Size of the medical robotics market worth USD 35.2 billion by 2030
New York, U.S., Aug. 08, 2022 (GLOBE NEWSWIRE) — Overview of the medical robotics market
According to a comprehensive research report by Market Research Future (MRFR), “Medical robotics market Insights by Product, Application, End User and Region – Forecast to 2030the market is estimated to reach $35.2 billion by 2030, while registering a CAGR of 21.3% between 2022 and 2030.
Medical Robotics Market USP Covered:
Given the psychological and pathological changes that occur with age, the elderly population is extremely prone to injuries and various medical conditions requiring surgical procedures. To this end, the growing number of laparoscopic surgeries that require high levels of precision along with the increase in trauma will mean tremendous market growth. Furthermore, the rise of technological innovations in medical equipment and the surge in per capita healthcare spending in emerging countries will present a multitude of attractive opportunities.
The escalation of technological advances such as robotic catheter control systems (CCS), motion sensors, data loggers, 3D imaging, HD surgical microscopic cameras, remote navigation and data analysis will promote market growth. Additionally, increasing FDA approvals for new products are expected to benefit the global market.
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Surgical robotics can be extremely expensive. The American Congress of Obstetricians and Gynecologists suggests the use of robotic hysterectomy only for complex and unusual clinical conditions. The association reveals that each year, the use of surgical robots for all hysterectomies adds approximately $965 million to the total cost of hysterectomy surgeries in the United States. The da Vinci system, an extremely popular and sought-after robotic system, costs between USD 1.7 million and USD 3.6 million, and on the other hand, the CyberKnife radiosurgery robotic system costs around USD 5 to 8 million per unit. Similarly, the average cost of a Lokomat rehabilitation robot is nearly $380,000.
Over the years, hospitals around the world have seen their budgets shrink, largely due to declining federal budgets. As an illustration, the Florida government’s budget cuts to South Florida hospitals amounted to $150 million in 2017.
COVID 19 analysis of the medical robotics market
The COVID-19 outbreak and subsequent lockdown have had a drastic effect on the healthcare sector, given the closure of production units and travel restrictions. The immense pressure on the healthcare sector given the increase in the SARS-CoV-2 patient base should be favorable for medical robotics. The growing number of patients online with the decline in the number of surgeons and medical professionals is expected to further boost the demand for medical robots.
Moreover, with the lifting of the lockdown in various countries and the focus on limiting the spread of the novel coronavirus, medical robot manufacturers are now seeing improvements in their businesses. This will result in a faster recovery of the medical robotics market in the coming years.
|Market size||$35.2 billion|
|Year of reference||2021|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By type, product and application|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Growing geriatric population and increasing preference for minimally invasive surgeries|
|Assembly technology development|
Medical Robotics Market Competitive Landscape:
The major vendors in the medical robotics industry are
- McKesson Corporation (USA)
- Aethon (USA)
- MedTech SA (France)
- Smith and nephew (UK)
- Intuitive Surgery (USA)
- Renishaw plc (UK)
- Major Robotics (Israel)
- ReWalk Robotics (us)
- Forwards (USA)
- Intouch Technologies Inc. (USA)
- Medrobotics Corporation (USA)
- Ekso Bionics (USA)
Browse the in-depth market research report (110 pages) on medical robotics: https://www.marketresearchfuture.com/reports/medical-robotics-market-1311
Segmentation of the medical robotics market
The major products covered in the report are rehabilitation robotic systems, surgical robotic systems, non-invasive radiosurgery systems, hospital and pharmaceutical robotic systems, etc. The demand for surgical robotic systems has seen a noticeable increase globally, given the shortage of surgeons and physicians combined with the increasing use of automated instruments during surgical procedures. Increasing investments by international and regional companies in new, technically innovative surgical robots will further strengthen the segmental expansion rate in the coming years.
The main applications of robots in the medical field are neurosurgery, pharmaceutical applications, laparoscopy, orthopedic surgery, cardiology and others. Laparoscopic application will be the upper segment of the market, owing to the increasing number of laparoscopic surgical procedures globally and the rising adoption of surgical robots.
By end users
The main end users in the industry are rehabilitation centers, specialized centers, hospitals and clinics, etc. Hospitals and clinics can expect to take the top spot in the coming years, due to the increasing use of medical robots in clinics and hospitals as well as the rapid increase in the number of robotic surgery procedures in these medical settings.
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Regional overview of the medical robotics market
North America is currently in the lead, thanks to the burgeoning geriatric patient base affected by low bone density as well as injury from accidents. Vast lucrative opportunities, well-established healthcare infrastructures and high prevalence of minimally invasive surgeries are increasing the market size in the region. Since automation has become an important factor in pharmaceutical manufacturing in line with providing higher levels of precision and reduced workload, robotics has completely transformed the medical field in the region. Robotics is compensating for the shortage of surgeons and medical professionals in the United States, thus promoting the growth rate of the regional market. Apart from this, the growing number of various chronic disorders including diabetes, cardiovascular diseases and cancer is accelerating the use of automated surgical equipment, in turn boosting the demand for surgical robotics in the region.
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The ever-changing healthcare infrastructure in APAC and the emerging trend of automation in the medical field make the region one of the most promising markets for medical robotics. China is the major contributor to the market growth in Asia-Pacific, given the high demand for medical robots coupled with the growing use of instrument-based services. The high demand is also the result of the shortage of qualified physiotherapists and surgeons in the region. The increase in government initiatives to advance healthcare infrastructure and the subsequent increase in the number of foreign investors willing to invest in automated instruments will do wonders for the medical robotics industry in the years to come. .
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