Medical Robotics Market Growth Analysis | 2023-2028

"The global medical robotics market is estimated to grow from USD 10.11 billion in 2022 to USD 27.23 billion by 2028 at a CAGR of 17.90% during the forecast period".

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Market Dynamics

Introduction

A medical robot can be defined as a robot used in the medical sector. Robots used in the healthcare industry find applications in surgical interventions to rehabilitations. These mainly include surgical robots. They are used in most tele-manipulators, which use the surgeon’s activators on one side to control the ‘effector’ on the other side.

Market Drivers

The rising geriatric population, increasing adoption of advanced medical robots and medical technologies, growing preference for minimally invasive surgeries (MISs), mounting technological developments in the medical robotics market, and increasing funding in medical robot research, are some factors augmenting the market growth.

Also, the rise in surgeon/patient acceptance of robotic assistance and laparoscopic procedures further bolsters product demand. However, the lack of trained medical professionals and safety concerns over robotic surgery devices are expected to hinder the industry's expansion.

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COVID-19 Impact On Medical Robotics Market 

The COVID-19 pandemic has negatively affected the medical robotics market industry due to a temporary ban on elective surgeries around the world that led to cancellations of elective surgeries globally. As per the CovidSurg Collaborative report, almost 28 million surgeries were canceled around the world during the initial 12 weeks of peak disruption during the COVID-19 pandemic. The fall in surgical procedures has resulted in fewer revenues for the medical robots market.

Segment Analysis

Application Trends

The market has been segmented into laparoscopy, neurosurgery, cardiology, orthopedic surgery, and pharmacy applications.

• Among these, the laparoscopy segment dominated the market in 2022 and is likely to register a steady CAGR during the review period.
• This is mainly ascribed to the growing number of surgical laparoscopic procedures conducted worldwide and the rising adoption of the medical robotics market.

Regional Trends

The Asia Pacific market witnessed a substantial market share in 2022 and is projected to grow at the highest CAGR during the review period.

This can be attributed to the presence of key healthcare companies, changing lifestyles, increasing standard of living, and rising cases of acute and chronic diseases in the region. Moreover, rising consumer awareness and favorable government initiatives further boost the regional growth of the medical robotics market.

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Key Players

The following are the key players in the medical robotics market (arranged alphabetically)

• Aethon (The U.S),
• Ekso Bionics (The U.S), and
• Intuitive Surgical (The U.S),
• InTouch Technologies, Inc. (The U.S),
• Mazor Robotics (Israel),
• Medtech SA (France),
• ReWalk Robotics (Israel).
• Renishaw Plc (UK),
• Smith & Nephew (UK),
• Stryker Corporation (The U.S),

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides intelligence most comprehensively. The medical robotics market report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

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Research Methodology

This medical robotics market report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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