Home > Pressrelease > Medical Robots Market size to surpass $50 Bn by 2032
Medical Robots Market size to surpass $50 Bn by 2032
- Published Date: March 28, 2023
Medical Robots Market size is anticipated to be worth more than USD 50 billion by 2032, according to a new research report by Global Market Insights Inc.
The mounting adoption of surgical robots in healthcare facilities backed by the development of innovative medical robots that provide better clinical results for various surgical operations is driving industry gains. For instance, in February 2023, a hospital in Hangzhou, China, used a 5G-powered robot to remove a patient's gallbladder from Aral, a city 4,650 kilometers far. Additionally, consistent efforts by medical technology businesses designing cutting-edge robotic navigation systems to enhance safety, precision, and efficiency in the operating room promote product uptake.
Rising use of robots to fill prescription medicines to foster pharmacy and hospital automation robots segment growth
The medical robots market share from the pharmacy and hospital automation robots segment was valued at over USD 1.4 billion in 2022. The pandemic has raised the necessity for drugstores to remain relevant as online pharmacies attract consumers. The global health crisis has also increased the demand for pharmacists at hospitals and drugstores to offer covid vaccinations and testing, prompting pharmacy businesses to reconsider the role of their shops and pharmacists.
Easy access to high-quality surgical treatments to fuel ambulatory surgical centers segment share
Ambulatory surgical centers held over 15% share in the medical robots market revenue in 2022. Ambulatory surgery clinics are focused on improving access to high-quality surgical treatment across the community by implementing cutting-edge and novel technologies that are beneficial to patients and improve their clinical outcomes.
In July 2022, the Southeastern Spine Institute Ambulatory Surgery Center, which is associated with United Surgical Partners International, began its new robotic-assisted surgery program. Moreover, soaring emphasis on operational efficiency, brief stays, and highly efficient healthcare personnel is likely to support segment development through 2032.
Browse key industry insights spread across 193 pages with 196 market data tables & 16 figures & charts from the report, “Medical Robots Market Size By Product (Surgical Robots, Telemedicine Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Pharmacy and Hospital Automation Robots), By Application (Neurology Applications, Cardiology Applications, Orthopedic Applications, Laparoscopic Applications, Physical Rehabilitation, Pharmacy Applications), By End-use (Hospitals, Rehabilitation Centers, Ambulatory Surgical Centers (ASCs)), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents
Growing prevalence of orthopedic disorders to fuel industry progression
Medical robots market share from orthopedic applications generated more than USD 2.2 billion in revenue in 2022 and is expected to grow at a significant pace by 2032. In recent years, the prevalence of orthopedic disorders has increased in line with the expanding aging population, which is expected to amplify segment share.
Orthopedic surgery robots can perform automatically or passively at the operator's command, in contrast to traditional orthopedic surgeries that are susceptible to factors, including patient positioning, the accuracy of surgical instrument control, personal experience, and surgeon fatigue, which affects the success rate and reliability of the surgery, thereby contributing to the segment outlook through 2032.
Surging government investments to complement Europe market expansion
The Europe medical robots market size is set to exceed USD 13.5 billion by 2032, owing to the rising emphasis of manufacturers to expand across the European healthcare industry. In October 2022, Tinavi Medical Technology Co Ltd, a Chinese medical robotics company, applied for European CE certification as an expansion initiative. Additionally, increasing government investments in promoting the use of medical and surgical robots is likely to impel regional revenue demand.
Regulatory approvals for innovative products to define the industry outlook
Stryker Corporation, Johnson & Johnson, Medtronic plc, ARXIUM, Smith & Nephew plc, Intuitive Surgical, Inc., Omnicell Inc., THINK Surgical, Inc., ACCURAY, Hocoma AG, Capsa Healthcare, Renishaw plc, Zimmer Biomet and Aethon are some of the major companies operating in the medical robots market.