), Accuray Incorporated (US), CMR Surgical (UK), Ekso Bionics Holdings, Inc. (US), Bionik Laboratories Corp. (US), Lifeward, Inc. (Israel), Cyberdyne Inc.(Japan), Avateramedical Gmbh.(Germany),Johnson & Johnson (US), Swisslog Healthcare (Switzerland), Relay Robotics (US), Aethon (US), Xenex Disinfection Services Inc. (US), and Zoll Medical Corporation (US).

• This report illustrates the most vital attributes of the Medical Robots Market, which are driving and providing opportunities.
• This research gives an in-depth analysis of the Medical Robots Market growth on the basis of several segments in the market.
• This report presents the predictions of the past and present trends of the Medical Robots Market.
• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Medical Robots Market.