Healthcare Robotics Market: Current Analysis and Forecast (2021-2027)

Healthcare Robotics Market: Current Analysis and Forecast (2021-2027)

Global Healthcare robotics Market is anticipated to grow with an elevated CAGR of around 15% over the forecast period (2021-2027). Healthcare robots are designed perfectly with the blend of medicine and technology. These robots allow surgeons to perform surgeries with almost perfect precision and are considered an alternative method to minimally invasive surgeries.

With the rapid advancement in medical technology and enhanced awareness amongst the population regarding the utilization of new & innovative technologies, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the healthcare robotics market is witnessing an uptick all over the globe. For instance, in November 2021, Max hospital launched Da Vinci Xi Surgical Robot at the hospitals for performing robotic-assisted minimally invasive surgeries. This robot enables surgeons to perform complex surgeries with increased precision and flexibility in various disciplines such as Oncology, Urology, Minimal Access, Bariatric and Robotic Surgery, Gynecology, General Surgery, and Thoracic Surgery, among others.

Additionally, the demand for healthcare robotics is increasing on account of the rising penetration of advanced technologies and growing adoption of robotic surgeries due to the increased efficiency and success rate provided by these surgeries, along with the “minimally invasive” nature of the surgeries. This is evident from the fact that between 2016 and 2021, the global healthcare industry ordered 38,400 robotics units. Furthermore, the developing healthcare IT infrastructure in various developing countries and ongoing investment in the healthcare sector, particularly for the development of advanced and more effective technology that can provide affordable and timely treatment to the patients is also expected to propel the healthcare robotics market in the near future. Accuray Incorporated, Auris Health Inc., Stryker Corporation, Becton, Dickinson, and Company, Agilent Technologies Inc., FUJIFILM Holdings Corporation, Medtronic plc, Smith & Nephew plc, Intuitive Surgical Inc., Siemens Healthineers AG, are some of the prominent players operating in the healthcare robotics market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and advanced medical robots.

Insights Presented in the Report
"Amongst Product, systems segment holds the major share”

Based on product, the healthcare robotics market is segmented into systems and instruments & accessories. The systems segment accounted for a significant market share in 2020 and it is estimated to grow considerably during the forecast period. This segment is further sub-segmented into surgical robots, diagnostic robots, hospital & pharmacy robots, rehabilitation robots, and others. The growth of this segment can be attributed to the rising adoption of various types of robotic systems and frequent product launches in the market. For example, in 2019, BIONIK Laboratories Corp. launched Next-Generation InMotion ARM/HAND Robotic System. This system was developed to assist patients with mobility impairments and to improve rehabilitation for stroke survivors.
"Amongst End-Users, hospitals and pharmacies segment holds the major share”

Based on end-users, the healthcare robotics market is divided into hospitals and pharmacies, rehabilitation centers, and home care settings. The hospitals and pharmacies segment grabbed major market share in 2020 and is anticipated to grow with a lucrative CAGR in the upcoming years owing to the growing adoption of robots in hospitals for performing surgeries as medical robots allow surgeons to more dexterously manipulate surgical instruments or catheters inside the patient's body during minimally invasive surgeries. Furthermore, medical robots are being used in pharmacies across the world for drug dispensing owing to their efficiency and vitally which in turn is also driving the growth of this segment.
"North America represents one of the largest markets of healthcare robotics market”

For a better understanding of the market dynamics of the healthcare robotics market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the healthcare robotics market industry in 2020 owing to the presence of well-established market players in the region and frequent product launches.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry