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  • Medical Robotics Market Growth | 2023-28

    Medical Robotics Market Growth | 2023-28

    Medical Robotics Market Growth | 2023-28
    Report code - SRHL250 Delivery - 2 Weeks
    Global Medical Robotics Market Size, Share, Trend, Forecast, Competitive Analysis, and Gro See more...

    Market Insights

    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.

    To know more about the market in detail,

    What is Medical Robotics?

    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.

    Global Medical Robotics Market Report Overview

    Market Size in 2028

    USD 27.23 billion

    Market Size in 2022

    USD 10.11billion

    Market Growth (2023-2028)

    CAGR of 17.90%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    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 growing funding in medical robot research, are some of the factors augmenting the market growth.

    Also, the rise in surgeon/patient acceptance of both 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.

    To get more information about this report, 

    Key Players

    Key players operating in the medical robotics market are:

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

    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.

    To know which region offers the best growth opportunities,

    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.

    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Medical robotics companies
    • Hospitals
    • Diagnostic Centers And Laboratories
    • Academic Institutions
    • Research Centers & Organizations

    Critical Questions Answered in the Report

    • What are the key trends in the global medical robotics market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global medical robotics market?
    • What are the key strategies adopted by the major vendors to lead in the global medical robotics market?
    • What is the market share of the top vendors?

    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.

    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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Global Medical Robotics Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and  others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The market size is expected to reach USD 27.23 billion in the foreseeable future.

    The market is expected to witness an impressive growth of 17.90% CAGR in the coming years.

    Smith & Nephew (UK), Stryker Corporation (The U.S), Aethon (The U.S), Intuitive Surgical (The U.S), Mazor Robotics (Israel), InTouch Technologies, Inc. (The U.S), Renishaw Plc (UK), Medtech SA (France), Ekso Bionics (The U.S) and ReWalk Robotics (Israel) are among the key players in the market.

    Asia-pacific is expected to grow at the highest CAGR in the market in the coming years.

    The laparoscopy segment dominated the market in 2022.

    Rising geriatric population, increasing adoption of advanced medical robots and medical technologies, growing preference for minimally invasive surgeries are the factors driving the growth of market.

    Medical robotics companies, Hospitals, Diagnostic Centers and Laboratories, Academic Institutions, Research Centers & Organizations are the target audience in the market.