Global Medical Robots Market Size, Share, and COVID-19 Impact Analysis, By Offering (Robotic Systems (Surgical Robots, Rehabilitation Robots, Telemedicine Robots, Pharma Robots, Medical Service Robots, Others) & Instrument & Accessories), By Application (Cardiology, Neurology. Laparoscopic, Orthopedic & Others), By End User (Hospitals, Ambulatory Surgery Centers, Rehabilitation Centers & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The medical robots market was valued at USD 10.11 Billion in 2021. The market is projected to grow USD 22.89 Billion in 2030, at a CAGR of 14.4%.

Medical robots are characterized as professional service robots utilized both within and outside of hospitals to raise the standard of care provided to patients. By reducing the workload of medical staff, they free up more time for direct patient care, and they also establish major operational procedures that increase efficiency and lower the cost of investments in healthcare facilities. Medical robots are a relatively new breakthrough in the world of medicine because they enable surgeons to do minimally invasive procedures while handling surgical instruments or catheters inside the patient's body with greater dexterity. The most important advantages of medical robots are that they make procedures more successful and successful surgeries are performed more quickly and accurately within set boundaries. Medical robots also provide accurate patient monitoring, lowered infection risk, and other benefits.

COVID-19 ANALYSIS

The market for medical robots will suffer as a result of the epidemic. The epidemic has caused a temporary worldwide prohibition on elective surgery, which has caused elective surgery cancellations. In a paper released by the CovidSurg Collaborative, researchers estimate that during the 12 weeks of the COVID-19 pandemic's peak impact, almost 28 million procedures were postponed globally. Due to the inability to obtain revenue from the sale of instruments and accessories, the market for medical robots has experienced a decline in sales. The number of daVinci surgical procedures performed in the second quarter of 2020 compared to the second quarter of 2019 decreased by almost 20%, according to Intuitive Surgical. Third-quarter decline is anticipated to continue due to the growing instance of COVID-19 in different regions.

TREND

Increasing Automation of Medical Machines

Equipped with AI, IoT or cloud-based technologies are supporting ongoing innovations that leading to surge automation workflow in medical sector. The innovative discovery of medical and pharma applications with the support of advanced technologies creating the demand of robots in healthcare industry. For instance, Intel will be collaborating with several technology providers and researchers to look into the following generation of robotics solutions.

DRIVERS

Prevalence of Surgical Procedures

The rising surgical procedures and healthcare expenditure is likely to aid the market growth of the global medical robot market. Nowadays, robots are not limited to operational settings but also helping to support health professionals and improve patient care. Robotic surgery is becoming more and more common in a variety of surgical procedures.

Increasing Adoption of Surgical Robots in Developing Regions

Robotic surgery is becoming more and more common in a variety of surgical procedures. The growing adoption of surgical robot in developing regions is boosting the demand of robotic assisted surgeries around the world.

RESTRAINT

High Cost Associated with Robotic Assisted Surgery Procedures

The expensive robotic assisted surgery procedure is likely to hamper the growth of the global medical robot market. The results of surgery for kidney tumours and rectal cancers are not improved by robotic-assisted surgery, which is significantly more expensive than other minimally invasive procedures. Concerns have also been raised concerning the rapid expansion of robotic surgery in regions where there is little data to back it up. For instance, the cost of the CyberKnife radiosurgery robotic system ranges from USD 4.2 to 5.2 million per unit, while the cost of the most widely used robotic system, the da Vinci system, is between USD 1.0 million and USD 3.0 million.

SEGMENTATION INSIGHT

The global medical robots market is segmented by Offering (Robotic Systems (Surgical Robots, Rehabilitation Robots, Telemedicine Robots, Pharma Robots, Medical Service Robots, Others) & Instrument & Accessories), By Application (Cardiology, Neurology, Laparoscopic, Orthopedic & Others), By End User (Hospitals, Ambulatory Surgery Centers, Rehabilitation Centers & Others) and Region. Based on the offering, the market is categorized robotic systems (surgical robots, rehabilitation robots, telemedicine robots, pharma robots, medical service robots, others) & instrument & accessories. Based on application, the market is categorized into cardiology, neurology, laparoscopic, orthopedic & others. Based on end user, the market is categorized into hospitals, ambulatory surgery centers, rehabilitation centers and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

By Offering

Based on the offering segment, the global medical robots market is categorized into robotic systems, instrument & accessories. The robotic systems are further categorized into surgical robots, rehabilitation robots, telemedicine robots, pharma robots, medical service robots, others. The surgical robots segment has dominated the market share in 2020 of global medical robots market owing to enable patients to receive more advanced care with less downtime. A highly educated physician uses robotic technology to do surgery through tiny incisions, but other organs like the bladder, prostate, and the digestive system can also be treated with robotic surgery. Robotic systems' advantages, including less blood loss, shorter hospital stays, and quicker recovery, are propelling this market's revenue growth.

By Application

Based on the application segment, the global medical robots market is categorized into cardiology, neurology, laparoscopic, orthopedic & others. The laparoscopic segment has dominated the market share in 2020 of global medical robots market owing to benefits of minimally invasive surgery, including smaller and more aesthetically acceptable incisions, less postoperative pain, quicker healing, shorter hospital stays, and speedier return to work, are driving this segment's revenue growth.

By End User

Based on the end user segment, the global medical robots market is categorized into hospitals, ambulatory surgery centers, rehabilitation centers, others. The hospitals segment is dominated the market share in 2020 of global medical robots market owing to infrastructure for healthcare has improved and advanced facilities are present in emerging nations. The emergence of specialty hospitals equipped with robotic technology is promoting market expansion. Increased spinal cord injuries (SCI) are anticipated to increase demand in international markets.

REGIONAL INSIGHTS

The global medical robots market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region is dominating the market share of global medical robots market owing to the robotic surgery in particular has been swiftly accepted for a variety of treatments in the United States. It has steadily superseded traditional laparoscopic surgery and is becoming more popular for operations that require open surgery, such prostatectomy. This has been partly fueled by aggressive marketing and hospital competition to provide the most cutting-edge technologies. For instance, according to an article of National Library of Medicine, the robotic surgeries have increased from 1.8% to 15.1% from 2012 to 2018.

However, Asia Pacific region is anticipated to grow over the next few years of global medical robots market owing to due to hospital industry consolidation and an increase in the number of private firms joining the hospital market. This is anticipated to fuel expenditures in hospital infrastructure in developing nations and fuel regional demand for medical robots.

LIST OF KEY COMPANIES PROFILED:

· Accuray Incorporated

· ARxIUM

· Asensus Surgical Inc.

· BD

· Capsa Healthcare

· Ekso Bionics

· Hocoma

· Intuitive Surgical

· Medtronic

· Omnicell, Inc.

· Smith & Nephew

· Stryker

· Zimmer Biomet

· Others

Key Developments:

• June 2022- Accuray Incorporated collaborated with Limbus AI Inc to improve Accuray's adaptive radiotherapy solutions by utilising Limbus’s cutting-edge AI-driven technology.
• September 2020- Stryker announced the installation of its 1,000th Mako System, a significant achievement for Mako SmartRobotics.
• June 2020- Accuray Incorporated launched the CyberKnife® S7™ System which is an innovative device with features including advanced precision, combining speed, and real-time artificial intelligence (AI)-driven motion tracking and synchronization treatment delivery for all stereotactic radiosurgery in less time.

SEGMENTATION

By Offering

• Robotic Systems
  • Surgical Robots
  • Rehabilitation Robots
  • Telemedicine Robots
  • Pharma Robots
  • Medical Service Robots
  • Others
• Instrument & Accessories

By Application

• Cardiology
• Neurology
• Laparoscopic
• Orthopedic
• Others

By End User

• Hospitals
• Ambulatory Surgery Centers
• Rehabilitation Centers
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa