Medical Robotics Market Report
The Global Medical Robotics Market is segmented by Product (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 (Laparoscopy, Neurosurgery, Cardiology, Orthopedic Surgery, Pharmacy Applications), By End Use (Hospitals And Clinics, Ambulatory Surgery Centers, Rehabilitation Centers, Others) and Region. The report also covers the COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global medical robotics market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Global Medical Robotics Market is segmented by Product (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 ...
Impact of COVID-19 on Medical Robotics Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Medical Robotics Market is projected to grow from USD 6.5 billion in 2020 to USD 17.8 billion by 2026 at a CAGR of over 18.3% during the forecast period.
Figure: Global Medical Robotics Market Size, 2020-2026 (USD Billion)
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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.
Key players operating in the global medical robotics market are
The rising geriatric population, increasing adoption of advanced medical robots and medical technologies, growing preference for minimally invasive surgeries (MISs), mounting technological developments in medical robotics, 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 the product demand. However, the lack of trained medical professionals and safety concerns over robotic surgery devices are expected to hinder the industry's expansion.
Based on application, the global medical robotics market has been segmented into laparoscopy, neurosurgery, cardiology, orthopedic surgery, and pharmacy applications.
By region, the Asia Pacific market witnessed a substantial market share in 2020 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 regional growth.
The COVID-19 pandemic has negatively affected the medical robotics industry due to a temporary ban on elective surgeries around the world that led to cancellations of elective surgeries globally. As per 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.
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The following is a list of the customers that the Medical Robotics market aims to convert the most:
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The medical robotics market size is expected to reach USD 17.8 billion in the foreseeable future.
The medical robotics market is expected to witness an impressive growth of 18.3% 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 medical robotics market.
Asia-pacific is expected to grow at the highest CAGR in the medical robotics market in the coming years.
The laparoscopy segment dominated the medical robotics market in 2020.
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 medical robotics market.
Medical robotics companies, Hospitals, Diagnostic Centers and Laboratories, Academic Institutions, Research Centers & Organizations are the target audience in the medical robotics market.