Medical Robots Market worth over $22.1bn by 2027
Published Date: May 31, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Medical Robots Market size is set to surpass USD 22.1 billion by 2027, according to a new research report by Global Market Insights, Inc.
The increasing prevalence of chronic diseases such as cardiovascular, cancer and other ailments in conjunction with high adoption rate of medical robots especially in the developed countries will propel the market growth. The growing preference for robotic-assisted surgeries owing to faster recovery period is also supporting the medical robots demand across the globe. Significant investment on research and development activities to come up with technologically advanced robotic systems is further augmenting the medical robots systems acceptance.
Increase in number of surgeries will foster the market expansion
Rise in number of overall surgeries performed globally is acting as the primary growth factor for the high usage of surgical robots. Growing trend of digitization and automation in the healthcare sector is playing a key role for high-end robotic systems and software availability in the market. The consistently rising volume of surgeries is resulting in shortage of surgeons in various countries. For instance, as per the recently published article, the number of cardiovascular surgeries performed in North America is estimated to increase from around 377,000 in 2014 to over 461,000 by the end of 2021. Moreover, surging preference for minimally invasive robotic-assisted surgeries is further fueling the demand for surgical robots.
Growing adoption of surgical robots due to faster recovery span will spur the market progression
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Surgical robots segment accounted for more than USD 4.62 billion in 2020 led by the rise in number of overall surgeries and high acceptance of robotics in the healthcare settings. High demand and consistent growth in surgeries such as orthopedic surgery, cardiology surgery, and neurosurgical procedures among others are anticipated to drive the industry growth over the forecast period. Furthermore, increasing preference for robotic-assisted surgical procedures is also contributing to the industry expansion.
Browse key industry insights spread across 200 pages with 192 market data tables & 16 figures & charts from the report, “Medical Robots Market Size By Product Type (Surgical Robots, Telemedicine Robots, Rehabilitation Robots, Non-invasive Radiosurgery Robots, Pharmacy and Hospital Automation Robots), By Application (Neurology Applications, Cardiology Applications, Orthopaedic Applications, Laparoscopic Applications, Physical Rehabilitation, Pharmacy Applications), By End-use (Hospitals, Rehabilitation Centers, Ambulatory Surgical Centers (ASCs)), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rise in laparoscopic surgical procedures which in turn will stimulate the market revenue
The laparoscopic application segment was valued at USD 2.51 billion in 2020. The increasing laparoscopic surgical procedures on account of growing obese population around the world, surging preference for minimally invasive surgeries along with rise in disposable income are among key factors enhancing the industry progression. Innovation and technological advancements in products and systems used during the surgery will support the growing demand for robotic-assisted laparoscopic surgeries in the coming years.
Increase in volume of surgical procedures in hospitals will impel the market demand
Hospitals end-use segment size was USD 4.89 billion in 2020. Growing automation in healthcare settings coupled with shortage of surgeons to fully cater the growing volume of surgeries are projected to be the primary growth drivers. Benefits associated with robotic-assisted surgeries for both surgeons and patients are also supporting the industry revenue. Rising demand and preference for robotic-assisted procedures further contributes to medical robots usage in hospitals.
Growing demand for advanced products in Germany will influence the market value
Germany held the majority of revenue share in the Europe medical robots market and accounted for over USD 750 million in 2020. Germany is among the leading countries with highest density of robot workers in the world. There is an increasing level of automation across domains and healthcare is no exception. This can be well understood from the fact that the German government confirmed more than USD 3.5 billion funding for improving digitalization in hospitals in 2020. This includes deployment of more surgical robots in hospitals for better and faster patient care services. The growing trend of robotics in healthcare owing to increased R&D, product innovation with AI capabilities are supported by patients as they are provided with better reimbursement plans for treatment. Thus, rising awareness and growing trend of robots adoption in hospital and pharmacy applications, cleaning/sanitation work will further boost the sales of medical robots in the country.
Key players are adopting various business strategies to capture a substantial market share
Stryker Corporation, Smith & Nephew, Medtronic, Zimmer Biomet, ACCURAY, Intuitive Surgical, and Johnson & Johnson among others are some of the major companies operating in the market. Market leaders are involved in building partnerships, product development and product launch with better offerings to gain an edge over their competitors.