USD 10.63 Billion
Medical Robotic System Market Size, Share, Growth Analysis, By Type(External Large Robots, Geriatric Robot, Assistive Robots, and Miniature in Vivo Robots), By Modality(Compact and portable), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2686 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Medical Robotic System Market Insights
Medical Robotic System Market size was valued at USD 12.14 Billion in 2022 and is poised to grow from USD 13.86 Billion in 2022 to USD 40.20 Billion by 2031, at a CAGR of 14.23% during the forecast period (2024-2031).
The global medical robotic system market has been experiencing significant growth, driven by advancements in technology, increasing demand for minimally invasive surgeries, and a rising aging population with a higher incidence of chronic diseases. One of the key drivers propelling the market's expansion is the growing adoption of robotic-assisted surgeries across various medical specialties. Surgeons and healthcare providers are increasingly recognizing the benefits of robotic systems in performing delicate and intricate procedures with greater accuracy, leading to reduced postoperative complications and faster recovery times for patients. Moreover, the rising prevalence of chronic diseases such as cancer, cardiovascular disorders, and neurological conditions has fueled the demand for medical robotic systems. These devices allow for precise diagnosis and treatment, enabling early detection and effective interventions, thus contributing to better patient outcomes.
One of the key trends in the market was the diversification of applications, with medical robots finding utility in diagnostics, rehabilitation, radiation therapy, and remote medical assistance. The integration of artificial intelligence and machine learning into medical robots empowered them with the ability to analyse patient data, deliver real-time feedback to surgeons, and perform certain tasks autonomously, further improving surgical outcomes. The emphasis on minimally invasive procedures drove the adoption of medical robotic systems, as they provided patients with reduced trauma, quicker recovery times, and shorter hospital stays. Additionally, the industry witnessed a shift towards modular and versatile robotic platforms, making robotic technology more accessible and cost-effective for healthcare facilities. The market also explored emerging technologies such as soft robotics, which promised safer human-robot interactions and opened new avenues for delicate medical applications.
Cloud robotics further enhanced the efficiency of medical robotic systems, enabling data sharing, real-time collaboration, and remote diagnostics. Despite significant growth, challenges persisted, including the high initial investment, complex operator training, and safety and ethical considerations surrounding automated healthcare practices. Overcoming these hurdles was essential to maximise the market's potential and ensure safe and effective use of medical robotic systems.
Additionally, the shift towards value-based healthcare and the need to optimise healthcare costs have led to a focus on the long-term benefits of robotic systems. Despite their high initial costs, medical robots can potentially lower overall healthcare expenses by reducing hospital stays, minimising the risk of complications, and enhancing patient satisfaction. However, the market also faces several challenges that could impede its growth. One significant challenge is the considerable initial investment required to acquire and implement medical robotic systems. This cost can deter healthcare facilities, especially in resource-limited settings, from adopting the technology.
Moreover, the complex and highly specialised training needed to operate medical robotic systems can act as a barrier to widespread adoption. Healthcare professionals must undergo extensive training to utilise these devices effectively, which may lead to a shortage of skilled operators. Furthermore, concerns regarding patient safety and the ethical implications of relying heavily on automated systems in healthcare persist. Addressing these apprehensions and ensuring the highest standards of safety and ethics will be crucial for the sustained growth of the medical robotic system market.
US Medical Robotic System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Portable
Fastest Growth
Portable
Growth Rate
14.23% CAGR
Global Medical Robotic System Market ($ Bn)
Country Share for North America Region (%)
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Medical Robotic System Market Segmental Analysis
The global medical robotic system market is segmented on the basis of type, modality, and region. By type, the market is segmented into external large robots, geriatric robots, assistive robots, and miniature in vivo robots. By modality, the market is segmented into compact and portable medical robotic systems. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Robotic System Market Analysis By Type
The global medical robotic system market can be segmented by type into external large robots, geriatric robots, assistive robots, and miniature in vivo robots. Among these segments, the dominant category in the medical robotic system market is the "Assistive Robots." Assistive robots are designed to aid individuals with disabilities or impairments in performing everyday tasks, providing them with increased independence and improved quality of life. These robots can assist with activities such as mobility, personal care, and household chores, catering to a diverse range of patients with different needs. The demand for assistive robots has been steadily increasing as the aging population grows and the prevalence of age-related conditions and disabilities rises.
On the other hand, the "Fastest Growing" segment in the medical robotic system market is "Miniature in Vivo Robots." These robots are specifically designed to perform minimally invasive procedures inside the body, such as endoscopies and laparoscopic surgeries. Miniature in vivo robots offer the advantage of reduced invasiveness, smaller incisions, and faster patient recovery times compared to traditional surgical methods. As the medical field continues to prioritise less invasive techniques, the adoption of miniature in vivo robots has been rapidly accelerating, making it the fastest-growing segment in the medical robotic system market.
Medical Robotic System Market Analysis By Modality
The global medical robotic system market can be segmented by modality into compact and portable medical robotic systems. Among these segments, the dominant category in the medical robotic system market is the "Portable" modality. Portable medical robotic systems offer the advantage of mobility and flexibility, allowing healthcare providers to use them in various clinical settings and operating rooms. These robots can be easily moved between departments and hospitals, making them highly versatile and adaptable to different healthcare scenarios. The demand for portable medical robotic systems has been steadily increasing as they provide convenience and efficiency in delivering healthcare services.
On the other hand, the fastest growing segment in the medical robotic system market is the "Compact" modality. Compact medical robotic systems are designed to occupy less space and have a smaller footprint, making them ideal for facilities with limited space or those seeking to optimise their workspace. Despite their smaller size, compact robotic systems retain advanced functionalities and capabilities, ensuring they can perform complex medical procedures with precision. The rapid growth of compact medical robotic systems can be attributed to the increasing need for efficient space utilisation in healthcare facilities and the desire to integrate advanced robotic technologies into smaller clinics and outpatient centres.
Global Medical Robotic System Market By Modality
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Medical Robotic System Market Regional Insights
The dominant region in the medical robotic system market is North America. North America, which includes the United States and Canada, has been at the forefront of adopting medical robotic systems due to its well-established healthcare infrastructure, high healthcare expenditure, and a strong emphasis on technological advancements. The region has witnessed significant growth in the use of medical robots across various medical specialties, including surgery, diagnostics, and rehabilitation.
The fastest-growing region in the medical robotic system market is the Asia-Pacific (APAC) region. Countries in the APAC region, such as China, Japan, India, and South Korea, have been experiencing rapid economic growth and are witnessing a shift towards advanced healthcare technologies. Factors such as the rising prevalence of chronic diseases, increasing geriatric population, and growing healthcare investments have led to a surge in the adoption of medical robotic systems in the APAC region. Additionally, the growing awareness among healthcare providers and patients about the benefits of robotic-assisted surgeries and other medical applications has further propelled the market's growth in this region.
Global Medical Robotic System Market By Region
- Largest
- Fastest
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Medical Robotic System Market Dynamics
Medical Robotic System Market Drivers
Technological Advancements
- Significant advancements in robotics, artificial intelligence, and automation have enabled the development of more sophisticated and precise medical robotic systems. These technological innovations have improved the capabilities of medical robots, allowing for more complex and minimally invasive procedures, thus driving the adoption of medical robotic systems.
Increasing Demand for Minimally Invasive Surgeries
- The rising preference for minimally invasive surgical procedures is a key driver of the medical robotic system market. Medical robots offer enhanced dexterity and precision, leading to smaller incisions, reduced scarring, faster recovery times, and lower postoperative complications, all of which appeal to both patients and healthcare providers.
Medical Robotic System Market Restraints
High Initial Investment
- The high upfront costs associated with acquiring and implementing medical robotic systems act as a significant barrier to their adoption, particularly for smaller healthcare facilities and those in resource-limited settings. The substantial investment can be prohibitive and limit market growth in some regions.
Complex Training and Operator Expertise
- Operating medical robotic systems requires specialised training and expertise. Healthcare professionals need to undergo extensive training to handle these sophisticated systems effectively, leading to potential shortages of skilled operators and hindering widespread adoption.
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Medical Robotic System Market Competitive Landscape
The global medical robotic system market features a highly competitive landscape, characterised by the presence of several key players vying for market share. These players are continuously investing in research and development to introduce innovative and technologically advanced medical robotic systems. The competition in the market is fueled by the growing demand for medical robots across various medical specialties, including surgery, diagnostics, rehabilitation, and patient care. The competitive landscape is further shaped by strategic partnerships, collaborations, and mergers and acquisitions, which enable companies to expand their product portfolios and geographic reach. Manufacturers are focusing on enhancing the usability, safety, and efficiency of their robotic systems to gain a competitive edge and attract a wider customer base. In addition to established players, the market also welcomes new entrants and startups that bring fresh perspectives and disruptive technologies, challenging the incumbents and contributing to the overall market growth. As the medical robotic system market evolves, companies are also exploring opportunities in emerging markets to capitalise on the increasing demand for advanced healthcare technologies in developing regions. Moreover, customer-centric strategies, such as offering comprehensive service and support packages, training programs, and after-sales services, are becoming vital in gaining customer loyalty and retention. Providing these value-added services helps companies differentiate themselves from competitors and establish long-term relationships with healthcare providers.
Medical Robotic System Market Top Player’s Company Profile
- Intuitive Surgical, Inc.
- Stryker Corporation
- Medtronic plc
- Zimmer Biomet Holdings, Inc.
- Smith & Nephew plc
- TransEnterix, Inc.
- Accuray Incorporated
- Auris Health, Inc. (Acquired by Johnson & Johnson)
- CMR Surgical Limited
- Medrobotics Corporation
- Corindus Vascular Robotics, Inc. (Acquired by Siemens Healthineers)
- Verb Surgical, Inc. (Joint venture between Johnson & Johnson and Verily Life Sciences)
- Microbot Medical Inc.
- Titan Medical Inc.
- Renishaw plc
- Mazor Robotics Ltd. (Acquired by Medtronic)
- Hocoma AG (Acquired by DIH Medical)
- Renishaw plc
- Omnicell, Inc.
- MedGyn Products, Inc.
Medical Robotic System Market Recent Developments
- In January 2023, Medrobotics announced the launch of its Flex Robotic System. This new system is designed for minimally invasive surgery in the gastrointestinal tract.
- In February 2023, Mazor Robotics announced the launch of its Mazor X Robotic-Assisted Spine System. This new system is designed to be more user-friendly and efficient than previous models.
Medical Robotic System Key Market Trends
- Shift towards Modular and Versatile Systems: Companies were developing modular robotic platforms that could be adapted for various medical procedures. Such versatility allowed hospitals and healthcare facilities to invest in a single platform that could be used for multiple applications, making robotic technology more accessible and cost-effective.
- Advancements in Telesurgery and Remote Surgery: The use of medical robotic systems for telesurgery and remote surgery was being explored. This trend aimed to bridge geographical gaps, allowing experienced surgeons to perform procedures on patients located in remote or underserved areas, thus expanding access to quality healthcare.
Medical Robotic System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medical robotic system market analysis, North America stands as the dominant region in the Global Medical Robotic System Market, primarily due to its well-developed healthcare infrastructure and early adoption of medical robots. Meanwhile, the Asia-Pacific region is the fastest-growing market, driven by its expanding economy, increasing healthcare investments, and a growing demand for advanced healthcare technologies. The global medical robotic system market has experienced substantial growth and transformative advancements, revolutionising healthcare practices worldwide. The market's expansion was primarily driven by technological innovations, increasing demand for minimally invasive procedures, and the growing prevalence of chronic diseases, especially among the aging population. Medical robotic systems offered enhanced precision, dexterity, and visualisation, making them valuable tools in surgeries and other medical applications.
Overall, the global medical robotic system market has seen remarkable progress, offering promising solutions to improve patient outcomes, increase surgical precision, and expand access to quality healthcare. The continuous advancements in technology and the adoption of innovative strategies were expected to drive the market's future growth, shaping the healthcare landscape for years to come. However, to obtain the most current and accurate analysis, it is recommended to refer to the latest industry reports and sources for the present status of the global medical robotic system market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 12.14 Billion |
| Market size value in 2031 | USD 40.20 Billion |
| Growth Rate | 14.23% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Robotic System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Robotic System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Robotic System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Robotic System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Robotic System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Robotic System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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