Medical Robotics Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis
Medical Robotics Market will reach US$ 72.22 Billion in 2030, according to Renub Research. Medical robotics refers to using advanced robotics technology in medical applications such as surgery, rehabilitation, and diagnosis. Medical robots can assist or replace human activities, such as performing complex surgeries, monitoring vital signs, and providing physical therapy. Medical robotics often involves using advanced technologies like artificial intelligence (A.I.), computer vision, and machine learning to improve the accuracy and precision of medical procedures, reduce complications and recovery time, and enhance patient outcomes. The medical robotics market has been growing steadily in recent years and is expected to continue in the coming years. As a result, Medical Robotics Market was valued at US$ 11.66 Billion in 2022.
The COVID-19 pandemic has added to the adoption of medical robotics by reducing the number of healthcare workers available to perform procedures and increasing the need for contactless patient interactions. As a result, hospitals have rapidly adopted robotic surgery in the U.S. and Europe to treat a wide range of conditions. The most widely used medical computerized surgical system consists of a camera arm and mechanical arms with surgical instruments attached. Robot-assisted procedures encompass various medical interventions, such as removing cancerous tumors, biopsies, repairing heart valves, and gastric bypasses.
Medical Robotics Markets shall expand at a CAGR of 25.60% from 2022 to 2030
The growth driver of the medical robotics market on a global scale is a range of ongoing technological advancements like motion sensors, robotic catheter control systems (CCS), 3D imaging, data recorders, data analytics, H.D. surgical microscopic cameras, and remote navigation. Furthermore, the growing elderly population in various countries has increased the demand for performing medical procedures more efficiently and effectively with robots. Additionally, the medical robotics market propelling shall be due to an anticipated increase in FDA clearances for these products in the forecast period.
The rise of the medical robotics market has been due to government support through funding and initiatives to promote research and development and adopt robotic technology in healthcare facilities worldwide. A notable example is China's National Science and Technology Major Project on Intelligent Robots, a significant government investment seeking to advance the development of intelligent medical robots for diagnosis and treatment.
Laparoscopic application dominates the Global Medical Robotics Market
By application, the medical robotics market categories are Neurology, Cardiology, Orthopaedic, Laparoscopic, Physical, Pharmacy, and Others. Medical robots are gaining popularity because they can perform minimally invasive surgical procedures with greater fidelity and accuracy than humans, reducing patient trauma, pain, and recovery time. They also assist in routine and repetitive physical tasks, freeing up medical personnel for more critical studies, which is crucial in areas with a shortage of skilled medical personnel. In addition, technological advancements have enabled medical robots to become more precise, flexible, and effective in various physical tasks, creating new possibilities for biological applications in the global medical robotics market.
The medical robots market can address the shortage of skilled laparoscopic surgeons in many countries by providing more efficient and accurate healthcare services. They can perform laparoscopic procedures consistently and precisely, minimizing the reliance on highly experienced surgeons. This technology can also lead to cost savings for healthcare facilities by reducing errors and improving productivity. Moreover, the users can program medical robots to perform specific tasks continuously, reducing the need for human staff.
Specialty Centres are rising in the Medical Robotics market as they invest in advanced Technology
Hospitals & Clinics, Specialty Centres, and Rehabilitation Centres are the three end-users available in the medical robotics market. Specialty centers invest in advanced medical robotics technology, offering more precise and minimally invasive surgeries that improve patient outcomes, reduce complications, and shorten recovery time, attracting patients seeking high-quality healthcare services and creating a solid brand image for the center, differentiating it from competitors and attracting patients who value advanced technology and medical expertise.
Thanks to strong government support in many countries, the Asia-Pacific region is poised for growth in the Global Medical Robotics Market
The medical robotics market thrives in several regions, including North America, Europe, Asia-Pacific, and the Middle East & Africa. Healthcare spending has increased in many Asia-Pacific countries, creating more opportunities for medical robotics technology to integrate into their healthcare systems. Governments in the region have supported the development and adoption of medical robotics technology, such as Japan providing funding for research and development. Additionally, the Chinese government is investing in domestic MedTech manufacturers to reduce their dependence on foreign technology, including developing intelligent robots and robotic medical devices such as surgical robots. The da Vinci system was prevalent in China, with over 60,000 operations.
The North American medical robot market is projected to hold the most significant revenue during the forecast period. This can be attributed to the region's advancements in technology, increasing adoption of surgical robots by hospitals, and availability of upgraded medical robots in the market. The market is gaining momentum due to continuous technological advancements in the healthcare industry. Additionally, the market is experiencing growth due to increased funding from both public and private sources. The presence of competent companies responsible for regulating the devices also contributes to the market's growth and stability in the United States.
Key Players
IRobot, Intuitive Surgical, Stryker, Accuray, Medtronic, Smith & Nephew, McKesson, and Ekso Bionics Holdings are some of the major companies in the medical robotics market.
In September 2022 - Titan Medical entered into a limited development program agreement with Medtronic, whereby Medtronic will assess the effectiveness of Titan's instruments and cameras in gynecological procedures aligning with Titan Medical's plan to focus on gynecological procedures as the initial application for its surgical robot.
In June 2022 - Intuitive, a worldwide technology firm specializing in minimally invasive healthcare and a trailblazer in robotic-assisted surgery disclosed that the U.S. Food and Drug Administration had authorized the merging of mobile cone-beam C.T. (CBCT) imaging technology with the Ion Endoluminal System, the employment of which is in robotic-assisted bronchoscopy.
Renub Research report titled “Medical Robotics Market Global Forecast by application (Neurology, Cardiology, Orthopaedic, Laparoscopic, Physical, Pharmacy, and Others), End Users (Hospitals & Clinics, Specialty Centres, and Rehabilitation Centres) Regions (North America, Europe, Asia-Pacific, and Middle East & Africa), Company Analysis (IRobot, Intuitive Surgical, Stryker, Accuray, Medtronic, Smith & Nephew, McKesson, and Ekso Bionics Holdings)"" provides a detailed analysis of Medical Robotics Market.
Application – Medical Robotic Market breakup from 7 Viewpoints:
1. Neurology
2. Cardiology
3. Orthopaedic
4. Laparoscopic
5. Physical
6. Pharmacy
7. Others
End-Users – Medical Robotic Market breakup from 3 Viewpoints:
1. Hospitals & Clinics
2. Specialty Centres
3. Rehabilitation Centres
Regions – Medical Robotic Market breakup from 4 Viewpoints:
1. North America
2. Europe
3. Asia-Pacific
4. Middle East & Africa
Company has been covered from 3 Viewpoints in Medical Robotic market
• Overview
• Recent Development
• Revenue
Company Analysis: Medical Robotic market
1. IRobot
2. Intuitive Surgical
3. Stryker
4. Accuray
5. Medtronic
6. Smith & Nephew
7. McKesson
8. Ekso Bionics Holdings
- 1. Introduction
- 2. Research & Methodology
- 3. Executive Summary
- 4. Market Dynamics
- 4.1 Growth Drivers
- 4.2 Challenges
- 5. Porter’s Five Forces
- 5.1 Bargaining Power of Buyers
- 5.2 Bargaining Power of Suppliers
- 5.3 Degree of Competition
- 5.4 Threat of New Entrants
- 5.5 Threat of Substitutes
- 6. Global Medical Robotics Market
- 7. Share Analysis – Global Medical Robotics Market
- 7.1 By Application
- 7.2 By End Users
- 7.3 By Region
- 8. Application – Global Medical Robotics Market
- 8.1 Neurology
- 8.2 Cardiology
- 8.3 Orthopedic
- 8.4 Laparoscopic
- 8.5 Physical
- 8.6 Pharmacy
- 8.7 Others
- 9. End Users – Global Medical Robotics Market
- 9.1 Hospitals & Clinics
- 9.2 Specialty Centers
- 9.3 Rehabilitation Centers
- 10. Region – Global Medical Robotics Market
- 10.1 North America
- 10.2 Europe
- 10.3 Asia Pacific
- 10.4 Middle East & Africa
- 11. Key Players Analysis
- 11.1 IRobot
- 11.1.1 Company overview
- 11.1.2 Sales Analysis
- 11.1.3 Recent Development
- 11.2 Intuitive Surgical
- 11.2.1 Company overview
- 11.2.2 Sales Analysis
- 11.2.3 Recent Development
- 11.3 Stryker
- 11.3.1 Company overview
- 11.3.2 Sales Analysis
- 11.3.3 Recent Development
- 11.4 Accuray
- 11.4.1 Company overview
- 11.4.2 Sales Analysis
- 11.4.3 Recent Development
- 11.5 Medtronic
- 11.5.1 Company overview
- 11.5.2 Sales Analysis
- 11.5.3 Recent Development
- 11.6 Smith & Nephew
- 11.6.1 Company overview
- 11.6.2 Sales Analysis
- 11.6.3 Recent Development
- 11.7 McKesson
- 11.7.1 Company overview
- 11.7.2 Sales Analysis
- 11.7.3 Recent Development
- 11.8 Ekso Bionics Holdings
- 11.8.1 Company overview
- 11.8.2 Sales Analysis
- 11.8.3 Recent Development
- List of Figures:
- Figure-01: Global – Medical Robotics Market (Billion US$), 2018 – 2022
- Figure-02: Global – Forecast for Medical Robotics Market (Billion US$), 2023 – 2030
- Figure-03: Application – Neurology Market (Billion US$), 2018 – 2022
- Figure-04: Application – Forecast for Neurology Market (Billion US$), 2023 – 2030
- Figure-05: Application – Cardiology Market (Billion US$), 2018 – 2022
- Figure-06: Application – Forecast for Cardiology Market (Billion US$), 2023 – 2030
- Figure-07: Application – Orthopedic Market (Billion US$), 2018 – 2022
- Figure-08: Application – Forecast for Orthopedic Market (Billion US$), 2023 – 2030
- Figure-09: Application – Laparoscopic Market (Billion US$), 2018 – 2022
- Figure-10: Application – Forecast for Laparoscopic Market (Billion US$), 2023 – 2030
- Figure-11: Application – Physical Market (Billion US$), 2018 – 2022
- Figure-12: Application – Forecast for Physical Market (Billion US$), 2023 – 2030
- Figure-13: Application – Pharmacy Market (Billion US$), 2018 – 2022
- Figure-14: Application – Forecast for Pharmacy Market (Billion US$), 2023 – 2030
- Figure-15: Application – Others Market (Billion US$), 2018 – 2022
- Figure-16: Application – Forecast for Others Market (Billion US$), 2023 – 2030
- Figure-17: End Users – Hospitals & clinics Market (Billion US$), 2018 – 2022
- Figure-18: End Users – Forecast for Hospitals & clinics Market (Billion US$), 2023 – 2030
- Figure-19: End Users – Specialty centers Market (Billion US$), 2018 – 2022
- Figure-20: End Users – Forecast for Specialty centers Market (Billion US$), 2023 – 2030
- Figure-21: End Users – Rehabilitation centers Market (Billion US$), 2018 – 2022
- Figure-22: End Users – Forecast for Rehabilitation centers Market (Billion US$), 2023 – 2030
- Figure-23: North America – Medical Robotics Market (Billion US$), 2018 – 2022
- Figure-24: North America – Forecast for Medical Robotics Market (Billion US$), 2023 – 2030
- Figure-25: Europe – Medical Robotics Market (Billion US$), 2018 – 2022
- Figure-26: Europe – Forecast for Medical Robotics Market (Billion US$), 2023 – 2030
- Figure-27: Asia Pacific – Medical Robotics Market (Billion US$), 2018 – 2022
- Figure-28: Asia Pacific – Forecast for Medical Robotics Market (Billion US$), 2023 – 2030
- Figure-29: Middle East & Africa – Medical Robotics Market (Billion US$), 2018 – 2022
- Figure-30: Middle East & Africa – Forecast for Medical Robotics Market (Billion US$), 2023 – 2030
- Figure-31: IRobot – Global Revenue (Billion US$), 2018 – 2022
- Figure-32: IRobot – Forecast for Global Revenue (Billion US$), 2023 – 2030
- Figure-33: Intuitive Surgical – Global Revenue (Billion US$), 2018 – 2022
- Figure-34: Intuitive Surgical – Forecast for Global Revenue (Billion US$), 2023 – 2030
- Figure-35: Stryker – Global Revenue (Billion US$), 2018 – 2022
- Figure-36: Stryker – Forecast for Global Revenue (Billion US$), 2023 – 2030
- Figure-37: Accuray – Global Revenue (Million US$), 2018 – 2022
- Figure-38: Accuray – Forecast for Global Revenue (Million US$), 2023 – 2030
- Figure-39: Medtronic – Global Revenue (Billion US$), 2018 – 2022
- Figure-40: Medtronic – Forecast for Global Revenue (Billion US$), 2023 – 2030
- Figure-41: Smith & Nephew – Global Revenue (Billion US$), 2018 – 2022
- Figure-42: Smith & Nephew – Forecast for Global Revenue (Billion US$), 2023 – 2030
- Figure-43: McKesson – Global Revenue (Billion US$), 2018 – 2022
- Figure-44: McKesson – Forecast for Global Revenue (Billion US$), 2023 – 2030
- Figure-45: Ekso Bionics Holdings – Global Revenue (Million US$), 2018 – 2022
- Figure-46: Ekso Bionics Holdings – Forecast for Global Revenue (Million US$), 2023 – 2030
- List of Tables:
- Table-01: Global – Medical Robotics Market Share by Application (Percent), 2018 – 2022
- Table-02: Global – Forecast for Medical Robotics Market Share by Application (Percent), 2023 – 2030
- Table-03: Global – Medical Robotics Market Share by End Users (Percent), 2018 – 2022
- Table-04: Global – Forecast for Medical Robotics Market Share by End Users (Percent), 2023 – 2030
- Table-05: Global – Medical Robotics Market Share by Region (Percent), 2018 – 2022
- Table-06: Global – Forecast for Medical Robotics Market Share by Region (Percent), 2023 – 2030
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook