Medical Robotics Market Analysis | 2023-2028

Market Insights

The medical robotics market was estimated at USD 10.11 billion in 2022 and is likely to grow at a CAGR of 17.90% during 2023-2028 to reach USD 27.23 billion in 2028.

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Market Dynamics

Introduction

Medical robotics refers to the application of robotic technology in healthcare to assist medical professionals in performing complex tasks with enhanced precision, efficiency, and safety. These systems integrate robotics with advanced technologies like artificial intelligence, machine learning, sensors, and computer vision to improve patient outcomes and streamline medical procedures. Medical robots are widely used in areas such as robotic-assisted surgeries, diagnostics, rehabilitation, telemedicine, and patient care. They enable minimally invasive procedures, enhance accuracy in treatment, reduce recovery times, and improve access to specialized care. Medical robotics is a rapidly evolving field, driving innovation in modern healthcare.

COVID-19 Impact

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.

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.

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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Segment Analysis

By Application Trends

"The laparoscopy segment dominated the market in 2022."

• 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

"Asia Pacific market witnessed a substantial market share in 2022."

• 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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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s medical robotics market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The medical robotics market is segmented into the following categories:

By Product Type

• Surgical Robots [Neurosurgical Robots, Orthopedic Robots, Laparoscopy Robots]
• Rehabilitation Robots [Exoskeleton Robots, Prosthetic Robots, Assistive Robots]
• Hospital & Pharmacy Robotic Systems
• Noninvasive Radiosurgery Robotic Systems
• Others

By Application Type

• Laparoscopy
• Neurosurgery
• Cardiology
• Orthopedic Surgery
• Pharmacy Applications

By End Use Type

• Hospitals And Clinics
• Ambulatory Surgery Centers
• Rehabilitation Centers
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation of any one of the technology types by component type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances.

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